Pontegadea reaches €15.163M real estate portfolio

Pontegadea reaches €15.163M real estate portfolio

Amancio Ortega, owner of the Pontegadea Group

This portfolio surpassed those of its peers Merlin Properties and Colonial, the two Spanish giants listed at the country’s continuous stock exchange, which closed last year with portfolios estimated at 12.267 million euro and 12.196 million euro, respectively.

The evolution of the group, which also owns Inditex, was clear since, in only 12 months, the portfolio increased by 5.163 million euro. Its rapid growth is owed mainly to two things, according to Spanish newspaper Cinco Días. First, the numbers of 2019 included for the first time all properties from all companies within the group, including subsidiaries. Also, Pontegadea carried out several acquisitions in Europe – where 61% of the group’s portfolio is located – and overseas last year. On these operations alone, the group spent a total of 2.065 million euro.

The only real estate portfolio larger than this one is that of El Corte Inglés, estimated, at the end of 2019, at 17.400 million euro. Nevertheless, these units are essential for the retailer’s own use and as such are not intended to generate returns.

Another indicator which shows the group’s good moment is its 1.778 million euro net profit, 14% higher yoy.

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