Malta Properties Company plc – St. George’s Exchange

With reference to the previous announcement dated March 22 2016 regarding the potential mixed-use development incorporating the use of the Company’s St. George’s Exchange in St. Julian’s. The company announced that it has entered in a memorandum of understanding between Mr Joseph Portelli (the Developer) and GO plc.

The projected development shall consist of a mixed-use development envisaged to incorporate residential and commercial areas, including a shopping mall of at least 10,000m2, as well as a car park.  The proposed development will be carried out on the site known as Mercury House, which is in the process of being acquired by the Developer, and the St. George’s Exchange Site. As part of this agreement GO p.l.c will vacate the St. George’s Exchange site and relocate its equipment and infrastructure to an alternative area granted by Developer.

In terms of the MOU, the Company shall allow the Developer to commence construction at the St. George’s Exchange Site according to building permits which may be issued for the Project, and the Company will eventually transfer title over such site to the Developer. The proceeds from the transfer will be used to fund in its entirety the Company’s investment of fifty percent (50%) stake in the joint venture which will own and operate the shopping mall to be built within the complex. It is projected that the Project will be completed by 2023.

To view the full announcement, click here.