Malta Properties Company (MPC) has completed the purchase of a prominent business centre in Ta’ Xbiex, following a promise of sale agreement dating to September 2021.

The property in question is 53, ‘Mediterranean Building’, Abate Rigord Street, used as an office complex.

In a statement posted to the Malta Stock Exchange, MPC said the building consists of the ground-floor area and all floors overlying the ground-floor up to the roof, the roof and its overlying airspace and one half undivided share of a room on the ground-floor.

The property was acquired from a+ Investments Ltd, and MPC assigned its rights to SGE Property Company Ltd, a wholly owned subsidiary of MPC Group, which is also in the business of property acquisition and disposal.

The acquisition of the property was subject to a number of conditions, including the attainment by the purchaser of the necessary permit in terms of the the Immovable Property (Acquisition by Non-Residents) Act (the “AIP Permit”) as would enable it to purchase the property.

The AIP Permit was obtained on the 24th January 2022.

The company therefore announced that on 21st March 2022, the vendor and SGE executed the final deed of sale.

Pursuant to an amendment to the promise of sale agreement, the consideration for the sale and acquisition of the Property was reduced by €175,000, from €8,750,000 to €8,575,000),

Of this, a balance of €7.7 million was paid on the execution of the final deed of sale and was partially financed through bank financing obtained by SGE.

The property will now form part of the MPC Group property portfolio resulting in the MPC Group receiving rental income in terms of lease agreements attributable thereto.