Billionaire Tomás Olivo buys shopping mall on Spain’s Costa Cálida

Spanish REIT, General de Galerías Comerciales SOCIMI, S.A. has announced the acquisition of 100% of the shares of Dos Mares Shopping Centre, S.A.U. for €28,552,235. The listed property fund has also notified the Madrid Alternative Stock Exchange about over €30.8 million in acquisitions in Rincón de la Victoria, Malaga and Huelva for new residential projects.

The shopping centre opened in 2004 and has a total GLA of c. 25,000m² and serves a coastal catchment area which includes the towns of San Javier, San Pedro del Pinatar, Torre Pacheco and Los Alcázares that have seen a population growth of more than 20% in the last 10 years outpacing the Spanish average. The centre is located next to Pinatar Park, a retail park purchased by South African REIT, Vukile, in 2017. Through its subsidiary, Castellana Properties, the African REIT recently executed a €3.6M purchase option on a 2,600m2 retail property adjacent to Pinatar Park and let to TEDI, Max Colchón and Oksí.

General de Galerías has purchased Dos Mares’ retail gallery which has a GLA of c. 15,700m² and a well-balanced tenant mix including Inditex brands such as Lefties, Pull & Bear and Stradivarius as well as an 8-room NeoCine cinema which anchors a food court and a Worten electronics store. The mall has enjoyed significant footfall growth following the opening of the Carrefour hypermarket in 2017 which is not part of the transaction as it is owned by the Israeli fund, MDSR.

As published by the CNMC, the retail gallery was previously owned by the Sierra Fund, owned by Portuguese retail specialist Sonae and APG, a subsidiary of The Netherland’s National Civil Pension Fund (ABP). This sale fits in with the Dutch pension fund’s divestment strategy following the sale, last year, of its ownership stake in 3 shopping centers in the north of Spain (Gran Casa, Valle Real and Max Center).

The Sierra Fund has been advised by real estate consultants, Cushman & Wakefield, whilst Uría Menéndez, PwC and Ramón y Cajal have been the legal advisors.