Telefónica Sells Its HQ in Central Málaga for €12M

16 January 2020 – Málaga Hoy

Telefónica has sold its headquarters in Málaga to an unknown buyer for around €12 million. The grade 1 listed property, which was inaugurated in 1928, is located on Calle Postigo de los Abades and has a surface area of 3,500 m2 spread over three storeys.

According to sources, the buyer is a businessman who has already acquired other assets from Telefónica in Spain. Under the terms of the operation, the telecoms giant will continue to occupy the property in Málaga for a period of 5 years.

The urban classification of the property means that, like the Correos building, its future use will be limited to that of a hall of residence for students or the elderly.

Original story: Málaga Hoy (by Sebastián Sánchez)

Translation/Summary: Carmel Drake

Banca March Purchases a 4-Storey Building in Central Málaga

11 January 2020 – Málaga Hoy

Banca March, the only 100% family-owned Spanish bank, has acquired the property at number 40 on Alameda Principal in Málaga. The financial entity plans to convert the 4-storey property, which spans around 1,000 m2, into an office for its own use.

The financial entity regards Málaga as a crucial location for the development of its business, which is dedicated to private banking and advice family-owned companies

The consideration of the operation has not been revealed but information published in April 2018, when work began on the regeneration of the street, reveals that its asking price at that time amounted to approx. €5 million.

Original story: Málaga Hoy (by Sebastián Sánchez)

Translation/Summary: Carmel Drake

Malaysian Investment Fund Looks to Buy into Major Development on the Costa del Sol

6 January 2020 A Malaysian investment fund linked to the country’s sovereign wealth fund is finalising negotiations to become the first investor in a huge residential, commercial and industrial development on the Costa del Sol. The project would be the largest of its kind in the region and one of the largest in Spain as a whole.

The development is mainly set to include residential homes on a 2.6 million square meter plot of land near the Andalusian Technology Park, in Campanillas, Málaga. The development would consist of the construction of 5,000 ‘build to rent’ rental homes slated for professionals working at the technology park.

The land currently belongs to about 700 individual families.

Un fondo de inversión de Malasia vinculado al fondo de riqueza soberana del mismo país está finalizando las negociaciones para convertirse en el primer inversor en un gran desarrollo residencial, comercial e industrial en la Costa del Sol. El proyecto sería el más grande de su tipo en la región y uno de los más grandes de España en su conjunto.

El desarrollo está destinado principalmente a incluir viviendas en una parcela de 2,6 millones de metros cuadrados cerca del Parque Tecnológico de Andalucía, en Campanillas, Málaga. El desarrollo consistiría en la construcción de 5,000 viviendas de alquiler ‘construidas para alquilar’ programadas para profesionales que trabajan en el parque tecnológico.

La tierra actualmente pertenece a unas 700 familias.

Original Story: Vozpópuli – Joaquín Hernández

Translation/Summary: Richard D. Turner

Signs of Over-Development Seen on Spain’s Costa del Sol

12 December 2019 – Development on Spain’s Costa del Sol has taken off since the country has emerged from the housing crash. A boom is underway in the area between Málaga and Estepona where there are more than 200 developments under construction. Some of the developers are finding it increasingly more difficult to maintain the pace of sales, as oversupply, increased prices, and a generalised economic slowdown are beginning to bite.

The number of approvals for construction permits on the Costa del Sol has risen dramatically in the last year, reaching a level that is 50% higher than in Costa Blanca. Also, the issuance of construction permits in 2018 for the Costa de Sol rose by 50%, while there was a 10% drop in Costa Blanca.

The shortage of developable land has caused a sharp increase in the prices for both construction materials and the homes for sale. The price of land has doubled in the last three years, while house prices have been rising at annual rates of 8% and 10%, with even higher rates on the coast.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

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