Tuesday, March 26

Dividends and real estate assets: Amancio Ortega doubles profits to 1,606 million euros in Pontegadea, his investment arm


Updated

Pontegadea, the investment company of Amancio Ortega, businessman who owns Inditex, earned 1,606 million euros last year, which means more than doubling its profits.

The businessman Amancio Ortega.cabalarEFE

The Pontegadea Group, which brings together all holding companies owned by Amancio Ortegaits subsidiaries dedicated to the real estate business and other financial holdings, closed the 2021 financial year with a net profit of 1,606 million euroswhich means multiplying by more than two that obtained a year before, which stood at 666 million euros.

Said benefit includes the results obtained from the sale of the division of towers of Telxius to American Tower, carried out in January 2021, as reported by the investment arm of the founder of Inditex, which recorded capital gains of around 331 million euros for said operation.

Likewise, the Pontegadea group closed the 2021 financial year with a turnover of 1,970 million euroswhich represents an increase of 53.7% compared to the 2020 financial year.

The turnover is made up of the Dividends received from Inditex and the rest of investee companiess together with the income generated by the management of the group’s real estate portfolio, reports Europa Press

Thus, to the 1,294 million euros of dividends from Inditex, in 2021 there have been added 29 million from other investee companies and 647 million from the real estate business.

The group’s real estate portfolio closed 2021 with a market valuation of 15,264 million euros, compared to 14,075 million euros in 2020, according to independent appraisals carried out in each of the markets.

Also Read  La sastrería española que viste a las estrellas de Hollywood y deslumbra en los Oscar

Likewise, the group went from a negative net financial position of 220 million euros in 2020 to a positive net financial position of 1,080 million euros in 2021 (cash balance and equivalents of 1,884 million euros compared to a financial debt of 804 million euros). of euros).

During the 2021 financial year, the Pontegadea Group carried out iRelevant investments in the infrastructure sectorwith the acquisition of 5% of the capital of Redeia (formerly Red Eléctrica) and 12% of the Portuguese company REN, and carried out its first operation in renewables with the acquisition of 49% of Repsol’s Delta wind farm.

These investments are added to the 5% and 30% stakes in Enags and Telxius, respectively, incorporated into the portfolio in previous years.

Likewise, the group registered in the 2021 financial year a contribution of 290 million euros as a donation to the Amancio Ortega Gaona Foundation, destined mostly to the Program for the implementation of proton therapy in the National Health System.

The founder of Inditex invests part of the dividends he receives from the textile company in the real estate sector through his investment firm Pontegadea Inmobiliaria.

In fact, Ortega has the largest spanish real estatewith a portfolio of real estate assets made up mainly of non-residential office buildings located in the center of large cities in Spain, the United Kingdom, the United States and Asia.

One of its latest operations, which is expected to be completed in the coming weeks, is the purchase of a luxury apartment skyscraper in New York for 500 million dollars.

Also Read  Biden calls Buffalo massacre 'national terrorism'

Specific, Pontegadea completes the acquisition of 19 Dutch, a 64-story luxury tower in the financial district of the New York city that is currently owned by Carmel Partners.

This building in New York would be a new acquisition by the founder of Inditex, who so far this year has bought an office building in Glasgow (Scotland) for 200 million pounds (about 237 million euros), as well as the iconic skyscraper Royal Bank Plaza in Toronto (Canada) for nearly 1,150 million Canadian dollars (more than 874 million euros).

The founder and main shareholder of Inditex, Amancio Ortega, entered on May 2 a total of 859 million euros for the first remuneration of the year paid by Inditex to its shareholders, which represents half of what the Galician firm will receive in dividends this year, first exercise with her daughter Martha Ortega as president of the company.

Specifically, the businessman will receive this year 1,718.64 million euros in dividends from the company, above the 1,294 million he received for this concept last year.

According to the criteria of

The Trust Project

Know more




www.elmundo.es

Leave a Reply

Your email address will not be published. Required fields are marked *