Cyprus Mail

Zara founder Ortega’s real estate fortune hit $20 billion in 2022


The investment firm of Spanish billionaire Amancio Ortega, the founder of fashion giant Inditex (ITX.MC), on Thursday reported a 2.8 billion-euro jump in the market value of its real estate assets last year, to 18.1 billion euros ($20.08 billion).

Pontegadea, the Ortega family investment vehicle, has pumped up its portfolio lately by investing in logistics centres used by large global companies such as Fedex, and in luxury buildings across the United States, from New York to Seattle, in addition to office buildings.

The United States, where Inditex plans to open more of its Zara stores, has been one of Ortega’s main markets. Ortega is the leading shareholder in Inditex, with a 59.29 per cent stake.

Pontegadea booked a net profit of 2 billion euros last year, up from 1.6 billion euros in 2021, mainly due to dividends from Inditex, which soared as its key brand Zara quickly recovered from the COVID-19 pandemic.

The fashion giant beat its competitors last year, posting profits 15 per cent higher than pre-pandemic levels.

Pontegadea, which for years mainly focused on real estate, has also been looking into energy companies, buying stakes in solar plants, electricity grid operators and wind farms.

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