Pontegadea, the investment vehicle of Amancio Ortega, has sued the fashion firm Gap for the non-payment of the rent of one of its flagship stores. Specifically, the lawsuit relates to the rental of the Old Navy flagship store in San Francisco (USA) for which the group owes USD 1.64 million (about 1.5 million euros) in rentals for the period from April to July, as reported by several local media outlets.
Pontegadea bought this property from JP Morgan two and a half years ago for USD 475 million. The asset is a mixed-use property housing offices, a hotel and almost 19,000 square metres of commercial space that also includes a Levi’s store.
