MPC well placed to seize advantage in Malta’s ever-changing office space market, says CEO

Malta Properties Company (MPC) is well positioned to capitalise on opportunities in Malta’s evolving office space market, according to CEO Mohsin Majid, who described 2025 as a “year of transformation” for the company.

Reflecting on the year’s performance, Mr Majid noted that MPC successfully navigated the challenge of multiple lease expiries and the resulting vacancies, while securing new tenants across a significant portion of its portfolio.

“It is with great satisfaction that I report Malta Properties Company’s achievements for 2025,” he said in the company’s annual report. “Our transformation from high upcoming vacancy in 2024 to having found tenants for the majority of our portfolio, combined with major construction delivery and strong financial performance, demonstrates the power of our business model and the capability of our team.”

In financial terms, MPC generated revenues of €5.01 million in 2025 and recorded EBITDA of €3.28 million. While this represents a decline from 2024 – when revenues stood at €5.69 million and EBITDA reached €3.95 million – the CEO described the drop as temporary, attributing it to the timing of lease expiries that occurred largely in the second half of the previous year.

Given the company’s success in securing new customers, Mr Majid said the dip is expected to be short-lived. MPC anticipates stronger revenues in 2026 and 2027 as renovation works are completed and new tenants move into its properties.

Among the year’s commercial highlights was the leasing of a large portion of the Marsa Central Building – formerly the headquarters of GO plc – to the Planning Authority, which has now taken up occupancy. The property has also welcomed the Ministry for Inclusion and the Voluntary Sector, which is operating from a floor overlooking Marsa Menqa.

Meanwhile, works were completed at MPC’s Swatar property, which is now fully leased to the Ministry of Health, providing facilities located close to Mater Dei Hospital.

The company also continued development works at The Exchange at Spencer Hill. During 2025, the second phase of construction was completed and the space handed over to the Building and Construction Authority, with lease income commencing during the year. The final phase of works – including a second-floor extension – is expected to be completed in the first half of 2026 and has already been pre-let to the same authority.

Looking ahead, Mr Majid expressed confidence about the company’s prospects, pointing to the strength of its client base and its approach to customer service.

“We have excellent clients that offer reliability and an unparalleled credit profile,” he said, noting that domestic telecom operators and the Government of Malta represent the vast majority of MPC’s revenues.

As the company enters 2026, he added, MPC believes its customer-focused approach continues to differentiate it in the market.

Mr Majid also thanked shareholders for their continued trust and acknowledged the role played by the company’s team in delivering on its strategic objectives.

“As we build on the strong foundation established over 2024 and 2025, we remain focused on creating sustainable value for all stakeholders while positioning Malta Properties as the leading commercial real estate platform on the island,” he said.