Spanish REIT GGC buys land in Rincón de la Victoria, Malaga.

General de Galerias Comerciales Socimi SA (YGGC:Soc.Bol SIBE) has completed the the purchase of several plots located in the town of Rincón de la Victoria (Málaga), for a total amount of € 11,513,437.50.- plus VAT in a full equity transaction. The town is home to Rincón de la Victoria Shopping Centre which has a GLA of 40,413m2 and is owned by Anjoca Andalucía, Carrefour, Yelmo and McDonald’s. The retail property is anchored by a Carrefour hypermarket and a 16 screen cinema with a range of fashion operators including Massimo Dutti, Bershka, Cortefiel, Stradivarius and Benetton amongst others.

This follows the Spanish REIT’s acquisition in December 2018 of El Mirador de Jinamar Shopping Centre in the Canary Islands. Founded in April 1995, the company has a market cap of over €2.78 billion as at the 10th of January of 2019. 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, Spains 11th richest man.

 

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