During 2010, the Government commenced the development of the area known as City Gate in Valletta, Malta, which development reflects the schematic designs of the internationally recognised architect Renzo Piano. As a result of the development, the City Gate area has been replaced by, inter alia: two interconnecting buildings consisting of the Parliament Building; the historical site which was transformed into the Open-Air Theatre; and the landscaping of public areas.

On the 26 June 2012, Malita Investments plc (“Malita”) and the Government entered into a public deed pursuant to which Malita acquired the 65-year utile dominion over the Parliament Building and Open-Air Theatre. This project was funded by the European Investment bank and by the Initial Public Offering of the Company.