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The real estate market for tourist accommodations is still booming in Malaga city, and is also in the international spotlight. This has been highlighted with a block of tourist flats, located in Plaza de la Merced, specifically on the corner facing Calle Victoria. Bukhowa International Investments, a family investment fund based in Bahrain, which owns real estate, hotels and restaurants all over the world, is the new owner of the building, which has Grade I architectural protection. It was built between 1868 and 1874 by the architect Jerónimo Cuervo, with a surface area of 874 square metres, distributed over a ground floor with commercial premises (occupied by a restaurant), plus four floors with holiday accommodation. The transaction represents Bukhowa's entry into Spain, according to the real estate consultancy firm Savills, which has advised on the deal.
The history of this building is the paradigm of what has happened in the centre of Malaga since the city became a preferred tourist destination. After many years with little maintenance, Socimi Orinoquia Real Estate bought it, with the intermediation of Savills, in 2019 and subjected it to a complete refurbishment.
Subsequently, the commercial operation was entrusted to the Welcomer Group, under the Home Art Apartments brand, in 2020, and it will remain as operator after the sale, having concluded a long-term lease, which gives continuity and stability to the operation and its positioning in the holiday accommodation market.
According to sources from the aforementioned agency, this operation "shows the interest of international investment groups in Malaga, who trust in the good performance of the city, the revaluation of the asset and its surroundings".
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