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During 2010, 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 was 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.

Government, entered into an agreement with GHRC pursuant to which Government engaged GHRC to, inter alia, construct and develop the City Gate area in accordance with agreed timelines and specifications. GHRC is a public limited liability company set up in August 2007 as a government entity under the Ministry for Infrastructure, Transport and Communication. GHRC’s main activity is the promotion of the implementation of selected projects for the Grand Harbour area in Malta. Government was required to compensate GHRC for the services rendered by it in terms of the contracting agreement.

On 26 June 2012, the company and Government entered into a public deed pursuant to which the company acquired the 65-year utile dominium over the Parliament Building and Open-Air Theatre. Upon completion of the Parliament Building and Open-Air Theatre, the company leased the Parliament Building and the Open-Air Theatre, to the Government of Malta.

The latest project being undertaken by the company is the funding of the Affordable Housing project. The company has identified a shortage in affordable housing in the market and has acquired land from the Government to develop circa 680 apartments, 270 garages and 350 garages. On 28 June 2017, the company entered into two credit facility agreements with the European Investment Bank and the Council of Europe Development Bank for the purpose of financing the construction of a number of affordable housing units in Malta. The facility has been granted for a 25-year term and amounts to €53.7m. The company will, subsequent to the acquisition of the sites, proceed to issue EU–wide open tenders to appoint third-party key contractors to build the sites. Following completion, the company will lease directly to persons in possession of a certificate from the Housing Authority at arm’s length and commercial rates commensurate with the type of apartment and location. The subsidy available to these persons by the Housing Authority will be directly payable to the company.