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.

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