Amancio Ortega´s Real Estate Firm Earns Staggering 163% More

21/08/2014 – El Economista

Every step of the way Amancio Ortega proves his economic strength. His property investment company Pontegadea Inversiones´s turnover showed €568 million in 2013, meaning an astonishing 163 per cent improvement if compared with the €216 million amount registered in 2012.

This firm branches down to Pontegadea Inmobiliaria and Gartler. Through the latter and another company Partler, Sr. Ortega holds 60% at Inditex. Last year, he earned €815 million in dividends from the textile giant.

At the end of 2013, the total asset volume in Pontegadea´s balance sheets reached the value of almost €4.52 million, advancing by €719 million over the previous year. The firm concluded the year with a €325 million debt.

In January 2014, Pontegadea contributed non-monetarily to its affiliate in the United Kindgom by transferring to Pontegadea UK, Ltd. all its properties located in the country.

The Spanish mother company absorbed two huge open-ended investment firms: Keblar de Inversiones and Alazán Inversiones 2001, both dissoluted without winding-up. All their property was placed on Pontegadea´s account.

Thanks to this investment arm, Amancio Ortega was able to take advantage of opportunities emerging during the recession. At the beginning of the year, the businessman disembursed €620 million in four important operations.

First, he bought Banesto´s headquarters in Barcelona for €44 million, the building of Apple in Valencia for €23 million and a shopping mall in New York for €69 million. The biggest-scale, though, was the purchase of an office building in Devonshire House, London, for the total of €450 million.

 

Original article: El Economista (by Javier Romera & Alba Brualla)

Translation: AURA REE

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