The company which operates the Lidl supermarket chain in Malta has concluded the purchase of the former General Soft Drinks factory for the princely sum of €12.75 million, a company announcement filed with the Malta Stock Exchange shows.

The announcement was filed by Mizzi Organisation Finance p.l.c, wherein it confirmed that the sale of the site - which has been vacant since 2008 - has been finalised.

"At the time of issuance of the Bonds, the Former GSD Factory was vacant and subject to a promise of sale agreement. As indicated most recently in the Financial Analysis Summary published on 27 June, 2024, the sale of the Former GSD Factory was expected to take place by the end of FY2024," the company said.

"On 6 December, 2024, Mizzi Estates Limited entered into a final deed of sale with Lidl Immobiliare Malta Limited (C-36321) for the sale of the site in Qormi, as occupied by the building formerly known as the 'Coca Cola Complex', parking area and ancillary facilities. The consideration agreed between the parties to the deed of sale amounted to twelve million seven hundred and fifty thousand euro (€12,750,000)," the company added.

The site is set to be developed into a single-floor supermarket with a ground level parking area, after the application for such was approved by the Planning Authority in September.

The application had been jointly filed by the company which operates the Lidl supermarket chain locally and the Mizzi Organisation. 

An earlier version of the project - which was approved by the Planning Authority in March 2021 allowed a residential development of 126 apartments and 19 penthouses together with a supermarket and a showroom.

The plans approved last September however did away with the residential aspect of the project almost entirely, with only a single residential block being proposed at the tail end of the site.