VBL Group enters new phase after securing financing from Bank of Valletta
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...