Amancio Ortega, the founder of Inditex, pressed forward through 2022 with a bold calendar of investments despite a year marked by pandemic aftershocks, inflation, and geopolitical strain. He approached the year with a level of financial focus not seen since he started building the textile multinational, guiding Pontegadea, his investment arm, to allocate capital with notable intensity.
With half the year still ahead, the investor had already placed multiple substantial bets, surpassing 1.6 billion in commitments. This is a record pace for a single financial year, underscoring a robust appetite for real assets that complement Inditex’s core business. Pontegadea’s real estate portfolio sits at a value well above 15 billion, reflecting a strategic shift toward properties with stable, creditworthy tenants and durable income streams. (Source: BizTimes)
The latest move, channeled through Pontegadea, involved the acquisition of a warehouse in Wisconsin, United States, for 34 million. The shipper renting the space is FedEx, a global leader in express logistics. The deal illustrates a continued preference for high-credit tenants and tangible assets that secure reliable rent collection, a core feature of Ortega’s real estate approach.
In the 2021 fiscal year, Pontegadea reported a turnover of 1,970 million, with real estate activity contributing the majority through rental income. Another 29 million came from other investment entities, while dividends from Inditex accounted for the largest segment, totaling 1,294 million. The founder and principal shareholder redirected a large portion of Inditex’s dividends into real estate, signaling a deliberate strategy to grow the property portfolio. This year is anticipated to see around 1,718 million allocated to real estate dividends, with six acquisitions worth 1,644 million completed so far. (Source: Company financials)
Another notable U.S. acquisition this year involved a ship-related asset and the surrounding land, covering about 120,000 square meters. Opened in October 2015, the site serves the North American distribution network of the tenant company, reinforcing a diversified industrial footprint that supports logistics operations.
January marked Pontegadea’s largest single investment to date, as 843 million was committed to the Royal Bank Plaza office tower in Toronto, Canada. The momentum continued into April, when an office building in Glasgow, Scotland, changed hands for 237 million, representing a landmark deal in the British market.
Summer saw continued activity with four additional transactions in July and August. Earlier in the year, a 500 million investment was directed toward a premium residential skyscraper in Manhattan, New York, highlighting the ongoing appetite for prime urban real estate.
By the end of July, the group expanded its energy and sustainability footprint by acquiring a 49% stake in Repsol’s Kappa photovoltaic complex in Ciudad Real for 27 million, and about 5% of Enagás Renovable for roughly 3.5 million. These moves align with a broader shift toward renewable energy assets, balancing cash flow with strategic exposure to the energy transition. (Source: Investment reports)