Malta Properties Company plc - Interim Directors’ Statement

On 10 May, Malta Properties Company plc (MPC) issued an Interim Directors’ Statement updating the market on its performance during the first quarter of 2016 and on the Company’s current developments.

The Board of Directors noted that, throughout the last few months, revenue streams have remained stable and in line with expectations. Furthermore, MPC continues to focus on its strategy – i.e. to redevelop the Company’s commercial property portfolio. GO plc remains the Company’s anchor tenant, while negotiations are being undertaken with other parties for properties being vacated by GO.

During April 2016, the Malta Environment Planning Authority (MEPA) issued the permit for the construction of a state-of-the-art Data Centre on the site known as the Zejtun Exchange. Construction of the Data Centre block and offices is expected to commence in a few months’ time. Moreover, the Company has been preparing for the building alterations and refurbishment of its Floriana property, which is going to be vacated by GO in the coming month.

The first few months of 2016 also saw the start of the demolition of the existing building in Marsa to make space for a new small exchange which will allow GO to relocate its equipment from the main building, which is earmarked for major redevelopment in a few years’ time.

The Company is also currently engaged in discussions regarding its St. George’s property in St. Julians. Further details are available here.