The developer of the 32-storey tower in Paceville has bought St George’s Exchange from a Malta Properties subsidiary, in return selling GO an underground site.
Subsidiary SGE Property signed a promise of sale agreement, valid for three years, with Mercury Exchange for the prime site within the planned development, for the sum of €13.75 million.
Mercury will have to pay an additional €250,000 if permits are granted for the site which exceed the height of 15 storeys.
The agreement also specifies that GO will pay a nominal €100 for a 303 sq.m. site below road level.
GO currently occupies the Exchange, a plot forming part of the property portfolio it took over when it acquired Maltacom, a portfolio eventually spun off to Malta Properties.
Malta Properties said that the money would be used to develop commercial property for leasing.