Pontegadea Inversiones is the company that channels all of Amancio Ortega’s purchases and the vast majority are in the brick sector. This holding company controls almost 60% of Inditex (Pontegadea Inversiones has 50.01% and the subsidiary Partler, 9.2 8%), which is equivalent to 1,848 million shares. At the current price of the securities (29.13 euros) they are 53,832 million euros. 2020 was a poor year due to the impact of the pandemic, but even so Inditex managed to earn money and Ortega pocketed 650 million euros. This year, the sum will rise to almost 1,294 million thanks to the distribution of an extraordinary dividend. These transfers from the Inditex account to the Pontegadea account grease the investment arm of the Galician businessman, who in turn already enters large amounts as rent for the buildings he owns in half the world.
The main shareholder of Inditex achieved 613 million last year with the lease of its properties
According to the data provided by Ortega’s “family office”, Pontegadea it earned 666 million euros in 2020, a considerable figure considering that the year was weak due to the pandemic. Profit in 2019 was 62% higher. The fall is mainly due to the lower dividend received from Inditex. Instead, income They were hardly affected by rentals: the real estate business reported to the group 613 million last year, only 1.3% less than in 2019.
On the other hand, in 2020 the value of the real estate portfolio was reduced, by lowering its appraisal from 15,163 million to 14,075 million, 7% less. But eliminating the currency effect, the decrease in the value of the portfolio is less than 5%, since, according to the group, the high quality of the assets that compose it has reduced the impact of the COVID crisis. In any case, the figure consolidates Ortega as the largest operator in the real-estate market Spanish and places it above its direct European competitors.
Pontegadea acquired the Apple building in Valencia in 2014 after reaching an agreement with the investment company Corpfin. The management company Corpfin bought the building to the Gonzálbez family in 2009 (in an operation managed by Olivares Consultores) and it was sold to Pontegadea four years later. Two years later, Ortega’s investment arm bought the NH Center hotel building from the real estate agency IGSA (owned by Enrique Ballester) for 14 million.
Pontegadea owns buildings in the United States, United Kingdom, France, Canada, Italy, Portugal, South Korea and Mexico. The most recent investment has been the purchase in London of the headquarters of the management company Cinven for 220 million euros. In London it also sealed the largest acquisition of all the ones it has made: 680 million euros for the building Adelphy in 2018. This monumental office building houses ‘The Economist’, Spotify, Shiseido or Condé Nast. In the same city, it has properties in the main financial and commercial areas, such as downtown Oxford Street where he bought the flagship of his competitor Primark for 550 million and is now his landlord. Amazon also pays the rent to Amancio Ortega for its headquarters in Seattle, which the Galician tycoon acquired for 655 million euros.
In Spain, Pontegadea owns Apple’s flagship store in Barcelona (which the Valencian family De Andrés sold to it for 80 million) or number 32 of the Gran Vía in Madrid, which houses Mango, H&M and Primark stores. Of Ortega are also the Picasso Tower and the Cepsa Tower in Madrid, and commercial premises, offices and some hotels in New York, Washington, Toronto, Miami, Seoul and Paris.
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