The Murcian businessman Tomás Olivo, owner of General de Galerías Comerciales, has announced an investment of 1.5 billion to expand and build shopping centres across Spain. Marbella and Málaga capital are two key points in his plan.
The president of General de Galerías Comerciales, Tomás Olivo, has revealed his expansion plans for the coming years, with a total investment of 1.5 billion euros. The announcement, made during the shareholders' meeting on June 29, includes several projects in the province of Málaga that will transform the commercial landscape of the Costa del Sol and the capital.
Expansion of La Cañada in Marbella and new centre in Puerto Banús
In the medium term, the company plans to inaugurate the expansion of the La Cañada shopping park, located in the centre of Marbella, in about 18 months. This project, called La Cañada Trinidad, will add a medium-sized retail park to the existing 270 shops, completing the third phase of the expansion of the site.
In the longer term, within three years, a new shopping centre is planned in Puerto Banús, also in Marbella, which will be named La Cañada Banús. With these two projects, the firm reinforces its commitment to the most touristy area of the province.
The largest shopping centre in Málaga capital, planned for 2030
The most ambitious project for the capital of Málaga is a shopping centre in the Azucarera industrial estate, near the Martín Carpena pavilion and the Málaga Nostrum shopping park. The land, covering more than 80,000 square metres, was acquired in 2019. If realised, it would become the largest shopping centre in the city.
However, the Málaga City Council has raised objections to the project and has requested corrections related to access issues. The company is working to address these requirements and to begin construction, which is estimated to open in four years.
According to sources from General de Galerías Comerciales, "we are experiencing a significant phase of growth, with investments in land, the start of construction of new commercial complexes, and expansions of existing ones." In total, the projects amount to a surface area of 663,000 square metres across Spain.
Impact on employment and the local economy
The construction and subsequent operation of these shopping centres will generate thousands of direct and indirect jobs in the province. For the residents of Marbella, the expansion of La Cañada will mean more leisure and shopping options without leaving the municipality. In Málaga capital, the new centre will alleviate the saturation of other complexes and create a new commercial area around the Martín Carpena.
The company has also announced expansions in Las Palmas and Cartagena, and new centres in Madrid, Tarragona, Valencia, and Alcorcón. In Andalusia, General de Galerías Comerciales already manages parks such as Nevada Shopping in Granada, Mediterráneo in Almería, or Gran Plaza in Roquetas de Mar. Additionally, Tomás Olivo holds a significant 9.4% stake in Unicaja.
The shareholders' meeting approved the consolidated accounts of the company, with a consolidated profit of 170.4 million euros. For individual investors, these figures reflect the solidity of a group that continues to bet on commercial real estate at a time of consumption recovery.
The timelines are ambitious: the expansion of La Cañada in 18 months, La Cañada Banús in three years, and the centre in Málaga capital in four. Those interested in more details can consult the information sent to BME Growth.
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