Malta Properties Company plc (MPC) has completed the acquisition of HSBC Bank Malta plc’s office complex in Swatar for a consideration of €7.825 million.

As part of the agreement, which follows a promise of sale agreement entered into on January 15, 2020, the complex will continue to be leased to HSBC Global Services (UK) Ltd and used as a Contact Centre. HSBC Global Services (UK) Ltd (HSBC HGSU) has also committed to an extensive refurbishment of the property at a cost of around €1 million.

The landmark complex in Swatar, which will now be held by MPC’s wholly-owned subsidiary SWT Property Company Ltd, comprises an office building of around 3,600 square metres, together with an underlying car park of around 80 spaces.

Mohsin Majid, Malta Properties Company CEO, said: “By finalising the purchase of this property, MPC continues to develop and diversify its portfolio of commercial property. We also look forward to a mutually beneficial relationship with HSBC HGSU, which as previously announced remains the lessee of the premises. In this way we are also expanding the list of our high-quality tenants ‒ which already includes GO plc, the Planning Authority, the Finco Group of Companies and Vodafone Malta Ltd ‒ thereby adding resilience and new revenue streams to our business.”