21 December 2016 – Expansión
Isak Andic has decided to re-launch his property company Punta Na and turn it into a real estate firm specialising in flagship stores (iconic shops located on major shopping streets). To this end, Andic has signed a deal to generate cash from the sale of one of his major non-retail real estate assets: the Mango logistics centre, located in the Barcelona town of Lliçà d’Amunt.
This modern logistics complex, measuring 180,000 m2, is where the Catalan textile group stores all of the products from its hanging garment range for distribution to its stores and online. Inaugurated at the beginning of this year, the centre is expected to by fully operational by the beginning of 2017.
Moreover, the acquired property has the potential to be extended by another 80,000 m2 in terms of gross leasable area (GLA). Once it is complete, the Mango building will occupy a surface area of around 260,000 m2, comprising the logistics centre and office space.
Punta Na used to be the owner of this complex, as well as of the adjoining plots of land measuring 150,000 m2, on which VGP could construct 100,000 m2 of gross leasable space for use by other companies.
In total, the Belgian firm (which is headquartered in Brussels) will pay €150 million for the centre and the plots of land, according to a statement made today to the country’s stock market regulator.
Like other large fortunes, the founder of Mango, Isak Andic, has invested some of the profits obtained from the textile group into his real estate business. Through his property company Punta Na, Andic owns properties worth hundreds of millions of euros, including some premises leased to the textile company itself, as well as others leased to competitors, such as the Inditex group, in a similar fashion to Amancio Ortega and his real estate company, Pontegadea.
Until a few months ago, Punta Na did not employ any senior management personnel. Nevertheless, in November, the firm recruited Miquel Roig as its CEO, with the aim of professionalising the management of the company and making it grow.
The company’s plan involves using the funds obtained from the sale of the logistics assets to VGP to expand its portfolio of flagship retail premises, according to sources close to the company.
Last year, Punta Na earned €205,000 compared with €50 million the year before.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake