Spanish billionaire and Zara founder Amancio Ortega and his family investment firm, Pontegadea Inversiones SL, has agreed to buy Royal Bank Plaza, which houses the headquarters of Royal Bank of Canada, the country's biggest bank, from Oxford Properties Group and CPP Investments, in a deal valued at approximately $1.2 billion.

The deal was one of the largest office building transactions in Canadian history, and one of the largest in the world during the COVID era.

Goodmans LLP acted for Oxford and CPPIB.

Bennett Jones acted for Pontegadea Canada with a team led by Simon Crawford, and included Jane Helmstadter, Craig Garbe and Meg Williams.