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Business Standard
3 days ago
- Business
- Business Standard
Zara founder's global deal spree shields his $104 billion from tax
Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Dividend Payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. In Europe, Ortega trails only LVMH founder Bernard Arnault on Bloomberg's list of richest individuals. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami.
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Business Standard
3 days ago
- Business
- Business Standard
Zara founder ramps up global property buys to cut $104 billion wealth tax
The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions Bloomberg Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. The spending spree coincides with him receiving his biggest-ever annual dividend from the retail giant he founded more than six decades ago, with about half the expected €3.1 billion ($3.6 billion) paid out in early May. In a legal quirk, Ortega – Inditex's biggest shareholder with a 59% stake — must swiftly spend those payouts or face handing over a chunk of it in extra taxes in Spain, the only European Union nation that currently has a full-on wealth tax for rich residents. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Dividend Payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. In Europe, Ortega trails only LVMH founder Bernard Arnault on Bloomberg's list of richest individuals. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami.
Business Times
4 days ago
- Business
- Business Times
Zara founder Ortega goes on deal spree to shield US$104 billion from tax
[LONDON] Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totalling more than US$500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for US$275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. Ortega, 89, has a net worth of about US$103.7 billion according to the Bloomberg Billionaires Index. A representative declined to comment. The spending spree coincides with him receiving his biggest-ever annual dividend from the retail giant he founded more than six decades ago, with about half the expected 3.1 billion euros (S$4.6 billion) paid out in early May. In a legal quirk, Ortega – Inditex's biggest shareholder with a 59 per cent stake – must swiftly spend those payouts or face handing over a chunk of it in extra taxes in Spain, the only European Union nation that currently has a full-on wealth tax for rich residents. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Dividend payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of 34.3 billion euros at the end of last year, up 10.6 per cent from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totalling more than US$4 trillion, according to the index. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her US$12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul – buildings that count Facebook, Zara, and even rival Hennes & Mauritz among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5 per cent in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR , underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20 per cent stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami. BLOOMBERG
Mint
4 days ago
- Business
- Mint
Zara Founder Goes on Deal Spree to Shield $104 Billion from Tax
(Bloomberg) -- Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. Ortega, 89, has a net worth of about $103.7 billion according to the Bloomberg Billionaires Index. A representative declined to comment. The spending spree coincides with him receiving his biggest-ever annual dividend from the retail giant he founded more than six decades ago, with about half the expected €3.1 billion ($3.6 billion) paid out in early May. In a legal quirk, Ortega – Inditex's biggest shareholder with a 59% stake — must swiftly spend those payouts or face handing over a chunk of it in extra taxes in Spain, the only European Union nation that currently has a full-on wealth tax for rich residents. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami. --With assistance from Sabrina Nelson Garcinuño, Rodrigo Orihuela and Clara Hernanz Lizarraga. More stories like this are available on
Yahoo
5 days ago
- Business
- Yahoo
Unicaja, DXC forge ten-year partnership for banking transformation
DXC Technology has entered into a ten-year partnership with Spain-based bank Unicaja, aimed at modernising the bank's operations. The collaboration will leverage DXC's capabilities in advanced technologies, specifically artificial intelligence (AI), to enhance automation, agility, and customer interactions. This initiative is intended to improve operational efficiency and productivity while providing a more tailored customer experience to Unicaja, according to the company. Unicaja technology and operations head Estrella Botas said: 'This marks a milestone in our evolution toward a more agile and intelligent operating model, ready to face the challenges of the financial sector. 'It's not just about incorporating technology but about transforming the way we operate to deliver better service to our customers.' The partnership aligns with Unicaja's strategic plan for 2025–2027, which focuses on innovation through enhanced customer service, product customisation, and operational flexibility. Additionally, DXC will assist Unicaja in ensuring that its banking systems comply with evolving European regulations. Following regulatory approval, DXC is set to acquire FK2, a subsidiary of Unicaja, and will take charge of a specialised team with expertise in banking and technology. DXC Technology Spain and Portugal managing director Alfonso Garcia said: 'This partnership further strengthens our global leadership in the banking sector, where the world's leading financial institutions rely on our decades of experience and deep industry expertise. 'In Spain, we support all major banks in driving competitive advantage and navigating complex challenges. Our commitment is to deliver operational excellence and position Unicaja as a global benchmark for AI-driven business transformation.' Last month, DXC Technology and Thought Machine launched a joint solution to accelerate banking modernisation for small and midsize banks. The partnership combines DXC's IT services with Thought Machine's Vault Core and Vault Payments platforms to streamline digital transformation. "Unicaja, DXC forge ten-year partnership for banking transformation" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
