“And, they feel that Valletta is a safe place to do so.” He explained that the Group is made up of 15 investors today, who are “successful businesspeople in their own right”. Turning to the value added by VBL Group to its shareholders, Dr Imbroll stressed that the investment undertaken by the company is ultimately “an investment in historic real estate”. “We did not just destroy the building and rebuild, which is a much faster and cheaper option, but we preserved it and gave it a new life”, he added.ĭr Imbroll interjects, adding that essentially, VBL wants to cater for anyone who wants to come into the city, “from the young 20-year-old architecture student on a shoestring budget to a Russian oligarch to anyone in-between”. “Valletta is the product itself, and so whenever you give a building a new life and a new meaning, people want to still feel that they are in Valletta, so you keep as many features as you possibly can,” said Dr Széphalmi. ‘The Old Lodge’ by VBL Group, located at 22, North Street, Valletta This particular building caters for the budget-conscious traveller while ensuring that a good standard of finishes and amenities in each apartment is retained. Retaining its limestone walls, VBL Group finished the building in its typical company style, including touches of the Maltese patterned tiles, also occasionally utilising custom-made furniture. It is one of the company’s most recently finished projects and was originally a dilapidated lodging house ( Kerrejja) that comprised of 25 rooms in the lower part of Valletta. Meeting at VBL Group’s ‘Old Lodge’ property, which houses the company’s hospitality management team as well as ten studio short-let apartments, serves as an ideal example of how VBL regenerates and revitalises the buildings it acquires. (Left to right) VBL Group Head of Development Stephen Clough, Co-Founder, CEO & Executive Director Géza Széphalmi and Co-Founder, Head of Acquisition and Group Executive Chairman Andrei Imbroll / Photos by Inigo Taylor Its real estate regeneration arm is led by Head of Development Stephen Clough, and the third business line deals with management of the Group’s operational real estate.īusinessNow.mt sat down with Dr Imbroll, Mr Clough and VBL Group’s Co-Founder, CEO and Executive Director, Géza Széphalmi to understand the vision behind such an influential company within the Valletta real estate market. The first, real estate investment and acquisitions, is led by Dr Imbroll. The company’s business is divided into three main units. Little known in the public eye, the company has been quietly acquiring, developing and managing a wide range of properties in the City for the past nine years. VBL Group is currently the largest owner of real estate in Valletta. Investment flowing into the capital, spanning residential, commercial and cultural segments, has seen a resurgence in aesthetic standards and activity, bringing Valletta back to its former glory.Īccording to VBL Group Co-Founder, Head of Acquisition and Group Executive Chairman, Andrei Imbroll, the company’s founding in 2012 and Valletta’s journey back to life around the same time is no coincidence. Valletta has undoubtedly enjoyed something of a renaissance in recent years.
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