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Galerias Comerciales invests €37M to debut in the housing segment
09 March 2020 | Vanessa Sousa

REIT General Galerias Comerciales chose the municipality of Rincón de la Victoria, in Malaga to carry out what will be its first housing project in the country. The units for construction had already been acquired for around 37 million euro.

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The REIT revealed in a release issued last week at the Mercado Alternativo Bursátil it will build 1.600 new dwellings in this location. Its latest purchase was a set of 5 urban parcels in the same municipality, for around 11 million euro, according to the company.

This was not the REIT’s first purchase, which, until now, had focused its activity on shopping centres. The first acquisition were 3 parcels within the Valdebebas park in Madrid in mid-February.

Galeria Comerciales plans for these 3 parcels are to build a «large commercial and leisure complex with 145.794 sqm for commercial use and more than 9.000 parking spots, becoming a reference in the Community of Madrid», mentioned the release issued at the secondary market, which further informed that this operation was concluded for 55 million euro. The REIT assumes, in the same document, that «this project will be [its] largest commercial complex».