2 July 2018 – Eje Prime
General de Galerías Comerciales (GGC) is increasing its portfolio of assets. The company specialises in making investments in retail parks and shopping centres, but, this time, it has opted for a building in the centre of Granada, according to a statement filed with the Alternative Investment Market (MAB).
The Socimi has acquired a building located at number 55 Calle Reyes Católicos. The company, which has financed the operation using own funds, has invested €6 million in the purchase in total.
Controlled by Tomás Olivo, GGC made its debut on the MAB in July last year, to become one of the Socimis with the largest market capitalisation in the sector. The company, which has twenty years of experience, carries out its activity across the whole value chain: from land purchases to management.
The main assets in its portfolio are retail parks and shopping centres in Spain, including La Cañada (Marbella), Mediterráneo (Almería), Mataró Parc (Mataró), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada).
The company also owns a large portfolio of residential assets and commercial premises, as well as land, primarily in the south of Spain. At the time of its debut on the MAB, the company’s asset portfolio was worth €1.906 billion.
GGC closed 2017 with a net profit of €103.18 million, up by 58% compared to the previous year, when it recorded a net result of €65.4 million. The Socimi recorded sales of €111.3 million in 2017, up by 27% compared to the previous year. The majority of the company’s turnover proceeds from the rental of its properties, €93.35 million in 2017 compared to €64.9 million in 2016.
Original story: Eje Prime
Translation: Carmel Drake