Zara founder Ortega's real estate assets worth $15.5 billion in 2021
Reuters
Published Jul 21, 2022 03:43AM ET
MADRID (Reuters) - The family office of Spanish billionaire Amancio Ortega, founder and main shareholder of fashion group Inditex (BME:ITX), reported on Thursday its real estate assets' market value rose by over 1 billion euros to 15.2 billion euros ($15.53 billion) in 2021.
Pontegadea, the Ortega family's investment vehicle, controls a 59.29% stake in Inditex and manages a portfolio of property investments that include buildings in New York, Toronto, London and downtown Madrid. The real estate asset portfolio was worth 14.08 billion euros at the end of 2020.
Pontegadea booked a net profit of 1.60 billion euros in 2021 up from 666 million euros in 2020, mainly loaded by Inditex's dividends which soared as the fashion retailer Zara recovered from the pandemic restrictions.
Ortega has mainly focused on investing in real-estate assets though in recent years his holding firm has taken stakes in energy assets.
Last year, Pontegadea became the largest private investor in Spain's electricity grid operator Red Electrica, with a 5% stake, bought a 49% stake in a wind farm operated by Spanish energy group Repsol (OTC:REPYY) and a 12% stake in Portuguese energy company.
Pontegadea's 2021 results included the gains made on the sale of Telxius' tower division to American Tower (NYSE:AMT) in January 2021, the family office said. Ortega used to own a 30% in Telxius.
($1 = 0.9789 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.