VBL plc - Lease of the Silver Horse Building

On 10 March 2025, VBL plc announced that it entered into a long-term lease agreement with Ruby Hotels Ltd for the lease of the Silver Horse Building. Ruby Hotels Ltd is part of the Ruby Group and recently joined forces with InterContinental Hotels Group (IHG), which provides access to IHG’s distribution platforms across the world.

VBL explained that the Silver Horse Building represents a significant portion of the new development areas that are currently being developed by VBL. The lease agreement is subject to several conditions, including the completion to specification of the property.

VBL noted that once the lease becomes effective, it is expected to generate substantial lease revenue as from financial year 2026, and the majority of revenue is expected to contribute directly to EBITDA, which is projected to increase the current operational EBITDA levels by up to 3 to 4 times.