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Tomás Olivo Acquires Land in Marbella, Málaga and Huelva in Deals Totalling €68 Million
16 August 2019
Tomás Olivo, through his socimi General de Galerías Comerciales, has acquired a series of urban plots of land in the provinces of Malaga and Huelva worth 68 million euros. In the first semester of this year, the Spanish socimi, 99.5% owned by Tomás Olivo, has made equity-financed acquisitions totalling 140 million euros. The firm acquired two million square meters for 25.7 million euros plus VAT just in Marbella.
In Rincon de la Victoria, also in the province of Malaga, the investor acquired several plots of land, for a total of €11.5 million. Last July, General de Galerías Comerciales also announced that had purchased another urban plot of land, where it will be able to build 1,200 new homes, for 9.8 million euros.
The socimi also purchased 66.6% of the 83,839-square-meter plot of land known as La Azucarera, in Malaga, for 4 million euros plus VAT. The socimi had already owned the remaining 33.4%.
In addition, Olivo’s socimi acquired 103,576 square meters of land with a buildable area of 65,000 square meters in Huelva, where it plans on building offices. The firm reportedly paid 17 million euros.
Original Story: ABC de Sevilla – María Jesús Pereira
Adaptation/Translation: Richard D. K. Turner