Isak Andic’s company achieved revenues of 47.8 million euros last year, 10.6% more.
Punta Na, the company that brings together the real estate assets of Isak Andic, the president and main shareholder of Mango, closed last year with a turnover of 47.8 million euros, 10.6% above 2022, and the highest numberfrom the last few years.
Punta Na’s income comes mainly from the rental of commercial premises in its portfolio. In some of them, the company has the fashion chain itself as a tenant.
The company’s real estate portfolio is made up of around sixty assets valued together at more than 1,200 million euros. The premises owned by Punta Na are located on large commercial streets in Spanish cities, as well as in other European places such as Paris, Prague, Vienna or Athens. The company also owns some real estate in Istanbul.
In Spain, the most emblematic assets of Punta Na are the suites in the building attached to the Mandarin Oriental Hotel, on Paseo de Gràcia in Barcelona, and the property located at Serrano, 60, in Madrid, where Mango has its flagship store and its offices in the capital of Spain.
The Mandarin suites are still in the hands of the Andic holding company despite the sale of the establishment last July to the Saudi fund Olayan. The new owner took over the rental rights to the rooms.
The commercial premises owned by Punta Na have a total area of 130,000 square meters and their occupancy rate reaches 98%, according to company sources.
Benefits
The property company obtained a net profit of 9.6 million euros last year, 28% less than in 2022, when it earned 13.4 million. Punta Na’s results were weighed down by accounting losses of 3.4 million euros caused by a series of divestments of non-strategic assets, especially land for logistics use.
Discounting the impact of these asset sale operations and the increase in financial costs derived from the rise in interest rates, the net profit would have exceeded, according to the same sources, 13 million euros, in line with the previous year. .
The company, which has its headquarters in Barcelona, accumulated a financial debt of 138 million euros at the end of last year, a figure that is 10% less than in 2022.
With a “solid economic-financial position”, according to Punta Na, the Isak Andic estate is determined to expand its portfolio of real estate assets over the coming years.
The growth strategy involves increasing its presence in the markets in which it is already established and investing in assets for commercial use in prime locations in other developed countries with high legal security, according to company sources.
After cleaning up its asset portfolio last year, Punta Na is now seeking to give new impetus to its investment policy and already has some operations on the table.
Advice
At the beginning of 2022, the president of Mango established a board of directors in Punta Na to which his three children joined: Jonathan – who is also a director and director of the fashion group -, Judith and Sarah, as EXPANSIÓN reported on January 24 of 2022.
