Malta International Airport plc - New Commercial Property Development

On 21 July, Malta International Airport plc announced that it has undertaken a commitment for the construction of a building which is still subject to the issue of a full development permit by the Malta Environment and Planning Authority. The 9-floor building block, which will be built within the Airport complex, requires an investment of €16 million by the Company.

The development will have a total rentable area of 14,000 square metres comprising mostly of office space but will also include retail, food and beverage outlets. Moreover, the building will have two floors of underground parking.

The Company intends to eventually lease part of this building to third parties on completion of the project which is scheduled for third quarter of 2011. In this respect, MIA announced that it has already secured its first tenant, Vodafone Malta Ltd. The telecommunications company intends to relocate its head office to the 2,500 square metres of office space which it will lease from MIA.

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