Two more companies rent office space at Dar Malta
Two more companies have rented office space at Dar Malta in Brussels, raising the total so far to three.
Dar Malta, a large office block across the road from the European Commission's headquarters, was bought by the Maltese government in 2004 for €21 million.
Finance Minister Tonio Fenech told parliament this evening that the fourth floor was rented in May last year to the Volkswagen Group. The lease is for nine years but may be terminated after the sixth year if Malta needs the space when it is about to assume the presidency of the EU.
Agreement was recently reached with Diageo, which has rented half of the second floor, under the same conditions as given to VW.
Over the past few days Vodafone rented the other half of the second floor.
Mr Fenech refused to give financial details, citing commercial reasons. He said, however, that €32,413 have been paid to an estate agency.
The government last year said it was seeking to rent office space on four floors, measuring a total of 2,110 square metres.
Dar Malta opened its doors in February 2007 following extensive refurbishment that transformed the building into state-of-the-art offices which house Malta's Representation to the EU.
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P.Cassar
Oct 14th 2010, 09:19
DEAR TONIO ANOTHER FROGA:
BOUGHT IN 2004, SMALL PART RENTED SIX YEARS LATER!!! WHAT BUSINESS SENSE ?
IS GOVT IN THE PROPERTY BUSINESS ? I REMEMBER PROMINENT PN PERSONS CRITISIING THIS DURING LABOUR !!!!
PL WAS RIGHT THAT IT IS PLAINLY FOOLISH FOR THE SMALLEST EU NATION TO HAVE THE LARGEST BUILDING, HOWEVER FOR THE PN ( some of course), IT MADE SENSE !!!!!
FOOLS PARADISE
Neville Cassar
Oct 14th 2010, 08:56
Did anyone else notice the line: " if Malta needs the space when it is about to assume the presidency of the EU."
Im more worried about this than the waste of money on Dar Malta. Its our turn to pay for the EU dinners and events.... which is a big bill to foot. Start saving the pennies...
jcamilleri
Oct 14th 2010, 07:49
Since when is Government in the property rental business? Where's the logic behind this? Can anyone please enlighten me?
Mary Ann Borg
Oct 14th 2010, 01:04
If I were running this government, I would just abandon the whole project and let the opposition, if it ever gets to power, to build the extension itself. In the meantime I will leave the whole population suffering all the consequences of power-cuts etc and wait and see if the oppostion is truly concerned with the modus operandi of the project or if it is simply concerned with its typical mud-trowing exercise to delay yet another grand project. But I'm not the government, and PN is a party that leads by example, even at the expense of votes, for the best of this country. We have seen Labour in opposition (1987-1996) playing the game and once in power (just 22 months) it just fell flat on its face when faced with realities. So go on Labour, keep trowing mud at anything good for this country and you may get your chance to govern, and then we'll see how good you are. The Malta we live in today is different from the 70s and if Labour still thinks it can fool people easily then it does so at its own risk. Alfred Sant may provide a few examples here.
Saviour Coleiro
Oct 13th 2010, 22:12
about time....................after these years................................
jcamilleri
Oct 13th 2010, 20:32
What happens with the proifit? Does it help our country or it goes in their eu kitty for ''their'' expenses imsieken ...
Manuel Micallef
Oct 13th 2010, 21:13
What profits?!
philip pace
Oct 13th 2010, 23:56
You must be a very positive person to think about profits for a place that was opened 3 years ago and then all the trumpets are sounding because after this time (just less than three years) two more companies joined a lonely company!!
Why it is not full of companies? Asking price is too high?
I was and still am in the opinion that is another useless venture instigated by some in order to have their finest cut of the cake.
Manuel Micallef
Oct 13th 2010, 20:25
One have to work out :- Rent received in 4 years LESS maintenance and other costs incurred LESS interest paid by the government when it borrows money = to understand whether this has been a viable move..... SInce it took us 4 years to rent some of the space out, I am doubtful that we made any money ont this investment.... shame we cannot see the figures...
Raphael Dingli
Oct 14th 2010, 04:57
have you bother checking the property value since purchase - porpoerty is a long term investment - you are being rather short sighted.
Martin Cassar
Oct 13th 2010, 20:20
@ Portelli James. Get down to planet earth please, will you? Seeing the global economy hitting to the edge of bankruptcy and the list of number of Banks and financial corporations that are either closing down or declaring bankruptcy is getting taller every day, while economies of ALL developed countries heading for the unknown, one must stop and think while wishing such investment not to turn to Ponzi investment. Once bitten twice shy hux?
L. Gatt
Oct 13th 2010, 20:47
martin, living in a recession doesn't give you the right to moan about everything. If you REALLY want to know how much money we are making through this lease, try to find out how much commission did the estate agency get and a simple proportion would give you the answer.. I think that it was a great investment! If it wasn't, it can also be resold, getting the money invested back.
Anthony Mizzi
Oct 13th 2010, 20:08
Dahalna xi haga fl-ahhar! Sejjer ikollna ghal inbid ghar-riceviment li jmiss! Lestu private jet, erfa' post ghal media, etc., etc.....
Portelli James
Oct 13th 2010, 19:57
Geeee ... we're earning rent and people are still complaining!!! Would it not be more plausible to praise whoever came up with the idea of purchasing the property and earning rent on it instead of merely spending money on rent for our needs in Brussels. A cost centre has been turned into a profit centre and people still find reason to bitch! Get a life; will you?!
Martin Cassar
Oct 13th 2010, 19:26
'Mr Fenech refused to give financial details, citing commercial reasons. He said, however, that €32,413 have been paid to an estate agency.' With current gloomy and uncertainties warping global financial markets and investments, please keep commercial secrecy aside and put tax payers mind at rest. If this amount is the rental per month this would be excellent and if per year it's a disaster. Any elucidation please?
R Saliba
Oct 13th 2010, 19:59
Martin,as far as can be seen, €32,413 is the sum the estate agent took for setting up the deal.It has nothing to do with the rental fees
S Vella
Oct 13th 2010, 19:25
Quote; Mr Fenech refused to give financial details, citing commercial reasons. He said, however, that €32,413 have been paid to an estate agency. Unquote; Isn't this our money we are talking about Mr. Minister? If it was your money you have all the right not to disclose figures and information but Maltahouse is Public money..OUR MONEY. If asked for details from MP's you should give them if there is nothing to hide
R Saliba
Oct 13th 2010, 19:55
What if the companies renting do not want to disclose the figures? (and do not think that it does not happen, as it is widely done in all countries where private companies are involved)