Sandra Ortega’s real estate company is down 17% in 2022

Sandra Ortega.

Rosp Corunna, the group with which he manages his assets and investments Sandra Ortega The daughter of Amancio Ortega, the second richest person in Spain after her father, cut her benefits by 17.5% last year to 203 million euros, despite an increase in her income. The group’s net worth decreased by 359 million euros, to 5,557 million, as evidenced by accounts filed with the Commercial Registry, to which EL PAÍS had access.

The main assets of the group are a 5.05% stake in Inditex and another 5% in Pharma Mar, both Ibex 35 listed companies, as well as several real estate investments. while The company his father founded fell more than 10% on the stock market last yearPharmaceuticals were revalued by about 13%. Change in share value InditexIt indicates that in its accounts the Group represents a decrease of €579.5 million in its financial assets. As for the profits of the textile group, corresponding to the previous year, the firstborn of the Ortega clan received 146.4 million, which is almost two-thirds of its income.

Although the profits are down, the sales volume family office It increased from 197.8 million in 2021 to 220.4 million last year, an increase of more than 11%. Financial business made up a large portion of these sales, at 180.4m, followed by real estate with 33.17m – although rental income fell by more than half, from 10.27m in 2021 to 4.27m in 2022 – and the hospitality industry. Its sales amounted to 6.8 million, and the latter witnessed a significant recovery last year compared to 2021, when it recorded revenues of only 1.2 million.

The group includes several companies through which Sandra Ortega organizes her business. Rosp Corunna Participaciones Empresariales is primarily responsible for the benefits he receives family officeWith profits of 249 million euros. On the contrary, Soandres de Activos, Ortega’s variable capital investment company in Spain, recorded losses of 18 million. In July last year, Amancio Ortega’s eldest daughter decided to liquidate the company after the CEO’s tax changes, which established that companies with at least 100 partners can be taxed with a minimum investment of €2,500 each.

Among the companies in which Ortega invests RoommateThe hotel chain is owned by businessman Kake Sarasola, who filed for bankruptcy last year. Soon after, in July, the judge handling the bankruptcy case authorized the sale of the hotel group—of which Ortega owns 30%—to a US fund. Disagreements between Ortega and Sarasola over the guarantees given by the latter to the hotel group led, according to the company, to the declaration of bankruptcy. Ortega defends in its accounts that it did not provide any guarantees requested by the financial institutions lending to Room Mate in the amount of 150 million.

As of December 31, 2022, Rosp Corunna had a portfolio of real estate assets with a net worth of €524 million, which equals 9% of its total assets. Thus, the company practically doubled its real estate investments, which in 2021 amounted to 426 million euros. According to calculations, the company reduced its assets abroad: it sold a property in California, a profit of 108,000 euros was recorded, and in January They sold a hotel in Miami for 55 million.

Although last year the company increased its long-term debt by just over five million euros, it managed to significantly reduce its short-term debt (of a year or less): it increased from 164.4 million in 2021 to 13.8 in 2022.

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