27/02/2014 – El Confidencial
Amancio Ortega astounds again. The foundator of Inditex is working on final arrangements to convert his real estate platform, Pontegadea Inmobiliaria, into the largest listed real estate investment company (Socimi) on the Spanish market. The asset portfolio owned by Pontegadea is valued at more than €5.000 million.
The striking decision has been taken in context of property reorganization started few years ago by Ortega. Once the Socimi listed, the Galician businessman will obtain public reference that will permit liquidity without the need of arbitration or deals on the secondary markets to his four heirs.
What is more, Ortega will be able to take advantage from the fiscal benefits offered by the Socimis. This way, Pontegadea Inmobiliaria will stave off the 30% corporate tax and pay only 27% cap in dividends to shareholders. Consequently, one of the most affluent men in the world will pay less taxes. (…).
Two years ago, family holding of Pontegadea Inversiones absorbed Gartler, that in turn was a holder of 50.1% of Inditex, while another 9.2% of the textile giant is in hands of Partler 2006, through which Ortega held a stake in the NH Hoteles.
According to sources from the market, Pontegadea will achieve its goal by assets division, among which emblematic buildings in Madrid, Barcelona, the New York, Chicago, Paris or London are found. (…).
In 2012, according to the data from registry, the company gained €164 million and obtained profits of €70 million. (…).
The Pontegadea Inmobiliaria Socimi will be of single-member nature, provided that its first capital enlargement will be a result of asset transfer. It will not be open for new flotation partners (…). The company´s debt is fairly small, barely exceeding €300 million. (…).
Amancio Ortega have been investing on the market for years. During last decade, he acquired the Torre Picasso in Madrid, Banesto´s old premises in Barcelona from BBVA and several other buildings outside of Spain (mentioned above). (…). Now the businessman is selling the chain Occidental Hoteles. (…).
Original article: El Confidencial (Marco Lamelas / Carlos Hernanz)
Translation: AURA REE