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

The Pontegadea Group, which brings together

, its subsidiaries dedicated to the real estate business and other financial holdings, closed the 2021 financial year with a net profit of

, which means multiplying by more than two obtained a year earlier, which stood at 666 million euros.

Said benefit includes the results obtained from the sale of the

tower division 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

, which represents an increase of 53.7% compared to the 2020 financial year.

The turnover is made up of the

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.

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 made

, with 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 Enagás 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 owns

, with 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.

Specifically,

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 around 1,150 million Canadian dollars (more than 874 million euros).

The founder and main shareholder of Inditex, Amancio Ortega, deposited on May 2 a total of 859 million euros for the first remuneration of the year that Inditex pays its shareholders, which is

first year with his daughter

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.

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