Malta Properties Company p.l.c. has entered into a promise of sale agreement to sell a complex in Birkirkara to a company in which Gozitan developer Joseph Portelli is a shareholder.

By virtue of an agreement dated 28 September 2021, BKE Property Company Limited, a subsidiary company completely owned by Malta Properties Company, entered into a promise of sale agreement  with Excel Investments Ltd, whereby BKE promised and bound itself to sell and transfer to the purchaser the complex.

The company announcement which is available on the Stock Exchange website lists the site as being on Triq Salvu Psaila, corner with Triq Borg and with Triq Il-Fniek, within the area known as “Tal-Brieqex” in Birkirkara. According to the Malta Properties Company website, the site in question is known as the Birkirkara Old Exchange, which is “a site of approximately 4,300 square metres with three detached buildings.”

One of the shareholders of Excel Investments Ltd is a subsidiary company belonging to Gozitan property magnate Joseph Portelli. The other companies listed as shareholders are owned by Daniel Refalo and Mark Agius and Joseph Agius.

Joseph Portelli is a Gozitan property magnate who is behind, among other things, the Mercury House project. More recently, it was revealed that he also has plans to transform the Jerma hotel site in Marsascala.

“The consideration for the sale and purchase of the property is € 8,000,000.”