• Transaction / Assets
    El Mirador de Jinámar
  • Seller
  • Buyer
    General de Galerías Comerciales
  • € MM
    45

GGC Acquires El Mirador de Jinámar Shopping Centre for €45M

30 November 2018 – Eje Prime

General de Galerías Comerciales is now the owner of El Mirador de Jinámar. The Socimi led by the Murcian businessman Tomás Olivo has acquired the commercial complex located in the Canary Islands for €45 million. The company has been advised by Cushman & Wakefield during the operation.

El Mirador de Jinámar is the largest retail space in the Canary Islands. The asset has a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the first hypermarket that Eroski opened in the region. In fact, the Spanish supermarket chain is one of the drivers of the complex, together with the property developer Ambrosio Jiménez.

Since November 2010, the Mirador de Jinámar has housed a total of 120 establishments in its commercial area. Distributed over two floors, some of the tenants of the property include firms from the Inditex group, as well as H&M, Cortefiel and Primark (whose store exceeds 5,000 m2, making it the Irish company’s largest in the Canary Islands).

The complex is located in Jinámar, a neighbourhood located between the municipalities of Las Palmas de Gran Canaria and Telde, the two most important cities on the island. The complex also has a parking area with capacity for more than 40,000 vehicles. In a second phase, which is still pending, the centre is planning to expand its offer to include 45,000 m2 of additional space, which will be allocated to DIY and homeware firms (…).

Meanwhile, General de Galerías Comerciales made its debut on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience undertaking its activity right across the value chain, from the purchase of land to the management of assets.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada). The company also has an extensive portfolio of residential assets and retail premises, as well as land, primarily in the south of Spain. When the company made its debut on the MAB, its portfolio of assets was worth €1.9 billion.

Original story: Eje Prime 

Translation: Carmel Drake

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