By
Reuters
Published
Feb 27, 2014
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Spain's Ortega to list property holdings worth 5 billion euros

By
Reuters
Published
Feb 27, 2014

MADRID, Spain - Spanish billionaire Amancio Ortega plans to list his property holdings in a real estate investment trust worth more than 5 billion euros ($6.83 billion), website El Confidencial reported on Thursday, citing sources with knowledge of the matter.

Amancio Ortega | Source: AFP - AFP

The listing of Pontegadea Inmobiliaria is aimed at providing liquidity for Ortega's heirs, El Confidencial said, and would group the assets in a vehicle known as a SOCIMI, a new instrument in Spain that offers tax perks.

Ortega, the founder of retail giant Inditex, has a 59 percent stake in the owner of the Zara fashion chain and is the world's third-richest man.

Sources with knowledge of the matter told Reuters last month that Ortega was interested in the sale of property company Realia.

$1 = 0.7317 euros

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