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€5 million deal on Sliema telephone exchange for Camilleri group

Malta Properties Company announced promise of sale agreement with A Camilleri Group’s Toncam Properties

matthew_vella
Matthew Vella
1 February 2017, 11:49am
Malta Properties Company CEO Nikhil Patil
Malta Properties Company CEO Nikhil Patil
Malta Properties Company, a spin-off from GO plc charged with the management of various properties previously owned by the national telecoms corporation, has entered into a promise-of-sale agreement for the Sliema exchange.

The MPC subsidiary SLM Property Company entered in the agreement to sell the property to Toncam Properties, which is owned by developer Anton Camilleri and Caman Properties – which forms part of the A. Camilleri Group of Companies.

The Sliema Old Exchange, situated at the corner of Parisio Street and Moroni Street in Gzira, is being sold subject to an ongoing lease agreement for €5 million.

The promise of sale agreement remains valid up to the 31 January 2018, with notary Carmelo Mangion – the Labour MP – appointed by SLM and Toncam to register the promise of sale agreement with the Inland Revenue Department.

Upon the final deed of sale, the property will no longer form part of the property portfolio of MPC and consequently there will no longer be any rental income received in terms of the Property.

Malta Properties Company is a leading developer and administrator of premium commercial properties. Established in 2011, MPC was initially a fully owned subsidiary of GO p.l.c., Malta’s leading telecommunications business, and tasked with managing the latter’s commercial premises.

MPC was spun off from GO in 2015, embarking on an independent journey to develop a commercial property portfolio of outstanding quality. While retaining GO as an anchor tenant at various sites, MPC is now also undertaking three major development projects in Zejtun, Marsa and Birkirkara.

Anton Camilleri is also one of the shareholders in Garnet Investments, which acquired the St Julian’s land formerly occupied by the Villa Rosa complex, and which according to the Paceville masterplan is scheduled for high-rise development. 

matthew_vella
Matthew Vella is executive editor at MaltaToday.
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