Property group CH Bailey announced on Wednesday that one of its subsidiary companies in Malta has entered into a lease agreement with an agency of the government of Malta for a company property.
The AIM-traded company said the lease, which is worth 115,000 per annum, is for a period of ten years and concerns the company's purpose built office property known as 123 St Lucia St, in the centre of Valletta.

There is also an option to extend the lease by a further five years.

The property's annual rent is subject to review and increases based on the official rate of inflation and the cost of living index.

CH Bailey aims to develop and operate high-end properties in the commercial, retail and hospitality sectors in the Mediterranean Basin, East Africa and South Africa.

Meanwhile, in the UK the company runs specialist heavy engineering operations

As of 1456 BST, CH Bailey's shares were up 2.17% at 117.50p.

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