9 February 2016 – Expansion
Amancio Ortega, founder and main shareholder of the textile giant Inditex, owner of Zara, completes the reorganization of his empire. The entrepreneur has remodeled top management of its two big real estate asset management companies. Pontegadea Real Estate and its parent, Pontegadea Inversiones. The former is the largest real estate company with a portfolio of assets valued at more than UER 5,500 million. Meanwhile, Pontegadea Investments is the largest shareholder of Inditex after taking over Gartler last October, the company that brings together 50% of the textile group. Likewise, Amancio Ortega has also another 9.28% of Inditex through Partler.
The businessman, who heads both companies, has appointed José Arnau as second vice-president, his right-hand man for years. Arnau, who will hold this newly created position, was until now secretary of the board of Pontegadea Inmobiliaria e Inversiones.
The first vice-president will go on being Flora Pérez, the wife of Ortega, both at Pontegadea Inversiones – of whom is the representative at the board of Inditex, and Pontegadea Inmobiliaria. Meanwhile, Marta Ortega Perez – the youngest daughter of Amancio Ortega, will continue to hold the position of vice-president of Partler, also chaired by the businessman. With the promotion of José Arnau – until now undersecretary of Pontegadea Inmobiliaria e Inversiones, Jaime Carro will take over as secretary of the board, as stated in the Official Bulletin of the Commercial Registry (Borme).
Landing in Asia
Likewise, in the case of the real estate company, Roberto Cibeira has climbed positions. The previous head of the real estate sector takes the reins as CEO of Pontegadea Inmobiliaria, which is preparing its landing in Asia with the purchase of a building in the center of Seoul for EUR 328 million, as EXPANSION pointed out last Friday.
As sources close to Pontegadea indicate, these changes formalize a structure that was already in place in the group, since both Arnau and Cibeira have spent many years working at Amancio Ortega´s companies. In 2014, last financial year available, Pontegadea Inversiones obtained a turnover of EUR 18.362 million – 8.3% up, with a net profit of 2,560 million. Ortega received 1,302 million from Pontegadea Investments, largely through the participation in Inditex.
Pontegadea Inmobiliaria in turn had a turnover of EUR 94 million in 2014. 88% came from the rental of real estate in Spain.
Original story: Expansion (by R. Ruiz)
Translation: Aura Ree