Zara founder Amancio Ortega’s UK property empire is now worth £2.3bn

Amancio Ortega, the Spanish founder of fashion chain Zara, has seen the value of his UK property empire reach £2.3 billion, it emerged on Tuesday.

Pontegadea UK, Ortega’s real estate business which has properties in locations that include near Green Park and Oxford Circus, saw its portfolio value rise 9.5% in 2018.

Rental income rose to £74.4 million from £68.3 million, while pre-tax profits increased to £55.7 million from £50 million.

It is bullish about future growth, despite concerns that demand for new shops is waning and Brexit uncertainty is persuading businesses to hold off on signing for new offices.

Pontegadea said: “The operational risks associated with different potential [Brexit] scenarios have been considered. The company does not expect Brexit to have a significant impact on its operations.”