The VBL Group, through VBL p.l.c. a company listed on the Malta Stock Exchange, has on November 4, 2022 signed a comprehensive financing package valued at €14.5 million with Bank of Valletta p.l.c. 

The Group’s CEO, Dr Geza Szephalmi thanked BOV for its continuous support of Valletta’s regeneration and more specifically, VBL Group’s vision, through providing a €14.5 million facility for development of the Group’s current assets and acquisition of additional Valletta prime property.

Dr Szephalmi outlined the use of the proceeds whereby a significant portion of the funds will be dedicated to the regeneration of a landmark building situated at the corner of St Christopher and Strait Street, overlying the popular nightlife district known as ‘The Gut’, together with a further three dilapidated buildings spread across Valletta. Furthermore, part of the proceeds helped fund the closing of the Coliseum building, a project the VBL Group plans to convert into another mixed-use landmark project in Valletta. 

Dr Szephalmi explained how the Group has now transitioned from a company which was seeking growth through strategic acquisitions to a Group which now focuses on accelerating the conversion of its dormant assets into revenue generating assets, potentially allowing for further growing dividend pay-outs.

Finally, Dr Andrei Imbroll, Group Chairman, thanked all of VBL plc’s shareholders for their continuous support of the Group’s strategy and welcomed onboard Pace Brothers plc, one of Malta’s leading property investment companies, as new shareholders of VBL p.l.c.

Dr Imbroll continued: “The further development and enlargement of VBL’s property portfolio not only allows prospects for increased direct monetary returns to shareholders, but enriches further a diverse loyalty programme open to all VBL plc shareholders.”