Billionaire and Zara brand founder Amancio Ortega has given up 550 million euros (currently about 4.031 billion RMB) to acquire Fibonacci Deals in Fibonacci Square. Fibonacci Square is located in Ballsbridge, home to the European headquarters of Facebook’s parent company Meta in Dublin.
The last year’s talks between Ortega’s family investment firm Pontegadea Inversiones and the US private equity firm Fortress Investment Group, which owns the landmark, had run into trouble amid rising borrowing costs and growing turmoil in the tech sector.
Facebook owner Meta signed a 25-year lease for the landmark property in November 2018 and agreed to pay an annual rent of 22.5 million euros. But last year, after the tech giant slashed its workforce, it decided to occupy only the back of the campus and seek to sublease the rest, changing the project’s valuation.
