Pontegadea, the family office set up by Amancio Ortega, the founder of the clothing retail chain Zara, has acquired a 49% stake in UK company PD Ports Limited from Brookfield Asset Management. Financial details of the deal were not disclosed.

The acquisition is being done via Pontegadea Shareholdings Luxembourg. Brookfield will remain invested in the business and, as a long-term shareholder, will work closely with Pontegadea to support the continued growth of PD Ports. Hogan Lovells advised Brookfield.

PD Ports is one of the major port groups in the United Kingdom, operating across 11 locations nationwide, including Teesport and Hartlepool in the north, a cluster of sites on and around the River Humber, and Felixstowe, Thames and the Isle of Wight in the south.

The company directly employs more than 1,400 people at its 11 UK sites, including Teesport and Hartlepool.

It is also the statutory harbour authority for the River Tees, with a jurisdiction of 12 miles to the Tees estuary and legal responsibility to ensure safe navigation for all vessels and maintenance of the river.

Established in 2001, Pontegadea is an investment holding company involved in a wide range of sectors including real estate, energy, infrastructure, and retail. Its investment strategy includes long-term equity and liquid assets. Besides a portfolio of top-level assets, Pontegadea holds a significant stake in traded and private companies.

New York-headquartered Brookfield Asset Management has over US$1 trillion of assets under management. It focuses on real assets and essential service businesses that form the backbone of the global economy.

Brookfield offers a range of alternative investment products, including public and private pension plans, endowments and foundations, and partners with sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.