CF Developers Ltd has transferred the rights arising from the promise of sale agreement it has on a complex of garages overlooking Wied Speranza to another development company, 5 Developers Ltd.
In a market release by CF Estates Finance plc, it said the assignment of rights was made for no consideration.
The site in question is a 1,693 sqm complex of garages built without permit in 1989, situated in 192/194 Triq l-Isperanza, Mosta. CF Estates Finance announced its agreement to purchase the site, pending the approval of development permits, in January 2023.
In February, former Minister Evarist Bartolo flagged the promise of sale, saying that the illegal complex was allowed to be retained on condition that there would be no further development on the site.
Minister Bartolo shared this image showing the garage complex adjacent to Wied Speranza
He pointed out that previous attempts to develop the site were refused as the area is designated as being in an Outsize of Development Zone (ODZ).
CF Estates Finance plc launched a successful €30 million bond issue last year, guaranteed by its parent, CF Estates Ltd. CF Developers Ltd is a wholly-owned subsidiary of CF Estates Ltd.
5 Developers Ltd is not owned by CF Estates Ltd, and seemingly exists outside of the CF corporate structure. Its shareholding is however the exact same as that of CF Estates, with major developer Joseph Portelli having a 30 per cent holding in both.
Francis Agius, Clifton Cassar, Duncan Micallef, and Stephen Falzon each own 17.5 per cent of both CF Estates Ltd and 5 Developers Ltd.