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

Savills Aguirre Newman Suggests that Málaga Must Double Its Supply of Student Housing

29 August 2019

Málaga currently has 1,200 places for non-residential students, according to Savills Aguirre Newman. The consultancy believes that the city needs to double that figure. At the moment, developers are working on six new projects, with a total of 900 new places, to be ready by 2022.

The University of Malaga has around 35,000 students, including full-time and part-time, and many of them come from other parts of Spain or even abroad. The recent long-term increase in residential rates is beginning to deter some people from carrying out their studies in the city.

Original Story: La Opinión de Málaga – José Antonio Sau

Adaptation/Translation: Richard D. K. Turner

Tomás Olivo Acquires Land in Marbella, Málaga and Huelva in Deals Totalling €68 Million

16 August 2019

Tomás Olivo, through his socimi General de Galerías Comerciales, has acquired a series of urban plots of land in the provinces of Malaga and Huelva worth 68 million euros.  In the first semester of this year, the Spanish socimi, 99.5% owned by Tomás Olivo, has made equity-financed acquisitions totalling 140 million euros. The firm acquired two million square meters for 25.7 million euros plus VAT just in Marbella.

In Rincon de la Victoria, also in the province of Malaga, the investor acquired several plots of land, for a total of €11.5 million. Last July, General de Galerías Comerciales also announced that had purchased another urban plot of land, where it will be able to build 1,200 new homes, for 9.8 million euros.

The socimi also purchased 66.6% of the 83,839-square-meter plot of land known as La Azucarera, in Malaga, for 4 million euros plus VAT. The socimi had already owned the remaining 33.4%.

In addition, Olivo’s socimi acquired 103,576 square meters of land with a buildable area of ​​65,000 square meters in Huelva, where it plans on building offices. The firm reportedly paid 17 million euros.

Original Story: ABC de Sevilla – María Jesús Pereira

Adaptation/Translation: Richard D. K. Turner

AQ Acentor Planning Major New Investments in Spain

29 July 2019 – Richard D. K. Turner

AQ Acentor, a developer owned by Aquila Capital, is planning to invest in a €130-150 million project to build between 500 and 600 homes in Málaga. The company is in the process of finalising the acquisition of 50,000 square meters of land.

At the same time, AQ Acentor is looking for land in Seville and Bilbao, with a minimum area of 50,000 square meters. The company also currently has 1,300 homes, in two developments, under construction in Barcelona, one in the Llevant sector of Viladecans (Barcelona) and another in La Marina del Prat Vermell (next to Fira de Barcelona). The developer expects to invest a total of 250 million euros in the project.

Original Story: Eje Prime – Marta Casado Pla

Urbania Acquires Land for 1,895 Homes in Málaga from Unicaja

29 July 2019 – Richard D. K. Turner

The developer Urbania International has signed an agreement to acquire the rights to build 1,895 homes in the future neighbourhood of Sánchez Blanca from Unicaja’s GIA. The 66-hectare development, located between Avenida de Ortega y Gasset and the AVE railway, will have a total of 3,443 homes.

The deal will make Urbania the principal developer of Sánchez Blanca. The rest of the building rights are distributed between the City Council (606 subsidised homes and 88 market-rate homes), the developer Andria (85 subsidised homes and 429 market-rate homes), the Vimpyca Foundation (411 subsidised homes) and Adif, which will develop 14. Urbania also expects to take over 429 homes from Andria, bringing its total to 2,324.

Sources estimate that Urbania will invest more than one hundred million euros in acquiring and developing the land. Construction, which could last about three years, is awaiting approval by the local planning department.

Original Story: Diário Sur – Jesús Hinojosa