Foreign investment in The Plaza ‘a strong vote of confidence’ – CEO

The Plaza CEO Steve Abela has welcomed “growing interest” from international investors in the Sliema commercial complex, after the Luxembourg-based Virgata Group took a 5.95 per cent stake in Plaza Centres plc.

“We view this as a strong vote of confidence in The Plaza and in its long-term potential,” he tells MaltaCEOs.mt.

Virgata Group invests family capital, predominantly in European commercial real estate and related opportunities. The private investment firm is registered in Luxembourg but have a flagship building, the Van Nellefabriek, in Rotterdam, the Netherlands. 

“Over the years, the Board of Directors, together with management, has remained committed to continuously enhancing all aspects of the company and its premises. Several upgrades and refurbishments have been carried out throughout the premises so that The Plaza remains a destination and becomes more of a lifestyle hub,” Mr Abela says.

The Plaza was Malta’s first shopping mall, open for over 30 years, and has met increased competition over the years. A stone’s throw away in Sliema sees Tigné Point, a shopping mall which has double the footprint. In the South, Shoreline Mall was opened in last year, with others like Centreparc in Qormi in the heart of the island and others in the pipeline. 

The Plaza complex also hosts offices for hire, and despite an over-supply of offices, both The Plaza Business Centre and retail space have seen near full occupancy last year. 

In December 2024, the occupancy rate within the Shopping Centre stood at 88 per cent whilst the overall occupancy rate of the Commercial Centre stood at 95 per cent.

The same year, following refurbishments, the Group generated revenue of €3,247,312 an increase of 5.07 per cent when compared to the previous year. 

“While the share price may not always reflect our effort and achievements, we remain focused on delivering sustainable growth and long-term value. It is worth noting that the company has no control on its share price as this depends on market interest,” Mr Abela continues.

“The Board of Directors is committed to acting in the best interest of all shareholders, regardless of the size of their holdings. We are confident in our ability to continue generating value for our shareholders and appreciate your continued interest and support,” the CEO finishes.