2 January 2017 – Eje Prime
Pontegadea, the real estate investment vehicle owned by Amancio Ortega (pictured below) is starting the year by reorganising its business. The company has segregated its property rental activity in Spain into the company Torre Norte España, now Pontegadea España, which has also increased its share capital by €100 million.
According to a statement published in the Official Gazette of the Mercantile Registry (Borme) on Tuesday, the new real estate subsidiary will group together most of Ortega’s assets in Spain, worth more than €1.6 billion. The portfolio includes Torre Cepsa, designed by the architect Norman Foster.
Specifically, Pontegadea will own Pontegadea España as a subsidiary. The founder of Inditex will unify almost all of his real estate business in the Spanish market into that company.
In parallel to this asset reorganisation, the company Partler 2006, which sits under the umbrella of the Pontegadea group and which owns 9.284% of Inditex, has merged by absorption with RL30 Inversiones, owner of the building on Gran Vía, 32, which is home to one of the largest Primark stores in Europe.
The reorganisation of the Inditex founder’s real estate assets is a formal matter from a legal point of view with the aim of simplifying its structure that has been based on rapid growth, according to Europa Press.
Pontegadea Inmobiliaria already owns specific companies in the other countries in which it has a presence, such as in the USA, France, the UK and Korea, which group together the real estate activities of the founder of the textile giant in each case.
Original story: Eje Prime
Translation: Carmel Drake