VBL clinch Coliseum for €6.4 million, announce €14.5m in BOV financing

The iconic Coliseum cinema building in Valletta has been handed over to real estate giants Valletta Boutique Living (VBL Group) for a final price of €6.4 million.

In a company announcement, VBL said that on 1 November 2022, both parties had agreed to a reduced price of €6.4 million, and in addition to the deposit already paid, would pay €4.75 milion on the final deed of sale.

The shopping mall was formerly the Coliseum cinema before it was transformed into its present use in the 1980s.VBL Group, which describes itself as the largest single private property owner in the capital, acquired the Coliseum complex from Pace Brothers plc for an undisclosed sum.

Named after the famous Coliseum Theatre in London, the building offers access from both Zachary Street and Republic Street.

VBL Group chairman Andrei Imbroll said the venue’s perfect location in the heart of Valletta’s high end retail district and its size made it an ideal target for the VBL Group, which runs its more known real estate project ‘The Gut’ in Strait Street.

VBL Group’s plans for the Coliseum complex remain under wraps.

VBL has also entered into a set of financing agreements with Bank of Valletta for a long-term development and acquisition financing facility of a total of €14,500,000, available to finance the company’s earlier announced developments and acquisitions, as well as securing financing for ongoing obligation.

The company, which so far has operated without any significant loan financing, said it considers this new long-term financing facility a strategic step in the further development and growth of its business.

“The securing of this financing facility is part of the Company’s plans announced in the prospectus dated 23rd July 2021 and its strategy to continue expansion on the Valletta market and convert significant part of its existing property portfolio into renovated revenue generating assets. Lastly, the Company would like to thank its shareholders, for their continuing support and confidence,” VBL said in a company statement.