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General de Galerías Comerciales to Cease Being a Socimi in Order to Invest its Profits in Valdebebas

The fourth largest Socimi by portfolio value wants to shore up its 500 million euro investment and does not rule out returning to its Socimi status within three years.

parque comercial la canada

It is one of the largest Spanish Socimis and yet, before the end of the year, General de Galerías Comerciales is going to exit the Socimi regime. By its own admission in a communication to BME Growth, the legal requirement to allocate profits to dividends is preventing it from allocating those profits to growth. Above all, GGC now estimates that it will need 500 million euros over the next few years to invest in its big projects and, especially, in its major commercial ventures in Valdebebas.

By portfolio value, and based on figures at the end of 2021, GGC was the fourth largest Socimi in Spain, behind only the large firms listed on the Ibex (Merlin and Colonial) and Testa Residencial, which, like GGC, is listed on BME Growth. Specifically, GGC’s portfolio amounted to around 2.6 billion euros at the end of last year.

Read the full article in Spanish.

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