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

Tomás Olivo Buys Hotel Villa De La Palmera In Sevilla

13 October 2017 – La Voz de Almería

Tomás Olivo, owner of the ‘Gran Plaza de Roquetas de Mar’ and ‘Mediterráneo’ shopping centres in the capital of Almería, has purchased Hotel Villa de la Palmera in Sevilla, an establishment where members of European royalty, artists and politicians typically stay when they are in Andalucían capital. Until now, the hotel was owned by the Porres family and its rooms have housed Ira de Furstenberg, Gina Logobrigida, Daryl Hannah, Ursula Andress and Ornela Muti.

General de Galerías, the company owned by Tomás Olivo, made its debut on the Alternative Investment Market (MAB) this summer (…). Tomás Olivo, a property developer from Murcia who now lives in Marbella, opened the ‘Mediterráneo’ shopping centre in Almería at the end of 1998 following an investment of 14,000 million pesetas. Four years later, he opened the ‘Gran Plaza de Roquetas de Mar’ shopping centre.

General de Galerías Comerciales owns a portfolio of six shopping centres and around hundred rental properties. Its shopping centres include ‘La Cañada’ shopping centre in Marbella, the ‘Nevada’ shopping centre in Armilla (Granada), the ‘Mataró Parc’ shopping centre in Mataró (Barcelona), as well as the two centres in Almeria and the ‘Las Dunas’ shopping centre in Sanlúcar de Barrameda (Cádiz).

The Socimi generates annual revenues of €87 million and has no debt since it has not resorted to bank financing for any of its development to date.

Original story: La Voz de Almería (by Manuel León)

Translation: Carmel Drake

La Cañada’s Socimi Owner Finalises Its Stock Market Debut

17 October 2016 – Expansión

General de Galerías Comerciales – the company that owns La Cañada shopping centre in Marbella and five other retail parks, amongst other assets – is finalising its debut on the stock market, where it will be the second largest Spanish Socimi by market capitalisation, behind only Merlin. With its market value of almost €2,000 million, GCC will be the largest company on the MAB (Alternative Investment Market), according to Antonio Fernández, Chairman at Armabex, who was speaking last Thursday at a Socimi conference.

The company, which was constituted as a Socimi in September last year, will submit its DIIM – MAB joiner information document – within the next few weeks. The DIIM includes audited financial information and will be assessed by the MAB joiner coordination committee, which will then refer its assessment report to the Board of Directors.

The group expects to be able to complete all of the necessary procedures and authorisations relating to the MAB before the end of the year.

This Socimi, which is owned by the businessman Tomas Olivo López, owns six shopping centres with a combined surface area of around 350,000 sqm, as well as other less important assets. Specifically, the Socimi owns the following shopping centres: La Cañada Shopping Centre (Marbella), measuring 73,000 sqm; the Nevada Shopping Centre (Granada), measuring 108,000 sqm; the Mataró Parc Shopping Centre (Mataró, Barcelona), measuring 35,000 sqm; the Gran Plaza Shopping Centre (Roquetas del Mar), measuring 53,000 sqm; Las Dunas Shopping Centre (Sanlúcar de Barrameda, Cádiz), measuring 60,000 sqm; and the Mediterráneo Shopping Centre (Almería), measuring 19,000 sqm.

For its debut on the stock market, General de Galerías Comerciales has engaged: Armabex as its registered advisor; the law firm Martínez-Echevarría as its legal advisor; CBRE as its real estate expert; and Audalia Laes Nexia as its auditor.

The stock market debut of this company represents another in the wave of debuts that these kinds of Socimis, which focus their activity on the leasing of urban properties and which operate under a special tax regime, have been making in recent months. Socimis have gone from being an almost unknown corporate structure in Spain to being the main players in the sector.

Currently, in addition to the three large Socimis that listed on the main stock market – Hispania, Axiare and Lar – there are 25 smaller firms listed on the MAB.

The Chairman of Armabex, Antonio Fernández, expects that around 35 new Socimis will join the stock market during 2017, of which three are likely to debut directly on the main stock market. The combined value of these new Socimis, including General de Galerías Comerciales, will amount to around €5,500 million.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake