Amancio Ortega’s Investment Firm Reveals Vast Real Estate Holdings
The pandemic tests even Aspen-caliber moguls
Getty Images/fotopress
• less than 3 min read
Name: Amancio Ortega
Claim to fame: Ortega is the cofounder of Inditex, the world’s largest fashion group and owner of the Zara fashion chain. With a net worth of $63.6 billion, he’s Spain’s richest person.
Why he’s the mogul for the moment: Yesterday, his holding company Pontegadea revealed it’s got an outrageously huge real estate portfolio worth $17.2 billion at the end of 2019. Its properties include the E.V. Haughwout Building in NYC’s SoHo neighborhood, office buildings in London, Miami, and Seattle, and a hotel in downtown Chicago.
But the pandemic tests even the moguliest of moguls. Ortega’s toes are dipped in two industries—commercial real estate and retail—that are getting especially crushed by the coronavirus. The commercial real estate market has collapsed in cities like NYC, while Inditex suffered its first-ever quarterly loss in Q1.
Become smarter in just 5 minutes
Morning Brew delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.
By subscribing, you accept our Terms & Privacy Policy.
Become smarter in just 5 minutes
Morning Brew delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.
By subscribing, you accept our Terms & Privacy Policy.