It's official.
Ponte Gadea Compass, a subsidiary of Pontegadea, Amancio Ortega's investment group, has registered the acquisition of the Dallas Global Industrial Center.
It is a large logistics center operated by Home Depot made up of four warehouses totaling just over 220,000 square meters on a huge 615,000 square meter lot, the equivalent of more than 80 football fields.
It is the largest logistics asset in the portfolio of seven properties it agreed to acquire in July for a total of $905 million.
The closing of the purchase of the other six properties took place before, but there were fringes left for the transfer of this seventh property.
According to the information deposited in the public records of Dallas (Texas), the operation was closed on September 20, although it has been recently registered.
Registry information shows that the complex is comprised of a 1.5 million square foot (140,000 square meter) first distribution center, a 799,000 square foot (74,000 square meter) warehouse, an additional 5,000 square meter warehouse and another auxiliary building of 3,000 square meters.
The documents show two valuation references, one of 144 million dollars and another of 169 million dollars, but it is a kind of cadastral value when establishing the taxes to be paid for the property.
The transaction price does not appear in the documents.
In August 2020, that same property was transferred for 246.7 million dollars to a consortium in which the Vereit real estate group participated, later acquired by the giant Realty Income.
The new owner decided to put up for sale seven logistics properties that were part of Vereit's portfolio to reduce debt and undo that inheritance resulting from the merger.
The founder of Inditex took advantage of the occasion and bought them en bloc, as EL PAÍS previewed.
Realty Income informed the United States Securities Market Commission (the SEC) that the sale of six of the seven properties had already taken place and that the seventh sale was expected to close within the third quarter, as it has finally happened.
The purchase has been channeled by the company Ponte Gadea Compass, based in Miami, a subsidiary of Pontegadea, the investment group of Amancio Ortega.
These are seven strategically located logistics centers with long-term contracts leased to leading companies: Amazon, Fedex TJX, Home Depot and Nestlé.
Separately, they already constitute important investments, but they were negotiated together in the largest operation —real estate or in any other sector— carried out by Ortega's patrimonial company, for an amount of 905 million dollars.
The investments are in five states: Texas, Pennsylvania, Wisconsin, South Carolina, Virginia and Tennessee.
