On 15 January 2020, Malta Properties Company plc announced that it entered into a promise of sale agreement with HSBC Bank Malta plc to purchase and acquire a building complex for a total consideration of €8.1 million. The property being acquired is the HSBC Contact Centre in Swatar, originally known as ‘Price Club’, measuring 1,339 sqm. This acquisition includes all rights and appurtenances, including the overlaying airspace and subterrain of the entire property as freehold, as well as the parking area adjacent to the building complex which measures 304 sqm.
The property is being sold subject to a lease agreement in favour of HSBC Global Services (UK) Limited whereby following the final deed of sale and purchase, MPC will be recognised as the landlord and will begin to receive lease payments in line with the lease agreement. Furthermore, HSBC Global Services (UK) Limited has undertaken to carry out refurbishment works to the Property for an amount of not less than €1 million.
The agreement will remain valid and effective for a period of 5 months from the date of the agreement, although this can be automatically extended for a further period of 3 months should the application process for the Acquisition of Immovable Property in Malta by Non Residents (AIP) Permit still be underway.