Ortega makes his largest investment by buying logistics assets in the US for 900 million | companies

Amancio Ortega, founder and main shareholder of Inditex, has made his largest real estate acquisition by investing around 900 million euros in seven acquisitions in the logistics sector in the US. Through his family officePontegadea, the Galician billionaire has bought five logistics centers in the US states of Tennessee, South Carolina Virginia, Pennsylvania and Texas from Realty Income Corp, as anticipated this Tuesday The country, in information confirmed by Pontegadea. These transactions are added to the two operations already known in Pennsylvania and Wisconsin, which totaled nearly 180 million.

These operations imply a strategic step and a change in the allocation of assets within Pontegadea, which until now has invested mainly in tertiary (offices, hotels and shops) and something in housing, always in first-class locations.

Ortega’s investment puts even more focus on his portfolio in North America. In addition to the investment in logistics, this year he has paid $500 million for a 64-story luxury apartment building in New Yorkand has acquired the Royal Bank Plaza skyscraper in Toronto for around 800 million.

The investment in logistics means that Pontegadea is home to firms such as Amazon, Home Depot, Nestlé, Fedex and TJX. Pontegadea ended 2021 with a portfolio of 15.3 billion euros ($15.5 billion) in real estate holdings.

The seller of these ships is the American real estate giant Realty Income, which according to information from The countrywill continue to manage the assets in exchange for a fee for that administration.

Recently, Five days published that another Spanish saga, the Losantos family, it has also strengthened its presence in logistics in the USwith three acquisitions of platforms for 115 million operated by Amazon.

Investments

Ortega has cemented his real estate empire with the dividends he has received from Inditex, in the last 20 years since going public, when the growth of the textile giant gave a boost to his profits and, by extension, to his remuneration policy.

While receiving more dividends, Ortega has also bet in recent years on larger purchases. The buildings that Pontegadea opts for, normally offices and commercial buildings, are always well located in the best areas of large cities. Its largest markets are the United Kingdom, the United States and Spain, although it has properties in South Korea, Mexico, France, Italy, Portugal, France and Canada. Another of the peculiarities of this investment vehicle is that it maintains the properties it buys in the long term, without selling assets.

At the end of 2021, that portfolio Ortega real estate reached a valuation of 15,264 millionits highest appraisal, with year-on-year growth of 8.4%.

Real estate is Pontegadea’s favorite investment, but in recent months it has also opted to enter various energy and telecommunications projects.

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