Haim Tsuff Acquires Correos Building in Málaga for €23.5 Million

2 December 2019 – Haim Tsuff, the president of the Israeli petroleum firm Isramco, was the sole bidder at an auction for the Correos building in Málaga, paying 23,555,180 euros for the property, well above the base price of €16.8 million. The government of Andalusia auctioned a total of 22 properties valued at 47 million euros. Tsuff acquired the asset through Nitsba Spain, which is based in Barcelona.

The asset failed to attract other bidders due to zoning limitations. The property is zoned for public and social interest services. The permitted uses under the local zoning plan (PGOU) include homes for the elderly, student residences and care facilities for children.

The building’s new owner could potentially request a change in the zoning for the asset, to convert it into a hotel or offices. Nitsba would be required to compensate the government for the change by ceding nearby plots of land to the government for future use.

Original Story: Diário Sur – José Luis Piedra

Adaptation/Translation: Richard D. K. Turner

The Quesada Family of Málaga to List Maq Administración Urbanas Socimi on Euronext París

19 November 2019 – The Quesada family, which owns a series of properties on Calle Larios de Málaga, the principal commercial artery of the provincial capital city, has incorporated a socimi that is preparing for a listing on the Euronext Paris. The socimi Maq Administración Urbanas, which owns three buildings, is worth 47.9 million euros, according to the IPO.

The properties are located at the streets Marqués de Larios 5, Salvago 2 and Alameda 11 and are all fully leased.

Original Story: ABC de Sevilla – María Jesús Pereira

Adaptation/Translation: Richard D. K. Turner

Ten Investors Bid for the Old Post Office Building and the Palacio de la Tinta in Málaga

19 November 2019 – Investors have submitted ten bids for the old Post Office (Correos) building and the Palacio de la Tinta in Málaga. The Junta de Andalucía launched the auction and expects to receive at least 30 million euros for the two properties.

The old Post Office building, located on the Avenida de Andalucía 1, has an appraisal value of 16.8 million euros; and the Palacio de la Tinta, at Paseo de Reding, 20, has a starting price of €12.54 million. The auction will feature a total of 22 properties worth a combined 47 million euros.

Original Story: La Opinión de Málaga – Miguel Ferrary

Adaptation/Translation: Richard D. K. Turner

Inovalis Acquires Office Complex in the Largest Deal of the Last Five Years in Málaga

31 October 2019 – The Canadian REIT Inovalis has acquired the Málaga Business Park office complex from Iberdrola, in the largest real estate operation in Málaga of the last five years. The complex is located in the Andalusian technology park and was originally built in 2003. The Málaga Business Park consists of six buildings with 12,000 square meters of gross leasable area. The complex is currently 100% occupied and has nearly 300 parking spaces.

Before this investment in Spain, Inovalis had focused on France and Germany, where it owns 14 office buildings in cities such as Paris, Stuttgart and Frankfurt.

Original Story: Expansión

Adaptation/Translation: Richard D. K. Turner

Andalusian Government to Sell Former Post Office Building in Málaga

14 October 2019 The former Post Office building in Málaga will finally go on sale after a decade vacant, as the Andalusian government has approved its sale after lifting a €2.14 million embargo on the property. The sale comes at a time when the local real estate market is in an upswing, and potential investors have taken an interest in the property.

Zoning laws in the city, however, state that the property must be used as residences for students or senior citizens, or as a university centre or hospital. Market sources believe that gaining municipal approval to convert the property into use as a hotel would be a lengthy and complex process.

The Andalusian government has set a base price of just over 16.8 million euros, somewhat lower than the €19-million price a valuation gave it a few months ago. Interested parties must contact the government by November 14.

Original Story: Málaga Hoy – Sebastián Sánchez

Photo: Javier Albiñana

Adaptation/Translation: Richard D. K. Turner

Eurostars Hotels Acquires Two Hotels from HIP

4 October 2019 – Eurostars Hotels has acquired two new hotels; first, the four-star Eurostars Málaga, in the city of the same name, and, second, the 4-star Eurostars Acteón on Calle Vicente Beltrán Grimal de València in Valencia. Eurostars acquired the two units from HIP for an undisclosed amount.

Original Story: Valencia Plaza

Adaptation/Translation: Richard D. K. Turner

Andalusian Government Approves Project for Intu Costa del Sol

18 September 2019 The British firm Intu Properties, together with its partner Eurofund, has received the final approval from the Andalusian government to build its commercial and leisure mega-project, the Intu Costa del Sol. The 235,000-m2 development will involve an investment of 800 million euros.

Intu Costa del Sol, located north of Torremolinos and just three kilometres from the airport in Malaga, will have 142,000 square meters of stores, over 20 different options for leisure activities, two hotels, a beach club and a 5,000-person concert venue.

The developer forecasts 23 million visitors to eventually frequent Intu Costa del Sol per year, of which 12.6 million will be tourists. Construction is expected to begin in 2020, with its inauguration planned for 2023.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Villar Mir Sells Land and Development Rights to Two Apartment Blocks in Málaga to Aquila Capital

17 September 2019 Inmobiliaria Espacio, a subsidiary of the Villar Mir Group, has reached an agreement with the German fund Aquila Capital to sell the land and projects for two 450-flat apartment buildings, each more than 120 meters high, part of the Martiricos project in central Malaga.

The Espacio Medina company, 70% owned by Villar Mir and 30% owned by Afinipo, of Unicaja, initially led the Martiricos development.

In addition to the two apartment buildings, the development includes an office building, a subsidised (VPO) 224-flat housing block and 50,000-m2 of green areas. The project’s estimated investment is expected to reach 240 million euros.

The agreement includes the land where the two towers will be built and the associated project. Villar Mir will remain responsible for the urbanisation works. The two firms declined to reveal the amount of the sale.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Malaga to Auction Post Office Building for €20 Million

16 September 2019 – The delegate of the Andalusia Government in Malaga, Patricia Navarro, stated that the state intends to sell a building once occupied by the post office in an auction that is expected to raise more than 20 million euros. An appraisal of the building set its value at €19 million, but elevated investor interest is expected to boost that price.  The building has nine floors, 17,000 square meters of surface area and is in the centre of the provincial capital.

Original Story: Malaga Hoy – Miriam Núñez

Photo: Javier Albiñana

Adaptation/Translation: Richard D. K. Turner

Inmobiliaria Espacio Negotiating to Sell Two Planned Apartment Buildings in Malaga

2 September 2019

Inmobiliaria Espacio, a subsidiary of Grupo Villar Mir, is negotiating to sell two projects for as yet unbuilt residential buildings in Martiricos, an urban development in Malaga. One building would have flats for direct sale, while the other would be used as rental housing.

The 460 new flats will be the target of a total investment of around 240 million euros.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner