Hal Mann deal for €7 million Mavina sale to Portelli

A subsidiary belonging to Gozo mega-developer Joseph Portelli, CF Developers, has acquired the Mavina Holiday Complex in Qawra for the price of €7 million from owners Hal Mann Vella Group plc.

The property was owned by Hal Mann subsidairy Mavina Holiday Complex Ltd.

In a company announcement, Hal Mann said that Mavina bound itself to sell and transfer to CF Developers the Mavina Holiday Complex in Triq il-Fliegu, Qawra. The property is subejct to an annual, perpetual ground rent of 5%.

The promise of sale agreement is subject to a number of conditions precedent, including but not limited to, the issuance of planning authority permits for the redevelopment of the property and which need to be satisfied prior to the execution of a final deed of sale and transfer of the Property.

In the event that these conditions are not satisfied the promise of sale agreement will lapse and neither party will be bound to execute the final deed of sale.

The promise of sale agreement shall remain valid and effective up to 31st August 2024.