KA Finance plc, the finance and investment arm of KA Holdings, has announced the conclusion of the sale of a property held by the latter company, located in 43 Reid Street, Gzira.

The company did not disclose the value of the transaction, however back in 2023 KA Holdings Managing Director and sole shareholder Kurt Abela had commented that the agreed sale price was “substantially higher than the book value of the said property”.

The property had been included in the company’s 2019 document related to its admission to the Malta Stock Exchange. A stone’s throw away from the Gzira promenade, the building was set to be developed into an eight-room guesthouse with “luxury finishings” and was slated for completion in 2020.

Asked what led to the change of heart, Mr Abela had said back in 2023: “As we all know, the world was hit by the pandemic, which hit the tourism sector badly from 2020 to 2022.”

During this time, the property was rented out on a long let. Following this, a promise of sale agreement has been entered into for the building in question.

KA Holdings  primarily operates in property development and their leasing for commercial and residential use. It was established in 2012.