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HomeLatest NewsPontegadea does not rule out investing again in Spain if prices drop

Pontegadea does not rule out investing again in Spain if prices drop

Date: March 24, 2023 Time: 09:39:59

Amancio Ortega’s investment arm, Pontegadea, has not ruled out making more investments in Spain if prices become more affordable. However, the focus of its operations will continue to be the United States, a nation where value adjustments have already been made to real estate assets.

This was stated by its CEO, Roberto Cibeira, during his participation in a round table on investments in the real estate sector organized by IESE. Cibeira has accepted that the company has not carried out large operations in Spain for many years, mainly because there are already other large market players, such as the Socimis Merlin and Colonial, which are both listed on the Ibex 35 and have more control over the whole of this market.

The CEO has confirmed that the main investor will remain in the United States, where he has assured that he has already closed transactions with discounts of up to 30% in some assets compared to the initial price set by the seller. However, he has also indicated that they continue to analyze operations in the national market and that, if there is any option that is part of the company’s strategy, it will be carried out.

last operations

Indeed, Pontegadea’s last major purchase was a luxury residential skyscraper in Seattle (United States) for 324 million dollars (about 305 million euros), last December. Earlier, in October, he closed the purchase of a luxury apartment skyscraper in New York for close to 500 million dollars (505 million euros).

Other logistics assets in the United States are added to these assets: a platform occupied by the FedEx company in Menomonee Falls in Wisconsin for an amount of 35 million dollars (about 34 million euros) and a distribution center in Philadelphia (Pennsylvania), for an import of 148 million dollars (about 147 million euros).

Regarding the adjustment of valuations, the CEO of Merlin Properties, Ismael Clemente, has defended in the same forum that in Spain the time will also come to undertake this ‘repricing’ in the value of the assets. Clemente has bet that in a period of between 18 and 24 months the adjustment of the valuations will be complete, a quick time because, according to him, “there are many people who are interested in the music continuing to play.”

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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