February 27, 2014 / 6:56 AM / in 4 years

Spain's Ortega to list property holdings worth 5 bln euros -media

MADRID, Feb 27 (Reuters) - 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.

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) (Reporting By Elisabeth O‘Leary; Editing by David Goodman)

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