25/09/2014 – El Confidencial
The fair market value of the property owned by Amancio Ortega exceeds €4 billion. Specifically, the investments carried out by the Pontegadea group amounts to €4.207 billion, according to the firm’s 2013 account review.
The figure posts by 25% higher than the €3.38 billion worth assigned to the real estate a year earlier. The founder of textile giant Inditex has sealed several deals during that time, such as the purchase of the Apple Store standing on the Colon street in Valencia, of the old headquarters of Banesto on the Plaza de Cataluna square in Barcelona, as well as a building in the shopping heart of Manhattan and the Devonshire House (pictured) in London.
Independent experts realized the valuation of the property held by Pontegadea Inversiones. Although specification of the exact value in line with current fair market values is not easy, the €4.2 billion volume is being compared with the stock market value of Spain’s biggest Colonial (€1.8 billion) or Merlin Properties (€1.29 billion).
Furthermore, Pontegadea invests more and more outside of the country, showing a total of €2.536 billion in 2013, by €500 million more than in 2012. Out of this amount, €1.65 billion was spent in Europe, €801 million in America and €83 million in other locations.
The real estate empire of Mr. Ortega splits among Pontegadea Inmobiliaria, Esparelle Inmobiliaria, Pontegadea Mexico, Pontegadea France, Madeleine 10, Pontegadea USA, Hills Place, Prima Cinque and Pontegadea UK. Turnover from this area brings the businessman €200 million more each year.
What is more, Amancio Ortega is weighting up floating a part of his possession.
Original article: El Confidencial (by Ruth Ugalde)
Translation: AURA REE