Tomás Olivo in Talks to Acquire 150,000 M2 of Land in Valdebebas

3 October 2019 –Tomás Olivo’s socimi General de Galerías Comerciales (GGC) is negotiating to acquire 145,790 square meters of commercial land in Valdebebas, where it is looking to develop the largest shopping centre in Spain.

The land is said to be worth 200 million euros, though GGC has yet to offer that much.

The future shopping centre will include 36,500 square meters of office buildings, along with more than 24,500 square meters or parks and green areas.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

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

Tomás Olivo Buys 2 million m2 of Land in Marbella

12 March 2019 – Murcia Economía

General de Galerias Comerciales, the Socimi owned by the Murcian businessman Tomás Olivo, has purchased 2 million m2 of land in Marbella, which is thought to be key for the development of the city.

The Socimi paid €25.73 million plus taxes for the plots, which are located to the north of the La Cañada shopping centre, also owned by Olivo.

When the land was put up for sale last year, it generated little interest as only a quarter of the plots are currently developable, under the governing PGOU. However, sources report that Olivo plans to put all of the land to work as soon as possible.

Original story: Murcia Economía

Translation: Carmel Drake

General de Galerías Comerciales Buys Land in Málaga for €11.5M

9 January 2018 – Eje Prime

General de Galerías Comerciales is fattening up its portfolio. The Socimi led by the Murcian businessman Tomás Olivo has acquired several plots in the Malagan municipality of Rincón de la Victoria worth €11.5 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

This purchase, financed using own funds, comes just a month after the company completed the acquisition of El Mirador de Jinámar, the largest retail area in the Canary Islands. That transaction involved a disbursement of €45 million and was advised by Cushman & Wakefield.

General de Galerías Comerciales debuted on the Alternative Investment Market (MAB) in July 2017. The company has twenty years of experience and undertakes activity across the whole value chain from the purchase of land to the management of developments.

The main assets in its portfolio are retail parks and shopping centres in Spain, such as La Cañada (Málaga), Mediterráneo (Almería), Mataró Parc (Barcelona), Gran Plaza (Almería), Las Dunas and Nevada Shopping (Granada).

The company also has a large portfolio of residential assets and commercial premises, as well as land, primarily in the south of Spain. When it made its debut on the stock market, the company’s asset portfolio was worth €1.906 billion.

Original story: Eje Prime

Translation: Carmel Drake

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 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

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

Snapshot Of The MAB’s Real Estate Companies

4 September 2017 – Expansión

An attractive tax structure and investors’ appetite for real estate assets have led to a veritable flood of Socimi debuts on the stock market in recent years. With the exception of Merlin and Colonial – which form part of the Ibex – and Axiare, Hispania and Lar España – which are listed on the main stock market – the other Socimis trade on the Alternative Investment Market (MAB). In 2013, that market opened a new segment for this type of investment vehicle, which now comprises 40 companies.

To be incorporated, Socimis must have a minimum share capital of €5 million and invest in urban properties allocated for rent. These companies, which must be listed on regulated markets, are exempt from paying Corporation Tax in exchange for fulfilling certain obligations such as the distribution of dividends in a systematic way.

The first Socimi to debut on the MAB was Entrecampos Cuatro. That company, constituted in 2004 as a merger of several companies from the Segura Rodríguez family group, was responsible for firing the Socimi-starting gun on the MAB in November 2013.

The 40 Socimis now listed on the MAB have a combined market capitalisation of more than €7,000 million and comprise a very heterogeneous group both in terms of size, as well as by specialisation and category. The companies range from family groups to institutions (with one fund or professional investor holding a stake) to publicly owned entities (with numerous shareholders).

Of the Socimis currently listed on the MAB, the largest by a long way is General de Galerías Comerciales (GGC). That Socimi, which currently has a market capitalisation of €2,547 million, debuted on the stock market in July and, despite its size, is controlled almost in its entirety by a single shareholder, the Murcian businessman Tomás Olivo. GGC is exceeded in terms of market capitalisation only by Merlin and Colonial.

GGC is followed by the Montoro family’s real estate firm GMP, in which the fund Singapore GIC owns a 30% stake. That company currently holds 27 properties in its portfolio, including several iconic buildings, such as the historical Torre BBVA (renamed Castellana 81 due to its location) and a few metres away, Castellana 77 (also known as Torre Ederra). Other large listed Socimis include Zambal, the Socimi managed by IBA Capital, with investments in offices and commercial assets; and Bay, the Socimi owned by Hispania and Barceló. The latter, which focuses on the tourist sector, held 21 assets with a gross value of €790 million at the end of last year and since then has purchased another three assets: Hotel Selomar in Benidorm for almost €16 million; Hotel Fergus Tobago in Palmanova for €20 million; and the Armadores de Puerto Rico company for €6 million.

Shopping centres are also present on the MAB. In this way, for example, Intu owns two listed shopping centres: the Socimi Asturias Retail & Leisure, owner of the Intu Asturias shopping centre (previously Parque Principado), which has a total approximate surface area of 75,000 m2; and Zaragoza Properties, owner of Puerto Venecia Shopping Resort, in Zaragoza, with a surface area of more than 200,000 m2.

Another example is the Socimi Heref Habaneras, which owns the Habaneras shopping centre in Torrevieja (Alicante).

Residential market

One of the investment segments that has gained weight amongst the specialist Socimis in recent times is the residential market. Specifically, the private equity fund Blackstone has two listed Socimis. The largest, Fidere, debuted on the stock market in June 2015 with an asset value of €304.3 million and a portfolio of 2,688 social housing properties for let purchased during the crisis.

Moreover, the fund listed another Socimi on the stock market in March, Albirana Properties, which owns more than 5,000 assets spread all over Spain, most of which are rental homes (….).

A few weeks ago, the MAB introduced a modification to its rules to tighten up the access requirements for new Socimis. This change, which came into force in August, requires Socimis to have minority shareholders in their shareholdings when they debut on the stock market. Until then, companies had a year to fulfil the requirement. This led to an intensification in terms of the number of Socimi debuts. In July alone, seven companies joined the MAB: GGC, Bay Hotels & Leisure, Grupo Ortiz, Kingbook Inversiones, AM Locales Property, Colon and Numulae (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake