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Ortega Buys Apple´s Building in Valencia for 23 Million Euros

The founder and main shareholder of Inditex, Amancio Ortega, continues to invest in the real estate sector via his company Pontegadea. The last item added to his collection was one of the most emblematic buildings on the Colon Street, the most commercial and expensive street in Valencia.

Pontegadea closed the acquistion of the building at 25 Colon Street that hosts the Apple shop in Valencia since 2011 for a little bit more than 23 million Euros, according to Levante and other sources from the sector. The property belonged to Corpfin Capital Real Estate. Apart from the Apple Store, occupying the ground and first floors, there are two more office floors.

(…) Vast part of the street is marked by Inditex´s pennants. The group tied itself last year with one of the few buildings not being in commecial use: the Department of Economic Affairs of the Valencian Regional Government. It was rented by Bershka that in turn subleased a part of it to a hotel.

Pontegadea also owns Apple Store (and the rest of the building hosting Banesto´s premises acquired few days ago for 44 million Euros) on the Plaza de Catalunya Square in Barcelona and another shop in Paris.

More Investments

Betting on Spain by one of the greatest world fortunes is not an isolated case. According to the latest BNP Paribas Real Estate report, many investors consider the situation on the Spanish market as “advantegous”, especially the commercial and office property, but also residential units. The investment volume in 2013 rose by 2.200 million Euros, with two big players involved. Madrid has increased the number by 74%, while Barcelona almost tripled it.

“During 2013, the U.S. investors have shown the greatest activity, involved in 5 out of 6 residential transactions, with total volume of 610 millions.” The sale of the El Corte Ingles building in Barcelona to IBA (fund manager) for 96 million Euros, to be highlighted.

Source: Expansión

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