Dizz Group has confirmed that a recent “strategic realignment” of the long-term lease over the D Mall site in Sliema will not affect retail operations at the location. The mall continues to host well-known outlets including KIKO, Paul & Shark, Calliope, Boggi, and Caffé Pascucci.
Speaking at her office, CEO Diane Izzo confirmed that the group has secured a 20-year agreement ensuring the continued operation of its retail presence at D Mall.
“Our outlets, along with others, previously paid rent to one of our subsidiaries – D Shopping Malls – which held the long-term lease over the site and sub-let the various areas,” she said.
“What has changed is that the long-term lease has now been transferred, meaning that each outlet now pays rent directly to the new leaseholder.”
Ms Izzo nevertheless reassured customers that the brands locally represented by Dizz Group, which last year marked its 25th anniversary, will remain firmly present at D Mall.
“We have negotiated a 20-year sub-lease with the new leaseholder, so we are here to stay.”
This development, she said, “reflects Dizz Group’s ongoing focus on strengthening its core competencies in retail operations and property asset management, ensuring long-term stability across its commercial portfolio.”
This newsroom sought clarification regarding the future of the mall following an announcement by D Shopping Malls plc on 30th April that it had finalised the transfer of the lease agreement with Sliema Wanderers FC, with €9 million of the proceeds being on-lent to Dizz Finance plc in order to settle an €8 million bond maturing in October 2026.
The transfer was accompanied by an internal corporate realignment whereby Dizz Manufacturing Ltd, which owns D Hub – a four-storey office block in the Central Business District valued at €17 million – was transferred to D Shopping Malls.
The group stated that the move “ensures that it not only preserves asset strength but also replaces the income stream arising from the disposal of D Mall with stable and recurring rental income from a high-quality office asset.”
It further added: “As a result, the group strengthens its recurring income base while maintaining a robust asset backing, thereby reinforcing its capacity to meet its financial obligations, including the repayment of the bonds which will mature in 2028.”
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