The Sliema Old Exchange has been sold to Toncam Properties Limited for €5 million, Malta Properties Company announced on Monday.

The deal between MPC subsidiary SLM Property Company Limited and Toncam had first been agreed in January 2017, with a one-year promise of sale agreement.

That agreement was extended in January 2018 to August 1 and then again to August 8, allowing both parties to wrap up the deal for the property on the corner or Triq Parisio and Triq Moroni.

The property, which was being rented by GO plc until June, now no longer forms part of MPC’s portfolio. MPC told shareholders that it will use money from the property sale to fund development projects “and/or acquisition opportunities”.

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