Tomás Olivo commits €1.5 bn to buy iconic Telefónica building and expand Spanish malls

Spanish entrepreneur Tomás Olivo, through his real‑estate firm General de Galerías Comerciales (GGC), announced a €1.5 billion investment plan. The plan includes buying the historic Telefónica headquarters on Gran Vía in Madrid for about €200 million and developing more than 663,000 m² of new retail floor space across Spain. Projects slated for the next 18 months cover the expansion of La Cañada in Marbella and new mid‑size centres such as La Cañada Trinidad. Within three years GGC will open La Cañada Banús in Puerto Banús, and in four years it aims to launch the largest shopping centre in Málaga’s industrial zone near the Martín Carpena pavilion. Additional expansions are planned for Las Palmas, Cartagena, Alcorcón and other cities. Olivo will fund the entire programme with his own capital, avoiding external debt, and highlighted confidence in consumer demand despite a high‑interest‑rate environment. The company also reported a consolidated profit of €170.4 million for the latest fiscal year.

The investment marks the biggest corporate real‑estate deal in Spain this year and signals a major bet on the country’s prime retail property market.