Metropolis’s Husni Bey denies Manoel Island interest

Bey is chairman of the HB Group, one of the biggest importers of food, consumer articles and commodities in Libya.

In comments to MaltaToday, the entrepreneur denied having been approached to acquire the Manoel Island project. “We [HB and the Mizzi Group] have common interests, being already partners in retail in Libya, Morocco, Malta and looking for further expansion in Algeria,” he said of his interests in Retail International Ltd.

“Due to our close business relationship we have had discussions about possible synergetic cooperation for the whole zone, given that we own the Metropolis project close to Manoel Island, but not a sale of the MIDI project,” Bey said.

Midi plc, the developers of Tigné Point, are still in discussions with third parties that have expressed an interest to invest in Manoel Island.

The consortium was granted the island together with Tigné back in 2000 under a 99-year emphyteusis for €100 million in premiums, and infrastructural and restoration obligations. Although considerable restoration work was carried out on the island, no work started on the project with Midi having concentrated on the final phases of its development on Tigné Point.

Across the bridge at Gzira, the deep hole in Testaferrata Street is awaiting the start of construction works for the €120 million Metropolis project.

The high-rise project had lost steam in the wake of the global financial crisis and the Libyan civil war, but the Bey family is expected to complete the three-tower project by 2018. Its highest tower will rise to 33 floors.

The original project had been divested by financial services firm GlobalCapital for €3.8 million in 2010, after having sold some 30 units of the luxury high-rise.

Jalal Husni Bey, the younger brother of Husni Husni Bey, said the HB Group originally was interested in acquiring some apartments but saw an opportunity when the original investors couldn’t get the necessary bank support.

Jalal set out to redo the whole project, claiming it was a “cheap housing building which would not have delivered”, and that investors need luxury investments to set up base in Malta.

Metropolis comprises three high-rise buildings of 13, 27 and 33 floors, complemented by four levels of underground parking holding over 600 car spaces, a central lobby with concierge facilities, retail outlets, swimming pool, gymnasium and spa.