Issue link: https://maltatoday.uberflip.com/i/1389773
maltatoday | SUNDAY • 4 JULY 2021 18 COMMERCIAL TRIDENT Estates plc, a listed property investment company that owns and manages com- mercial property for rental and investment purposes, convened its 21st annual general meet- ing. For the second consecutive year, this was held remotely due to COVID-19. The current focus of the Group is two-pronged: the finalisation of the €60 million Trident Park project, and the conclusion of negotiations with an increasing number of tenants. By the end of the financial year in January 2021, Trident Group had already secured over 40% occupancy of the space avail- able at Trident Park. Tenants will be a balanced mix of corpo- rate, legal and medical servic- es, fund management, banking and a government entity, and comprise both local and for- eign organisations. Given the impressive credentials of the development and the interest being shown, the Group's board is cautiously optimistic that the take up of space will gath- er momentum over the coming months. Despite having to face the challenges of an unprece- dented pandemic, Trident Park is on target to welcome its first tenants in September 2021. Situated in the heart of the re- cently established Central Busi- ness District in Mrieħel, Tri- dent Park is in the final stages of transforming the old Farsons Brewery building along Mdina Road into a modern office com- plex, respecting the best prac- tice in terms of environmentally sustainable design, while aim- ing for BREEAM (*) excellent certification. Trident Group's business model is based on the owner- ship and rental of prime com- mercial properties. With a port- folio of properties based at key sites in a number of important business locations, the Group's performance depends on the health of Malta's commercial sector. Addressing shareholders, Tri- dent Group Chairman Mr Louis A. Farrugia explained that prof- itability for the year has been affected by discounts extended to current tenants following re- quests for rent abatements in view of the significant adverse effects of COVID-19 on their businesses. Operating profit amounted to €362,000 (2020: €484,000) whilst profit before tax was €741,000 (2020: €328,000) and profit after tax €550,000 (2020: €74,000). These results include fair value movements on invest- ment property amounting to €562,000. A valuation exercise, conducted by an independent firm of architects in the first quarter of 2021 and approved by the board of directors, rep- resented a 2% uplift in property values. Farrugia said: "We believe that the unique environmental- ly friendly proposition within aesthetically pleasing building structures being offered at Tri- dent Park will contribute to achieving our strategic goals. The old brewery building with its distinctive colonnade walls has, in our opinion, been restored and rehabilitated in a most ele- gant way. This project is being developed in tandem with The Brewhouse project, which will complement Trident Park by of- fering food, beverage and other facilities, an industrial heritage museum on the Farsons story, and venues for special events." Trident Group CEO Charles Xuereb reported that group rev- enues for FY 2021 are largely on par with the previous year's at €1.1 million, notwithstanding certain discounts extended to a number of tenants due to the pandemic realities. All struc- tures and most civil works at Trident Park were completed and the main elements of the campus style development are now in place, with all of the eight office blocks and the five cov- ered walkways handed over to finishing works. Over the course of the project, more than 2,000 concrete tests were carried out to ensure that all structural ele- ments are fully compliant with the highest industry standards. Xuereb said: "Following the pandemic, when many com- panies opted for a hybrid of- fice-home model, two potential factors seem to be emerging: the need for less office space, matched by the need for bet- ter quality office space, both in terms of facilities and environ- ment and a lesser density per capita. In the uncertain forth- coming months, as the econo- my recovers from the pandemic upset, our Trident Park develop- ment will be well-placed to meet the demands of the emerging paradigm - a "green" environ- mentally-friendly campus of- fice park, providing space, air, natural light and parking, with maximum flexibility in terms of individual configuration re- quirements. Given the current pandem- ic-induced uncertainty and the fact that Trident Park devel- opment is in the final phases of completion, the Board decided that it would not be appropri- ate to declare any dividends at this time. The Group stated that while commercial property is always a long-term investment, its forward-looking strategy is already directed at ensuring that Trident Group delivers steady and reliable results once more quality tenants are engaged and income streams are secured. The shareholders approved the income statement and statement of financial position for the year ended 31st January 2021 as well as the re-appointment of audi- tors PricewaterhouseCoopers. The Board of Directors was also reconfirmed. Trident Park to start welcoming tenants in the next few months