Pontegadea increases UK subsidiary's share capital by over €50 million
The investment company owned by Inditex’s founder Amancio Ortega has boosted its Pontegadea UK subsidiary with a share capital increase worth €51.1 million. The goal is to prepare the company to carry out further new investment.
Pontegadea UK has issued 46.8 million new shares, each with a nominal value of GBP1, as indicated by the UK’s Companies House, and as reported on Tuesday by Spanish business daily Cinco Días.
Pontegadea's UK business is worth approximately €3 billion, accounting for a highly significant portion of the company’s global business. The UK subsidiary’s latest share capital increase is not the only operation of this kind carried out by Pontegadea in recent months. In October, the company capitalised an internal loan for a value of €101 million.
In March, following the purchase of the Post Building in London for €700 million, Pontegadea UK’s share capital was increased by €108 million. In December 2019, two similar operations were also carried out, resulting in share capital increases of €108 million and €113 million respectively, according to Cinco Días.
Overall, based on its 2019 financial statement, Pontegadea has a portfolio worth €15.2 billion in assets around the world. In July, Pontegadea underwent an internal restructuring, as a result of which - and also to minimise the risks arising from Brexit - Pontegadea UK transferred its assets to a new Spanish company, Pontegadea GB 2020, even though some of its property assets still belong to third parties.
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