General de Galerías Comerciales Buys Land in Málaga for €11.5M

9 January 2018 – Eje Prime

General de Galerías Comerciales is fattening up its portfolio. The Socimi led by the Murcian businessman Tomás Olivo has acquired several plots in the Malagan municipality of Rincón de la Victoria worth €11.5 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

This purchase, financed using own funds, comes just a month after the company completed the acquisition of El Mirador de Jinámar, the largest retail area in the Canary Islands. That transaction involved a disbursement of €45 million and was advised by Cushman & Wakefield.

General de Galerías Comerciales debuted on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience and undertakes activity across the whole value chain from the purchase of land to the management of developments.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Málaga), Mediterráneo (Almería), Mataró Parc (Barcelona), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada).

The company also has a large portfolio of residential assets and commercial premises, as well as land, primarily in the south of Spain. When it made its debut on the stock market, the company’s asset portfolio was worth €1.906 billion.

Original story: Eje Prime

Translation: Carmel Drake

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