Inditex, the fashion retail group, is negotiating for the acquisition of Spanish real estate company Astroc Mediterraneo, financial sources have told the Bolsa Cinco newspaper. President of Inditex, Amancio Ortega, is said to be in talks with Astroc to acquire between 5% and 10% of the property company's capital.
Inditex, the fashion retail group, is negotiating for the acquisition of Spanish real estate company Astroc Mediterraneo, financial sources have told the Bolsa Cinco newspaper. President of Inditex, Amancio Ortega, is said to be in talks with Astroc to acquire between 5% and 10% of the property company's capital.
Bolsa Cinco said the negotiations between the group and Inditex has contributed to the sharp rise in Astroc's share price this year. Astroc was quoted at EUR 6,4 per share on May 24, but has increased around 145% in value in six months. The property company has recently acquired Banco Sabadell’s Landscape Promocions Immobiliaries SLU property arm for EUR 900 mln plus debt.
A spokesperson for Astroc refused to comment on the news, while Inditex has denied any negotiations are taking place. Amancio Ortega, the major shareholder in the retail group, is a well-known property developer with investments of EUR 1 bn in the property sector, Spanish major newspaper El Pais reported last week.
