Costa del Sol News: Deal is sealed as symbolic Malaga building is sold

THE real estate market in Malaga is still in full swing with some of the most symbolic buildings in the city up for grabs including what was the first Telefónica headquarters in the capital, located next to the cathedral.

After a first failed attempt to sell this asset with an initial value of €15 million, the company has finally managed to seal the deal, with sources confirming the sale for around €12 million.

What has not transcended so far is the identity of the buyer. However, the same sources indicated that it is an entrepreneur who has already carried out other operations to purchase Telefónica assets. It should be remembered that the firm activated a plan months ago to get rid of a good part of its headquarters in several Spanish cities, including Barcelona, Madrid and Malaga.

One of the conditions included in the transfer procedure was that the buyer had to agree that the company’s operators currently working in this property, located on Calle Postigo de Los Abades, were still able to occupy it for a period of five years. 

The sale of this property coincides with another of the processes that Telefónica has opened in Barcelona. The group had been in the “competitive process” phase of the sale of its historic building located in Plaza Catalunya in the Catalan capital but finally sold for €100 million to the Basque billionaire based in Switzerland Daniel Maté.