La Cañada’s Socimi Owner Finalises Its Stock Market Debut

17 October 2016 – Expansión

General de Galerías Comerciales – the company that owns La Cañada shopping centre in Marbella and five other retail parks, amongst other assets – is finalising its debut on the stock market, where it will be the second largest Spanish Socimi by market capitalisation, behind only Merlin. With its market value of almost €2,000 million, GCC will be the largest company on the MAB (Alternative Investment Market), according to Antonio Fernández, Chairman at Armabex, who was speaking last Thursday at a Socimi conference.

The company, which was constituted as a Socimi in September last year, will submit its DIIM – MAB joiner information document – within the next few weeks. The DIIM includes audited financial information and will be assessed by the MAB joiner coordination committee, which will then refer its assessment report to the Board of Directors.

The group expects to be able to complete all of the necessary procedures and authorisations relating to the MAB before the end of the year.

This Socimi, which is owned by the businessman Tomas Olivo López, owns six shopping centres with a combined surface area of around 350,000 sqm, as well as other less important assets. Specifically, the Socimi owns the following shopping centres: La Cañada Shopping Centre (Marbella), measuring 73,000 sqm; the Nevada Shopping Centre (Granada), measuring 108,000 sqm; the Mataró Parc Shopping Centre (Mataró, Barcelona), measuring 35,000 sqm; the Gran Plaza Shopping Centre (Roquetas del Mar), measuring 53,000 sqm; Las Dunas Shopping Centre (Sanlúcar de Barrameda, Cádiz), measuring 60,000 sqm; and the Mediterráneo Shopping Centre (Almería), measuring 19,000 sqm.

For its debut on the stock market, General de Galerías Comerciales has engaged: Armabex as its registered advisor; the law firm Martínez-Echevarría as its legal advisor; CBRE as its real estate expert; and Audalia Laes Nexia as its auditor.

The stock market debut of this company represents another in the wave of debuts that these kinds of Socimis, which focus their activity on the leasing of urban properties and which operate under a special tax regime, have been making in recent months. Socimis have gone from being an almost unknown corporate structure in Spain to being the main players in the sector.

Currently, in addition to the three large Socimis that listed on the main stock market – Hispania, Axiare and Lar – there are 25 smaller firms listed on the MAB.

The Chairman of Armabex, Antonio Fernández, expects that around 35 new Socimis will join the stock market during 2017, of which three are likely to debut directly on the main stock market. The combined value of these new Socimis, including General de Galerías Comerciales, will amount to around €5,500 million.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

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