surinenglish

Israeli oil magnate buys Malaga city's old post office tower for 23.5 million euros

The old Correos building.
The old Correos building. / M. F:
  • Nitsba Spain, a company headed by Haim Tsuff, purchased the building from the Junta de Andalucía at an auction this week

Barring any last-minute surprises, the old Correos headquarters on Avenida Andalucía in Malaga will pass into the hands of Nitsba Spain, a company headed by Israeli oil magnate Haim Tsuff, in the coming fortnight.

Tsuff's business activities can be divided into two branches: the first is his company Isramco which operates in the oil and gas industry in Israel and the USA; the second is the Nitsba group which invests in shopping centres, transport, residential developments and hotels.

The Nitsba subsidiary in Spain purchased the 13-storey tower, which has been vacant for nearly a decade, for 23.5 million euros at an auction at the regional ministry of Taxation in Seville on Monday.

The most likely scenario at this stage, given the building's designation in the PGOU planning document (for public service use), is that it will be converted into either a residence for students or pensioners.

However, a petition to change its designation cannot be ruled out.