Tomás Olivo’s REIT is buying land in Marbella.

The Company has formalized in public deeds the purchase of several lands located in the municipality of Marbella (Málaga), with an approximate area of ​​two million square meters, for a total and joint amount of 25,730,000.00.- €, plus VAT, the operation being financed with own funds.

General de Galerias Comerciales Socimi SA (YGGC:Soc.Bol SIBE) has completed the the purchase of several plots located in the luxurious beach town of Marbella (Málaga), for a total amount of € 25,730,000.- plus VAT in a full equity transaction. The town is home to their regional La Cañada Shopping Shopping Centre which has a GLA of 120,000m2. Their shopping centre is anchored by an Alcampo hypermarket, a Leroy Merlin DIY store, Marks & Spencer and an 8 screen cinema with a range of fashion operators including Zara, Mango and Hugo Boss amongst others.

This follows the Spanish REIT’s acquisition in January 2019 of several plots located in the town of Rincón de la Victoria (Málaga) as well as their 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 26^th of February 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.