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3 NEWS 19.5.2022 INFORMATIVE SESSION FOR PERITI Date: Monday 23rd May 2022 Time: 4:30pm Venue: Project House, Floriana AGENDA BCA's Mission, Vision and Road Map • Update on the National Building Codes • Contractors' Licensing • Minimum Skill Requirements • Building 'Passport' Concept • 4-year plan • Networking SPEAKERS BCA CEO Karl Azzopardi • BICC Perit Martin de Bono REGISTRATION Kindly register on www.bca.org.mt to attend. BCA Building Performance Perit Matthew Degiorgio • BCA COO Antione Bartolo info@bca.org.mt +356 2095 5000 Horn Works Ditch, Triq Emvin Cremona, il-Furjana, FRN1280, Malta. FROM PAGE 1 The property will join VBL Group's sprawling portfolio of buildings it owns in Val- letta, making it arguably the largest property owner in the capital. Company chairperson An- drei Imbroll said the transfor- mation of the Coliseum into a high-end retail complex will help reverse the trend that has seen many retail outlets in Valletta close down, move elsewhere or transform into food and beverage outlets. The Coliseum project is tar- geted for completion in 2025 and while it is still in its in- fancy, VBL will be moving ahead with the second phase of Silver Horse, the sprawling block of buildings in Strait Street. The bottom floor of Silver Horse, known as The Gut, was transformed into bars and eateries, rekindling the past spirit of Strait Street as an entertainment zone for British sailors. The second phase will now see the upper floors being transformed into residential units, office space and retail units. A roof garden and club with a footprint of around 1,000sq.m will cap the build- ing. This phase is slated for completion in 2024. "The second phase of Silver Horse will provide the largest single mixed-use develop- ment in Valletta spread over 6,000sq.m of gross develop- ment area," Imbroll said. VBL will be completing other projects over the next two years, putting on the market properties for rental purposes. The company pro- jects revenue growth to go from €2.6 million in 2022 to €9.7 million in 2025, assum- ing completion of the several projects. Imbroll emphasised that renovation is done in such a way as to respect the histor- ical context and a character- istic of VBL properties is to retain, as much as possible, Maltese tiles and stone walls. VBL started operating in 2012 and in October last year the company went public by issuing shares and listing on the Malta Stock Exchange. The company specialises in buying "problematic proper- ties" in Valletta and renovat- ing them into retail, residen- tial and office units. VBL's property portfolio in the cap- ital is valued at €60 million, excluding the Coliseum. Imbroll said that only 20% of the portfolio has been devel- oped so far, giving the compa- ny ample space to grow in the years to come. "The first 10 years of the company were used to secure a property bank in Valletta and the next phase is turning this property into a yield gen- erator. In the next 10 years, we want to see 80% of the portfolio that is developed and yielding an income," Im- broll said. The company's renovation strategy ensures a return on costs of between three and four times the cash invested in the property. Imbroll said VBL has been paying cash dividends to its shareholders, each year since 2015. "The company has a de- clared dividend policy to dis- tribute 30-50% of the annual free cash flows in dividends to shareholders," he added. Company CEO Geza Sze- phalmi said VBL's fully ren- ovated properties go at an average of €6,900 per sq.m, which is significantly under- valued when compared to other historic cities in Euro- pean countries bordering the Mediterranean, where city centre prices range between €12,000 per sq.m to over €30,000 per sq.m. "Valletta real estate prices are growing, but are still un- dervalued when compared to European Mediterranean peers and the likeliness is that Valletta property will con- tinue to appreciate in value," Szephalmi said, adding that Valletta is the most recog- nised Maltese brand globally. He speaks passionately about Valletta and its invest- ment potential. "Valletta is spread over 0.8sq.km and building supply is limited because there is no room for expansion because of the ge- ography. It is also the locality in Malta that sees tourists all year round," he said. VBL's property portfolio in Valletta now valued at €60m

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