Tomás Olivo set to Acquire El Mirador Shopping Centre in Gran Canaria

13 September 2018- Eje Prime

General de Galerías Comerciales is bidding exclusively for the largest retail space in the Canary Islands. Eroski, the owner of the Mirador de Jinámar, is holding exclusive negotiations with the company owned by the Murcian businessman Tomás Olivo, the Socimi General de Galerías Comerciales, with a view to selling the asset. The offer is expected to amount to around €45 million, according to sources close to the operation speaking to Eje Prime.

Valued at between €45 million and €100 million, General de Galerías Comerciales is not the only company that has expressed interest in the shopping centre in Gran Canaria in recent months. In fact, Eurofund’s investment fund offered €46.6 million in July for the asset, which opened its doors to the public in 2010.

Although sources at General de Galerías Comerciales have indicated to Eje Prime that the process is still “in its infancy”, sources in the sector explained that the operation is causing controversy because the company owned by Tomás Olivo has offered less than Eurofund’s bid.

The Mirador de Jinámar is a commercial area promoted by Eroski and the property developer Ambrosio Jiménez. The shopping centre spans a total surface area of 50,000 m2, of which 11,300 m2 is dedicated to the largest hypermarket that the cooperative distribution company belonging to Corporación Mondragón owns in the Canary Islands.

Since November 2010, the Mirador de Jinámar has been home to a total of 120 stores. Spread over two floors, some of the tenants of the property include firms in the Inditex group (its Zara store has a surface area of 2,000 m2), H&M, the Cortefiel and Primark brands (the latter’s store spans 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 (…).

General de Galerías Comerciales, on the hunt for new assets

Controlled by Tomás Olivo,  General de Galerías Comerciales made its debut on the MAB in July last year, to become one of the largest Socimis by capitalisation in the sector. 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 (by B. Seijo and P. Riaño)

Translation: Carmel Drake

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