AX Group plc - Acquisition of Property

On 9 January 2020, AX Group plc announced that it concluded the acquisition of ‘Palazzo’ which is located in Merchant Street, corner with Saint Lucy Street, Valletta. In this respect, the Bond Prospectus dated 22 November 2019 had explained that the transaction value as agreed in the promise of sale agreement dated 4 July 2019 amounted to €5.5 million. The Bond Prospectus had also explained that following the conclusion of the deed of sale, and subject to obtaining the necessary development permits, AX Group plans to convert the property into a self-catering accommodation comprising nine luxury apartments, scheduled to start operating in 2021.