PG Group announced that one of its subsidiaries has signed a deal with the db Group for the long-term lease of the new St George’s Mall, which is set to open on the former ITS site in St George’s Bay.
The mall and car park have officially been leased to DB Gauci Shopping Mall Ltd, a company in which PG holds a 60 per cent majority stake, with db owning the remaining 40 per cent.
The deal follows a preliminary agreement that the two companies had signed in November 2024, clarifying that the land will be granted on sub-emphyteusis to DBG.
It is being leased by title of sub-emphyteusis for the next 103 years, as determined in the original deed that db had signed with the Government and a further deed dated 11th March this year.
“The acquisition of the Property as set out in this Announcement strengthens the PG Group’s asset base and business, simultaneously enabling it to further enhance its property portfolio and continue to develop its operations in the local retail segment,” the PG Group said.
PG Group is best known for operating PAVI in Qormi and PAMA in Mosta, two of the island’s leading supermarket and shopping complexes, as well as fashion franchises including Zara. While PAMA already incorporates a shopping mall, its latest venture is set to significantly larger in scale.
No official opening date has yet been announced for St George’s Mall, although it is expected to open in the coming weeks.
It is set to include several retail stores, restaurants and food outlets, as well as a PAVI-PAMA supermarket.
