Amancio Ortega invests in Ireland. PontegadeaInditex founder’s investment vehicle closes the stock market Purchase of a building with 120 luxury flats in Dublin. ortega paid 100 million euros Angelo Gordon funding for assets in an operation run by the Irish Times, which this newspaper can verify. Known as “Opus”, the building consists of 24 one-room, 74 two-bedroom and 22 three-bedroom apartments. family office in 2023
masterpiece Introduced by Irish developer Cairn HomesIn 2016, the National Wealth Management Agency acquired Bennett Construction and Oaktree Capital for $18 million. Four years later, the owners decided to withdraw from this investment in accordance with the business plan.
pontegadea, Acquisition of real estate and infrastructure assets with capital from dividends in Inditex. Ortega buys only the safest assets on the market, with very stable cash flows and annual returns of 2% to 5%. About 75% of the company’s value is Inditex shares, of which the founder controls 59.29%. The remaining 25% of its assets are divided into 80%-85% real estate and 10% infrastructure, which includes its subsidiaries in Enegás and Red Eléctrica.
Its entry into the residential sector took place in October 2022, as it has traditionally always only invested in major office buildings and commercial buildings on the world’s main arteries. Pontegadea acquires a complex of 64 luxury apartments in New YorkHe paid 500 million euros for it.
Ortega’s investment chief points to Americas and Asia
At the 9th IESE Real Estate forum held in January this year, Pontegadea CEO Roberto Cibeira pointed to the new investments the company is analyzing. Cibeira assured that it is analyzing opportunities in North America and Asia: “We see opportunities in different types of assets in America: logistics, offices or disappearing business assets; we see less opportunity in residential. The United States is an interesting market because of its liquidity and legal certainty.” They see opportunities in Asia as one of the international markets hardest hit by the pandemic.
Pontegadea’s CEO agreed May reinvest in Spain “if price adjusts” and “would like to invest much more”. He also noted that it is “unlikely” to see Pontegadea invest in listed real estate, although it is “not impossible”.