Europe’s Richest Man and His Billions in Real Estate | FFA Real Estate
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Europe’s Richest Man and His Billions in Real Estate

Tue, 2016-08-16 09:35 -- admin

The name Amancio Ortega may not be immediately familiar to everyone, but, as the founder of fashion group Inditex (owners of retail brands Zara, Massimo Dutti and Pull & Bear), he has built up a global empire that has turned him into Europe’s richest man and the world’s wealthiest retailer.

Recent Inditex corporate filings also reveal that when it comes to investment, Ortega has a particular fondness for the property market with more than 6 billion euros of prime real estate assets held by Pontegadea Immobiliari, Ortega’s real estate investment arm, at end of 2015, up 8.3 percent on the year before. Helping Ortega’s rise as a major real estate player have been the dividend payouts from Inditex, in which as founder he holds a 59.29 percent controlling stake. Dividends from Inditex have nearly doubled in the last five years, providing Ortega with a steady flow of income with which to continue building his impressive property portfolio. The list of international properties resembles a roll call of some of the world’s finest addresses, including interests in Chicago and Miami, as well as London’s Mayfair and Oxford Street, a historic building in SoHo, New York and more recently the Murray Hill Hotel on Park Avenue, Manhattan.

Earlier this year the portfolio also expanded eastwards with the purchase of a 22-story plaza in Seoul’s trendy Myeongdong shopping district. Closer to home for the Spanish native, No. 32 on Gran Via, Madrid’s main shopping thoroughfare, is also owned by Pontegadea Immobiliari. Ortega adopts a savvy approach to his commercial investments, with many rented out to his own Inditex stores, such as Zara and Massimo Dutti, and even to his retail rivals. No. 32 Gran Via, for example, a stunning Art Deco building from the 1920s, is now home to Spain’s largest store for low-cost fashion rival Primark.