Emirati tycoon Khadem al-Qubaisi reportedly sold Madrid’s renowned Cepsa Tower to the founder of the leading fashion and textiles group, Inditex, at a cost of $551 million, reported Reuters.

Amancio Ortega purchased the tower as part of his plan to consolidate his control over the property market through his real estate company, Pontegadea Inmobiliaria, a subsidiary of Pontegadea Inversiones.

Ortega’s other existing properties are located in major hubs such as London, New York, Madrid, and Seoul.

The buyer was named as the world’s second richest man, holding a fortune of $72.7 billion, according to Forbes magazine. The real estate company is known for booking assets of €6.06 billion in 2015, 8.3% higher than last year’s numbers.