Hal Mann Vella has sold the Mavina Holiday Complex to CF homes Ltd for €6.3 million, the company announced in a stock market update.

The property had been under promise of sale since January 2023, subject to a number of conditions including the issuance of Planning Authority permits for the redevelopment of the property.

In early August Hal Mann Vella announced that the promise of sale had been extended as the necessary planning approval had not yet been issued.

With the permit now in hand, the transaction was completed on Monday 23rd December (yesterday).

CF Homes Ltd is a subsidiary of CF Estates Ltd.

The Mavina Holiday Complex, located in Fliegu Street in Qawra, has been closed for around 10 years.

The proceeds of the sale will be used for the general corporate funding purposes of Hal Mann Vella Group, and for investment in potential capital projects.