The Financial Times is reporting Spanish billionaire Amancio Ortega, founder of the Zara fashion empire, has made his first move into maritime infrastructure, acquiring a 49% stake in UK port operator PD Ports through his investment arm Pontegadea. The deal sees Ortega’s family office partner with Brookfield Asset Management, which will retain control of the ports business via its listed infrastructure fund.

PD Ports operates 11 key sites across the UK, including Teesport in northeast England. The investment, at a valuation reportedly just under £2bn ($2.7bn), marks a significant diversification for Pontegadea, which has traditionally focused on real estate, renewable energy, and telecoms infrastructure.

The deal comes after Brookfield abandoned a full sale of PD Ports in 2021 amid a legal dispute with Tees Valley mayor Ben Houchen, whose regional development agency was bidding to take control. PD Ports ultimately won the court case last year.

Neither Pontegadea nor Brookfield commented publicly on the transaction.