Malta Properties CEO sees ‘permanent changes’ to commercial real estate post-COVID

“My first year as Chief Executive Officer at MPC has certainly not turned out as I expected,” says Malta Properties Company (MPC) CEO Mohsin Majid in his review of the company’s recently published Annual Report and Financial Statements for 2020.

“That said, and despite the challenges, 2020 has been a year of continued progress for the company,” the CEO states.

“In the face of these challenges the importance of resilience and adaptability, both at a corporate and a personal level, has never been so clear,” he says, commending the team at MPC for showcasing the qualities required to emerge stronger.

Highlighting the company’s marginal growth in revenue in 2020 (€3.44 million from 2019’s €3.43 million), the CEO indicates that one of the highlights of the year was the purchase of a landmark 3,600 square metre property in Swatar, which was acquired from HSBC Bank Malta.

Moving forward, Mr Majid notes that the company will continue to seek property opportunities to grow its portfolio further and looks forward to the completion of a major project in Zejtun in 2021, which will be leased out to GO; as well as progress on a property plan for another major project at Spencer Hill in Marsa.

“Looking ahead, I continue to be excited by the opportunities that exist both in the short and the long term. Recent events are likely to bring about permanent changes to the commercial real estate market as the office needs of tenants continue to evolve, but MPG has already shown that it is more than able to stay the course and adapt to changing circumstances.”