VBL Group announced on Monday that it has executed the final deed of sale and purchase with Pace Brothers plc for the Coliseum Building in Valletta.

Through this, VBL has purchased and acquired the complex of buildings according to the renegotiated terms that were agreed last week. As part of the transaction, Pace Brothers has become a shareholder of VBL following the company’s part payment of the purchase price in ordinary shares.

The changes to the agreement saw the sale price go down from €6.5 million to €6.4 million, while the amount paid on the final deed of sale increased by €1.9 million to €4.75 million.

The Coliseum Building / Belt Valletta / Facebook

The Coliseum Building is a landmark property in the capital, situated between Zachary Street and Republic Street, Valletta, which used to house a cinema, among other facilities. It was named after the Coliseum Theatre in London, and still operates as a shopping arcade and hosts various commercial outlets.

The company plans to develop the complex into a luxury shopping hub for Zachary Street, in a similar fashion to its The Gut concept in Strait Street, but instead of a focus on dining and entertainment, it will be more centred around retail establishments.

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 additional floors since it is lower than the other properties on the street.

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