Businessman Isak Andic, founder and owner of Mango, promotes his real estate business in parallel with his textile business. Its property Punta NA closed the 2023 financial year with record income, up to 47.8 million euros, 10.6% more than the previous year. His main source of business comes from the income he receives from the rental of his commercial premises, a large part of which are the stores of his fashion company Mango.
Its assets also include the 22 suites of the Mandarin hotel in Barcelona, which were excluded from the sale of the Reig family establishment to the Saudi group Olayan last summer for 220 million euros. Those suites were not sold and remain in the hands of Andic, which maintains a rental contract with the hotel.
Last year, Punta Na did get rid of logistics assets considered non-strategic, which resulted in accounting losses of 3.4 million euros. These operations had an impact on net profit, which amounted to 9.6 million euros. Without the effect of the aforementioned divestments and the increase in financing costs derived from the increase in the Euribor, profits would have exceeded 13 million euros. For its part, the group's financial debt stood at 138 million euros at the end of the year, 16 million less than the previous year.
In total, the Andic real estate company has a portfolio of assets valued at more than 1,200 million euros, made up mainly of commercial premises distributed in Spanish cities and capitals such as Paris, Prague, Vienna, Athens, as well as Turkey, a country of origin of the businessman. Together, they total more than 130,000 commercial square meters rented, with a global occupancy rate of 98%.
These results, the group considers, reinforce them to open a new stage of growth, with the aim of increasing their asset portfolio in the coming years in the markets in which they are already present or in developed countries “with high legal security.” ”.
Andic reorganized the structure of Punta Na two years ago. Until then, the property company had the businessman as sole administrator, giving way to a board of directors headed by him as chief executive. His three children are part of it as advisors: Jonathan Andic, Judith Andic and Sarah Andic.
The businessman thus lives a sweet moment in his business. Added to the record results of Punta Na are those of Mango, which closed 2023 with maximum revenue (more than 3.1 billion euros) and profit. The company, directed by Toni Ruiz, has turned 40 years old and is in the midst of an expansion phase.
