2023-12-02 12:36:39
The founder of Inditex, Amancio Ortega, has exceeded 1 billion invested this year after acquiring a logistics center in the west of Dublin whose main tenant is Amazon. The price paid: 225 million euros. Second largest purchase of 2023. With one month left until the end of the year, the businessman closes the investment circle in the same city in which he opened it in March when he bought an apartment building in the capital of Ireland. So far in 2023 he has invested 1,197 million in seven operations. Last year there were 2,783 in 13 years. It was close to 4,000 in the last two years.
Amancio Ortega’s latest acquisition is a logistics complex in Dublin’s Baldonnell Business Park that has an area of 120,000 square meters and it has five tenants with long-term contracts, something that Inditex’s largest shareholder always looks for when carrying out this type of operation. The one with the most space is Amazon, with 63,000. There it has its largest logistics center in Ireland and the first of its kind in the country. It was inaugurated in September of last year. It has 500 workers. Anecdotally, the first order was a stand for a laptop and a connector for a computer monitor.
Although Ortega already has real estate assets in Ireland, it is his first logistics operation in the country and the largest ever in the Irish logistics sector until now. The warehouse has been acquired from the industrial real estate development specialist Mountpark, according to The Irish Times.
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With this seventh acquisition, the purchases made by Pontegadea, Ortega’s investment arm, since January are close to 1,200 million. This year you have 2,308 to spend: 2,217 come from Inditex dividends and the rest from the money you have in your savings account. Pontegadea. Last year, Amancio Ortega had 2,798 million to invest. At the end of the year, he spent the historical record of 2,783 on 13 operations, including a bank headquarters with gold-covered windows; two office buildings; a luxury housing skyscraper in the financial heart of New York or seven large logistics centers in six different states in the United States.
This exercise hasn’t stopped either. He started in Dublin in March by purchasing a building of 120 luxury rental apartments in the city’s southern port area for more than 100 million. The property, called Opus, has 24 one-bedroom homes, 74 two-bedroom homes and 22 three-bedroom homes, with a price of 841,666 euros each of them.
The second operation occurred in mid-April when it acquired the former BBC headquarters in London for around 82 million pounds (about 93 million euros). Last June, Amancio Ortega debuted in European logistics —the rest of the acquisitions in this sector had been in the US— when buying a warehouse in the Netherlands for 105 million. This third acquisition of the year is a logistics platform of 103,000 square meters and is located in the Dutch town of Venlo. It is leased to the transport and logistics firm DSV until 2033 and generates annual rental income of 4.6 million.
After the first three operations on European soil, made the leap to the United States and in July it purchased a Walmart automated logistics center in California for an amount of 109 million dollars (98.9 million euros). It has an area of 30,000 square meters.
For his fifth move of the year he stayed in the United States. In August he added to his real estate portfolio Chicago’s most iconic luxury apartment tower for 212 million. The property has 492 homes spread over 45 floors. It is the tallest building in the city.
The largest investment was made last November. It acquired from Repsol a 49% stake in renewable assets of 618 megawatts (MW) distributed throughout Spain for 363 million.
In total, in the seven operations it has paid almost 1,200 million. And there’s still all of December left. Last year, in the last month of the year, 300 were spent on the Kiara tower, a 40-story skyscraper with 461 luxury apartments in Seattle (USA).
New record for Inditex on the Stock Market: it is already worth almost 120,000 million
Inditex closed the week yesterday and opened the month of December with a new historical record on the stock market. For the first time, the price of its shares exceeded 38 euros (38,310) and capitalization touched 120,000 million (119,398). He will achieve it if in future sessions he reaches 38.50.
Two weeks after presenting the results of its third fiscal quarter, the A Coruña multinational is experiencing a bullish rally on the stock market that does not seem to have an end. In November, of the 22 sessions, 16 ended positively. The revaluation during the past month was 14%. If the comparison is made with the previous year, at this time, the increase reaches 52%. That is, if someone had bought 100 euros in shares of Zara’s parent company, they would now be worth 152.
Inditex’s new record on the stock market comes two years after the announcement of the change of direction at the company with the departure of Pablo Isla and the entry of Marta Ortega and Óscar García Maceiras. The textile group is repeating the same pattern on the stock market in recent times before presenting its quarterly results. It will do so next December 13. A bullish rally in its shares in the weeks before it makes its accounts public, a drop the day they are known and an upward trend afterwards.
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