On 8 April 2021, AX Group plc announced that it concluded the acquisition of two flats located in Pietro Floriani Street and Vilhena Street, Floriana, for a total consideration of €0.4 million. AX Group will develop the two units into residential premises and, in this respect, development applications are expected to be submitted to the Planning Authority in the near future.
Meanwhile, AX also noted that the promissory agreement for the acquisition of the property formerly known as ‘A.B.C. Theatre’ located in Saint Anne Street, Floriana, for a total consideration of €3.35 million has been extended up to 6 December 2021. Amongst other clauses, this acquisition is subject to AX Group obtaining an Outline Development Permit for the construction of a further floor, as well as a bank loan to finance the transaction. The objective of AX Group is to develop the property into commercial premises to comprise principally of office space for rent. Development applications are expected to be submitted to the Planning Authority in the near future.