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

Spain’s Ministry of Labor to Sell its Headquarters in Barcelona

14 November 2019 – Spain’s Ministry of Labor will auction off its headquarters in Barcelona, hoping to raise at least 16.75 million euros with the sale. The property has more than 5,000 m2 of surface area and is located in central Barcelona, in the neighbourhood of Eixample. The building has nine above-ground and two below-ground floors.

The asset is located at Ronda de Sant Pere 41. The ministry first attempted to sell the site in 2017, but no bidders appeared.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner