Tomás Olivo, the President and majority shareholder of the largest Socimi of the MAB, is continuing to expand his real estate portfolio. After closing the purchase of a plot in Madrid to build the largest shopping centre in the north of the capital just a few weeks ago, now his company, General of Commercial Galleries, has announced the acquisition of five urban plots for residential use in the Málagan municipality of Rincon de la Victoria. The Socimi has disbursed €11.0 million for the land, according to its report filed with the stock market regulator, an amount that has been financed using own funds.
This operation follows previous acquisitions made by the businessman who is originally from Murcia, although he has been living in Marbella for years in the area, and will allow him to build 1,600 homes there. Specifically, last July, he closed the purchase of several plots in the same Málagan town and his investment in the area already amounts to €37 million.
Translation/Summary: Carmel Drake