Zara founder Ortega's real estate assets worth $15.5 bln in 2021

REN Redes Energeticas Nacionais SGPS SA

21/07/2022 08:31

MADRID, July 21 (Reuters) - The family office of Spanish
billionaire Amancio Ortega, founder and main shareholder of
fashion group Inditex  ITX.MC , 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  ITX.MC  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. urn:newsml:reuters.com:*:nL1N2TT2T9  urn:newsml:reuters.com:*:nL2N2WP0H7
    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  REE.MC , with a
5% stake, bought a 49% stake in a wind farm operated by Spanish
energy group Repsol  REP.MC  and a 12% stake in Portuguese
energy company  RENE.LS .
    Pontegadea's 2021 results included the gains made on the
sale of Telxius' tower division to American Tower  AMT.N  in
January 2021, the family office said. Ortega used to own a 30%
in Telxius.
    ($1 = 0.9789 euros)

 (Reporting by Corina Pons;Editing by Elaine Hardcastle)
 ((corina.pons@thomsonreuters.com; 0034 690725854; Reuters
Messaging: corina.pons.thomsonreuters.com@reuters.net))