Amancio Ortega features 1,200 million for 20 properties in Paris

Question

Amancio Ortega features 1,200 million for 20 properties in Paris

Answer 1

The founder of Inditex, Amancio Ortega, continues to strengthen its investment in brick and has offered Italian promoter Risanamento around 1,200 million euros for the purchase of twenty properties in Paris (France). As reported by the French newspaper Le Figaro, liza buildings totaling about 70,000 square feet of commercial use and generate about 40 million per year in rent.

Among the properties include one in the Parisian Avenue Montaigne, which is located a boutique of designer Barbara Bui and another on the Boulevard Haussmann, which houses an Orange shop and the headquarters of the firm Rèmy Cointreau.

According to the French newspaper, the investor Pontegadea Ortega is not the only one interested in the acquisition of such property, as there is another offer on the table from the fund Qatar Holding, which had shown interest a few months ago in the buildings, but with an amount less than the Galician businessman, " a little less" than 1,000 million euros.

This offer is known the same week that Pontegadea has also expressed interest in Realia, realtor looking for new investors to replace Bankia and FCC, current referral partners, and get funds for the payment of its debt, as reported to industry sources.

If done with these properties in Paris and Realia, Amancio Ortega strengthen the equity portfolio Pontegadea and its presence in France, after which recently acquired relevant properties from Madrid, Barcelona, Valencia, New York and London.

Specifically Realia currently manages a property portfolio of 600,000 square meters, 95 % in operation. This consists of office buildings in Spain and France, through the SIIC subsidiary of Paris, and Spanish shopping centers such as The Garden of Serrano in Madrid and the gates of As in Santiago de Compostela. This equity portfolio had a value of 2.875 million euros, according to the latest independent valuations made ​​by the company at the end of 2012.