VBL Group confirmed on Wednesday that further changes to the promise of sale agreement with Pace Brothers plc for the Coliseum project have been made.

The real estate company announced that an addendum was entered on Tuesday to lower the sale price from €6.5 million to €6.4 million.

On the other hand, the amount that VBL will need to pay on the final deed of sale has increased from €2.85 million to €4.75 million, in addition to the deposit already paid and the shares to be issued and allotted.

These follow another series of changes to the agreement that took place in November 2021, where the sale was renegotiated so that it is done in a staggered manner, with Pace Brothers taking a stake in VBL. In that addendum, the two parties had also agreed to extend the validity period of the promise of sale agreement till 10th November 2022.

The Coliseum refers to a number of adjacent properties in Zachary Street, Valletta, that will be developed for commercial and office use.

The property, which was named after the Coliseum Theatre in London, is made up of an existing commercial shopping arcade and a formerly used cinema. Spread across three floors, it has a gross floor area of around 1,600 square metres, and also has the potential to be extended by an additional three floors since it is lower than the other properties on the street.

The Coliseum approximately dates back to the 19th century, while interventions were done in the mid to end 20th century.

Launched in 2012, VBL Group is currently the largest owner of real estate in Valletta, having a diversified portfolio of residential, hospitality, commercial, and office space.