Spanish REIT, GGC, buys regional shopping centre in Canary Islands

Spanish REIT, General De Galerias Comerciales SOCIMI S.A., (YGGC:SM) has paid over €45 million to buy El Mirador de Jinamar Shopping Centre in the Canary Islands.

The Spanish REIT, which was founded in April 1995, has a market cap of over €2.78 billion as at the 29th of November of 2018. Operating as a real estate development company, the company has built and currently manages six retail properties, five of which are in Andalusia and one in Catalonia. This was their first acquisition of a shopping centre and the plan to continue developing properties on the back of an important land bank owned by the company. The president and CEO of the company is Tomás Olivo Lóp ez, Spains 11th richest man. The REIT has accumulated a 1 year performance of -1.92% and a P/E ratio of 26.96.

El Mirador is located in Las Palmas de Gran Canaria, the second largest of the Canary Islands as well as a major Spanish touristic destination. Between the cities’ largest cities (Las Palmas & Telde) home to over 60% of the population of the island. It was built in 2010 and is one of the major fashion destinations on the island with a GLA of 47,290m² and anchored by the largest Primark on the Island as well as Inditex brands together with an Eroski hypermarket.

The vendor, Grupo Eroski, was advised by Cushman & Wakefield.

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