The downtown Manhattan skyline is seen in New York, U.S., August 21, 2021. REUTERS/Andrew Kelly/

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MADRID, July 21 (Reuters) – The family office of Spanish billionaire Amancio Ortega, founder and largest shareholder of fashion group Inditex (ITX.MC), said on Thursday the market value of his real estate assets had increased by more than a billion euros to reach 15.2 billion euros ($15.53 billion) in 2021.

Pontegadea, the Ortega family’s investment vehicle, controls a 59.29% stake in Inditex (ITX.MC) and manages a portfolio of real estate investments including properties in New York, Toronto, London and downtown from Madrid. The portfolio of real estate assets amounted to 14.08 billion euros at the end of 2020. read more

Pontegadea recorded a net profit of 1.60 billion euros in 2021 compared to 666 million euros in 2020, mainly fueled by dividends from Inditex which soared as fashion retailer Zara recovered from linked restrictions to the pandemic.

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Ortega has mainly focused on investing in real estate assets, although in recent years his holding company has taken stakes in energy assets.

Pontegadea became the largest private investor in Spanish electricity grid operator Red Electrica last year, with a 5% stake, bought a 49% stake in a wind farm operated by Spanish energy group Repsol (REP. MC) and a 12% stake in the Portuguese energy company (RENE.LS).

Pontegadea’s 2021 results included gains realized on the sale of Telxius’ towers division to American Tower (AMT.N) in January 2021, the family office said. Ortega owned 30% of Telxius.

($1 = 0.9789 euros)

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Reporting by Corina Pons; Editing by Elaine Hardcastle

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