Amancio Ortega, the Spanish billionaire who founded Zara, acquired a luxury rental building at 219 Baker Street in London for about £150 million through his family office, Pontegadea.

The property sits in Marylebone, one of central London's most established neighborhoods. The asset is a high-end residential building.

Pontegadea was the direct buyer. The transaction continues a pattern of trophy-asset acquisitions in major global cities by the family office.

Last month Pontegadea bought the Capital 8 office complex in Paris for approximately €800 million. That deal was described as Ortega's largest property transaction in Europe to date.

Together the London and Paris purchases illustrate large-scale capital deployment by the ultra-high-net-worth family office. The two transactions total more than $1.1 billion at current exchange rates.

Pontegadea has concentrated capital in prime European real estate. The London acquisition underscores that strategy.

The Baker Street building is located in a district known for professional services firms and high-end residential tenants. Marylebone has historically commanded premium rents.

The back-to-back deals suggest Pontegadea sees value in holding long-term positions in core European office and residential markets. Both assets are in capital cities with deep tenant pools and limited supply in prime locations.