Success for Property Leasing Company

The setting-up of the Property Leasing Company has been an overwhelming success, and has attracted a number of companies involved in manufacturing, professional services and retail services, who have forwarded their proposals to the directors of PLC. These proposals are currently being vetted by PLC’s General Manager, Mr David Aquilina, who will then forward them with his recommendations to the Investment Advisory Committee.
Speaking about the success of PLC, Mr Aquilina said: “Right from the outset, we knew we were making a very attractive proposition to companies that had capital tied up in high valued commercial property and wanted to release it, to further invest it the development of their own company. However, we never anticipated such a strong interest. This success also signals the Maltese market’s readiness for this business concept.”
Mr Aquilina added that “given the present economic situation, many companies presently operating from prime locations have come to realise that it no longer makes sense to keep valuable capital tied up in bricks and mortar, while at the same time they are trying to expand their business and keep ahead of the ever increasing competition. In developed economies the world over, the trend has been for businesses to lease rather than purchase their own property. Much valued capital can then be used to push the business forward.”
The Property Leasing Co Ltd, was set up earlier this year to own, acquire and develop a unique portfolio of prime commercial property, all of it rented to blue chip tenants. The objective is to target properties in excellent locations, finished to high standards and purchase them in return for cash and shares in PLC. The initial portfolio of property includes 120 The Strand, Gzira, two floors at 114 The Strand, Gzira, and three floors at the Portomaso Tower.