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

The former Correos is a landmark in Malaga.
The former Correos is a landmark in Malaga. / MIGUE FERNÁNDEZ
  • The firm Nitsba Spain, owned by Haim Tsuff, was the only bidder in the auction for the iconic building

Israeli oil magnate, Haim Tsuff, has bought one of Malaga's landmark buildings for 23.5 million euros.

The 13-storey modern tower, known as the Correos building, was the main post office until it closed to the public nine years ago.

The Junta de Andalucía, that was awarded the building in a debt for property swap with central government, put it up for auction and just one bidder, Nitsba Spain, came forward with an offer.

Nitsba Spain, with a base in Barcelona, is owned by Haim Tsuff, an Israeli magnate who is president of Isramco, a large gas and oil company.

A further 21 buildings throughout the region were put up for sale in the auction in Seville, including the Palacio de la Tinta, a building east of the city centre that had several suitors due to its potential as a hotel. This building was sold on Monday for 21 million euros to the hotel chain Hotusa through the firm Cinara Properties.

The initial price set for the Correos post office building was 16.8 million euros. Interest was muted as currently the building can only be used for public or social purposes under the city's town plan.

The buyers now have two months to complete administrative procedures in order to finalise the transaction