Alliance Real Estate has purchased Casa Rooms Ltd from VBL plc, in a move expected to substantially increase and strengthen the company's property management portfolio while helping consolidate VBL’s operations in the capital.

“The acquisition of Casa Rooms continues our ongoing process of expansion and diversification, which includes our recent merger with Cecil McCarthy of Island Properties and Rooms Malta, to substantially increase and strengthen our property management portfolio," explained Alliance CEO Michael Bonello.

While bringing almost a hundred managed properties into the Alliance portfolio, the sale also helps consolidate VBL’s operations in the capital. In a statement posted to the Malta Stock Exchange on 16th December, VBL announced that it has sold 100 per cent of the shares in Casa Rooms Ltd, a leading operator of third-party property in the short-let and long-let markets in Malta.

Casa Rooms Ltd is a property management company which had around 115 property management contracts all over Malta, with some 30 of these being in Valletta. It was acquired by VBL in January 2021, as part of the company’s market consolidation strategy.

At the time, VBL stated that “the operational impact and the improved positioning of the Group in the hospitality segment are significant”.

The sale of Casa Rooms happens after integration of its core Valletta-related business into the VBL Group, thus retaining the focus and main activity of the VBL Group, which is exclusively focused on the capital city.

The transaction only concerns the sale of the operations outside of Valletta.

“This allows VBL to retain its exclusive focus on property acquisitions, development and management to its core market, the historic city of Valletta.”

Contacted for comment, Mr Bonello said the purchase of Casa Rooms creates synergies with Alliance’s already well established real estate business.

“With Cecil McCarthy’s vast knowledge and experience of property management, we will continue growing this business together, improving the product, always with the aim of offering a better service to Alliance Real Estate clients.”

He continues: “We believe that to properly cater for the always increasing demand for property management services from Maltese and international property owners, we have to consolidate our leadership position in the market with more ambitious mergers and investments such as this."

Mr Bonello explains that Alliance, through Casa Rooms, will be able to provide a full service to those who wish to rent their property in Malta.

Casa Rooms has its own fully functional integrated platform and know-how, including cloud-based booking system, accounting system, maintenance planner as well as an experienced staff complement – making it a perfect fit for Alliance’s real estate offering.