MADRID-One of Spain's largest real estate holdings, Pontagadea, controlled by Inditex head Amancio Ortega, has purchased five large retail banking units in major Spanish cities, from ISC Freshwater Investment - advised by the UK-based Moor Park Capital - for around $71 million. The units are leased to Banco Sabadell for a minimum 25-year term.

Following the acquisition of 378 Banco Sabadell branches for around $517 million in April 2010, ISC asset adviser Moor Park received inquiries from investors seeking assets from the portfolio. Due to the high level of demand, it made available a small selection through a selective marketing process, of which these assets form a part. To date, around $84 million of assets have been sold, with the sale process due to continue in 2011.

Pontegadea Inmobiliaria has assets of $4.7 billion and property portfolios in Spain, Europe and the United States. Ortega is founder and president of Inditex, one of the world's largest clothing retailers, which includes the brands Zara, Pull & Bear and Massimo Dutti. Cushman & Wakefield, which acted for the vendor, commented: “This investment offers long-term, secure lease contracts on attractive terms from one of Spain’s leading banks and represents a unique opportunity for inflation-sensitive investors focused on medium- to long-term security with the added benefit of capital gains over high quality real estate.”