Amancio Ortega, a trailblazer in fast fashion, and known for his company, Intidex and its clothing chain, Zara, recently made a large purchase that may have set him back a few places on the global billionaire ranking. Mr. Ortega is now the 23rd-richest person in the world with a $59.6 billion fortune, according to the Forbes Billionaires Index. His wealth has taken a $19 billion hit this year after Inditex’s share price tumbled 18% and some high-end investments.
The Spanish billionaire is one of the wealthiest clothing retailers in the world. He owns about 60% of Madrid-listed Inditex, which has 8 brands, including Massimo Dutti and Pull & Bear, and has about 7,500 stores around the world. Mr. Ortega typically earns more than $400 million in dividends a year from his holdings in Intidex.
Besides his interest in fast fashion, Mr. Ortega has an interest in real estate. He has invested his dividends primarily into real estate in Madrid, Barcelona, London, Chicago, Miami and New York. He has a personal investment company called Pontegadea which is the real estate arm of retailer Zara’s parent Inditex.
The company which channels the dividends Mr. Ortega receives from Inditex to a portfolio is known for its focus on premium commercial and residential property in cities from Seattle and Toronto to London and Barcelona.
Purchases recently made through Pontegadea
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177 Bothwell Street
- A flagship Glasgow office development was bought for a deal worth around $237 million.
- The building is a development of 315,000 square feet with a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points, and touchless technology throughout the building.
- 177 Bothwell Street is the first Scottish propderty to attain a SmartScore accreditation for smart buildings, and a platinum WiredScore certification.
- The deal set several records including being the largest Scottish office investment transaction being the largest deal involving a single multi-let office building in the regions and the third biggest sale of a single office property outside London.
Royal Bank Plaza
- Being a landmark in Toronto’s financial district, the Royal Bank Plaza ranks as one of the most high-profile buildings in Canada.
- Built as an office complex in the late 70s, it is home to leading banks, law firms, and tech companies.
- It spans about 1.5 million square feet across two towers and has layers of 24-carat gold on its 14,000 windows.
- It was acquired for $1.2 billion by Pontegadea in January of 2022.
19 Dutch Apartments
- Recently, Mr. Ortega through Pontegadea, he agreed to buy New York’s 19 Dutch apartment building for a whopping $500 million.
- Mr. Ortega’s holding company reached an agreement to acquire the apartment complex from Carmel Partners.
- The apartment complex, located around Lower Manhattan, is a 64-floor luxury apartment complex boasts an outdoor sky lounge and terrace gardens, a fitness club, café lounge, a media center, and other amenities.