Malta Properties has announced its intention to sell a large property known as the Birkirkara Old Exchange to a group of Gozitan investors that includes Joseph Portelli, the developer known for several large scale projects, including Mercury House in St Julian’s, Malta’s tallest building.

Through a filing posted to the Malta Stock Exchange, Malta Properties Company plc stated that its wholly owned subsidiary BKE Property Company Ltd has entered into a promise of sale agreement with Excel Investments Ltd for the complex situated in Salvu Psaila Street, corner with Borg Street and Rabbits Street, in the area known as Tal-Brieqex in Birkirkara.

The sale includes all the outside areas and all rights and appurtenances, including its overlying airspace and its underlying terrain, free and unencumbered. The property shall be sold and purchased tale quale.

Excel Investments Ltd will pay a deposit of €800,000, with the balance of €7,200,000 to be paid on final settlement of the deed of sale.

The promise of sale is to remain valid and effective for a period of 12 months.

According to Malta Property Company’s website, the building, which has an internal leasable area of 2,800 sqm, is a site of around 4,300 sqm with three detached buildings.

The company buying the site, Excel Investments, is owned by three Gozitan businessmen: Joseph Portelli, known for J Portelli Projects, behind Mercury House in St Julian's, Mark Agius, better known as Ta' Dirjanu through his chain of supermarkets, and Daniel Refalo.