Amancio Ortega pay 500 million in cash to fund IPIC for Torre Cepsa


Amancio Ortega, the founder and chairman of Inditex Group, is mustering large property for your particular personal assets, which managed through Pontegadea. The last operation, 500 million in cash paid by Cepsa Tower, one of the skyscrapers of the Cuatro Torres complex in Madrid.

It is a three-way operation. Bankia, current owner of the property, sells for about 400 million UAE fund IPIC (International Petroleum Investment Company), which is in the tower as a tenant with headquarters Cepsa.
What has made the fund is to run the option that expired on September 30 last Friday. From here, in a deal closed a few days ago, the fund transferred to Pontegadea skyscraper.
The property has an area of over 109,000 square meters of office space, including 37,500 square meters on five floors of the garage. Foster also call Tower, completed in 2009, he has had many names. First was the Repsol Tower.
This oil was the first owner of the building. However, he sold it without being finished in 2007 Caja Madrid, Miguel Blesa chaired by then, for 815 million euros. The then Torre Caja Madrid was destined to be the corporate headquarters of the box, and then Bankia. But none of the transfers occurred.
And after the bankruptcy of Bankia in 2012, the company reviewed the value of its assets and the large tower lost luster: its estimated value was 405 million, less than half of what you paid Caja Madrid to Repsol.
Bankia provisioned 410 million by the devaluation of the price of the building after the injection of public money received. The lease agreement by the sovereign fund of Abu Dhabi caused to be renamed Torre Cepsa. It incorporated a future purchase option from 2016 that now runs, to change hands again.
Amancio Ortega adds a long list of assets, including buildings in the best locations in London, Paris, Madrid and New York, among others. In general, buildings for tertiary use (offices and shops), leased to companies, which provides high annual returns.
Pontegadea Real Estate closed the year 2015 with total assets of 6,058 million euros, more than the previous year almost 500 million and a net worth of 5.460 million, according to accounts filed by the company in the province of La Coruna.