Bersella Holdings, a private LLC wholly-owned by Jonathan Mangion, according to the Malta Business Registry, has entered a promise of sale agreement to sell 68 per cent of the share capital of Mercury Car Park Ltd to Mercury Towers Ltd for a price of €9 million.

Mercury Car Park Ltd is the registered entity responsible for owning, developing, finishing, and operating the car park situated at the site of the Mercury Towers project.

The car park is currently in shell form, and consists of four storeys, of an approximate superficial area of 4,533sqm on each level.

The deal, announced this week by Mercury Projects Finance plc, a publicly listed entity acting as the Mercury Towers project's financial vehicle, to acquire 4,080 shares in the company, involves a deposit of €450,000, followed by a payment of €8,550,000, payable upon completion of the final deed of sale – due no later than June 2022.

The acquisition means that Mercury Towers Ltd will own 93 per cent of the share capital of the company, and that as such, it will become Mercury Car Park Ltd's parent company.

On its part, Mercury Car Park Ltd continues to be indebted towards BNF Bank plc for a current outstanding principal amount of €330,245, secured against the site.

The Mercury Towers project is major development by local property tycoon and entrepreneur Joseph Portelli. It has seen the construction of a 33-floor tower in the heart of Saint Julian's, designed by iconic architect Zaha Hadid, along with the aforementioned underlying carpark.

Its company structure consists of the Issuer – Mercury Projects Finance plc, the Guarantor, Mercury Towers Ltd, and Mercury Car Park Ltd.