21 Jul, 2022 @ 12:55
1 min read

Richest man in Spain gets even wealthier as real estate assets soar

Richest Man In Spain Gets Even Wealthier As Real Estate Assets Sore

The investment arm of Spanish billionaire Amancio Ortega, founder and main shareholder of fashion group Inditex, has seen its real estate assets’ market value rise by over €1 billion to €15.2 billion in 2021.

Pontegadea has a 59.29% stake in Inditex and manages a portfolio of property investments that include buildings in Madrid, New York, Toronto, and London.

The real estate asset portfolio was worth €14.08 billion at the end of 2020.

Pontegadea recorded a net profit of €1.60 billion in 2021 up from €666 million in 2020, mainly loaded by Inditex’s dividends which soared as the fashion retailer Zara recovered from the pandemic restrictions.

Ortega, 86, 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.

It also bought a 49% stake in a wind farm operated by energy group Repsol.

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