General de Galerias Comerciales, S.A. (GGC) is one of Spain's largest real estate operating companies, specializing in the retail property sector. Founded in 1995 and headquartered in Madrid, the company focuses on the promotion, acquisition, and management of tertiary real estate assets, specifically large shopping malls and commercial parks. GGC's portfolio includes major Spanish shopping centers such as Parque Comercial La Cañada (Marbella), Nevada Shopping (Granada), Centro Comercial Dos Mares (Murcia), and Mataró Parc (Barcelona).
The company's business model revolves around acquiring land, developing large-scale commercial hubs, and generating recurring rental income by leasing premises to domestic and international retail brands, supermarkets, and entertainment operators. GGC manages over 1,100 commercial premises across its properties, which are strategically located in high-footfall areas of Andalusia, Catalonia, the Canary Islands, and the Region of Murcia.
Historically operating as a SOCIMI (the Spanish equivalent of a Real Estate Investment Trust or REIT), GGC renounced its SOCIMI tax status in late 2022. The decision was made because the company's heavy reinvestment and expansion plans were incompatible with the strict regulatory requirement to distribute at least 80% of its profits as dividends. Today, GGC operates as a standard real estate operating company while remaining listed on the BME Growth market. The company is majority-owned and led by its founder, billionaire Tomás Olivo López, who controls over 99% of the shares and directs the firm's ongoing property development and acquisition strategy.
