On 13 September 2021, Malta Properties Company plc announced that it entered into a promise of sale agreement with a+ Investments Ltd to purchase and acquire the ‘Mediterranean Building’ office complex located in Ta’ Xbiex for a total consideration of €8.75 million. The property is subject to ongoing lease agreements and consists of the entrance and common area on the ground-floor (including one half undivided share of a room on the ground floor), and all the floors overlying the ground-floor up to the roof, the roof and its overlying airspace with all its rights and appurtenances. A basement underlying the ground floor of the building does not form part of the property being acquired.
The acquisition is, amongst others, subject to: (i) MPC obtaining the necessary permit (“AIP Permit”) in terms of the Immovable Property (Acquisition by Non-Residents) Act; (ii) the attainment by MPC of bank financing to fund the acquisition; and (iii) MPC being satisfied with the outcome of a due diligence exercise currently being undertaken in respect of the property.
The promise of sale agreement will remain valid and effective for a period up to and including the 28 December 2021 (or such other date as may subsequently be agreed between MPC and a+ Investments Ltd) in the case the AIP Permit has been issued by such date. In the event that the AIP Permit has not been issued by such date, the promise of sale agreement will be automatically extended and remain valid and effective for a period up to and including the 28 March 2022 (or such date as may be subsequently agreed between MPC and a+ Investments Ltd).