Highlights from the 3rd Annual General Meeting

AX Real Estate plc is pleased to share highlights from our 3rd Annual General Meeting, held on April 23rd, 2024, at the Hilltop Gardens in Naxxar.

The meeting commenced with an address from our Group Chairman, Mr. Angelo Xuereb, who provided comprehensive updates on significant developments. These included the much-anticipated unveiling of the NEW AX ODYCY and Lido, alongside progress reports on the Verdala Wellness Hotel project, showcasing the meticulous attention to detail in both architectural and operational aspects. Subsequently, our CEO Ms. Denise Xuereb, presented a strategic overview of AX Real Estate Group’s operations, underlining our commitment to excellence and our strategic direction for sustainable growth.

Following Ms. Xuereb’s presentation, our CFO, Mr. Joseph Borg, dissected the financial performance for the Financial year ending October 2023. An Election of Directors took place, resulting in the appointment of Ms. Claire Zammit Xuereb as a new director, along with the reconfirmation of Mr. Stephen Parsi and Dr. Christian Farrugia to our board.

We extend our sincere gratitude to all attendees for their engagement and contribution to the success of our AGM. As we move forward, we remain steadfast in our commitment to delivering value to our shareholders and stakeholders alike.


Former Suncrest Rebranded To AX ODYCY Hotel

We are pleased to announce the online launch to the local and international market of AX ODYCY Hotel at the site of the former Seashells Resort at Suncrest in Qawra. The former Suncrest has undergone extensive redevelopment and refurbishment, now with an additional four storeys that make it one of the largest hotels on the island, with a total of 600 hotel rooms. These range from economy options to luxurious, unique suites. The destination is also set to be a hub for a diverse range of culinary experiences with its expected 11 innovative restaurants and bar concepts, along with the many other features and facilities this destination will contain.


“This last final finishing stage is the most exciting yet, as we really see the culmination of work that the entire team has contributed over the past two years. We look forward to showcasing the quality and value of ODYCY as we welcome our first guests and groups from the world over. This is what will put Qawra firmly back on the map,” says Denise Xuereb, Director of Construction and Development.


Click here to find out more about this exciting project.


The New AX Investor Relations Website is Now Live!

We’re proud to announce the launch of our new AX Investor Relations website! The site has been purposefully designed with the scope of keeping our investors regularly updated about AX Group plc, AX Real Estate plc, and AX Investments plc, with transparency. We’re now offering an easy-to-navigate, solution that covers a wide range of investor-focused information.

Aside from a centralised repository of official AX financial information as well as a regularly updated News section covering the latest announcements from our ongoing developments and projects, we’ve also created Investors Loyalty Scheme tab, where investors can keep up to date with the various benefits eligible through our loyalty programme, including exclusive members-only rates at our wide range of hotels and restaurants.


Visit the new website today: www.axinvestor-relations.mt 

Company Statement

Reference is made to the article on “theshiftnews.com” entitled “Rebranded Projects Malta to pay €1 million to lease offices from AX Group”.

I  Regarding the lease of offices at the AX Business Centre in favour of Malta Strategic Partnerships Ltd., the Company wishes to bring the following facts to the attention of your readers:

(i)  That the lease with Malta Strategic Partnerships Limited was signed as per tender document, following a competitive process, where the company’s offer was considered to be the lowest bid qualifying in accordance with pre-set objective criteria.

(ii)  Having an initial fixed term is customary in the commercial lease market, and in this case, major investment in the premises is essential to custom-fit to the requirements of the lessee. This was also a condition of tender.

(iii) The property leased is indeed new, with a rent that does not exceed market rates.


II  On the general comments contained in the article on government contracts awarded to the AX Group, specifically AX Construction Ltd, it is to be clarified that the AX Group has been a major operator in the construction and restoration sector for nearly 40 years. It has invested heavily and progressively in acquiring the expertise required for the projects mentioned, which are mostly specialized and of great sensitivity. The quality of the work carried out by AX Construction Ltd is testimony to the company’s deserved standing in the industry.  This standing has also been reflected in the fact that AX Construction Ltd is also the recipient of major contracts within the private sector, where the company’s industry-leading expertise and quality has seen it trusted by major local entities.


III   Finally, we wish to bring to the attention of your readers that no request for comment was submitted to the AX Group prior to the publication of the piece and the tenuous insinuations contained.

AX Real Estate p.l.c. celebrates bond listing with MSE ‘Ringing of the Bell’ event

A ringing of the bell event was held at the Malta Stock Exchange on Tuesday 29 March to celebrate the successful bond and shares listing of AX Real Estate plc with the Malta Stock Exchange (MSE).


On Tuesday 15 February, AX Real Estate plc listed 97,193,600 Eur0.125 Ordinary A shares and trading commenced on Wednesday 16 February. AX Real Estate plc also issued 3.5% Unsecured Bonds with a nominal value of Eur40,000,0000 on Tuesday 15 February, and trading commenced on Wednesday 16 February.


MSE Chairman Mr Joseph Portelli welcomed AX Group founder and Chairman Mr Angelo Xuereb and congratulated the company of their successful listings and noted that the MSE is pleased to see entrepreneurs raise funds for projects through the capital market.  Mr Xuereb said that AX Group currently has five listings and since the first listing 25 years ago, he has realised the value of the capital markets not just for raising capital but also with respect to succession planning, which ensures continuity and growth.


Denise Micallef Xuereb, CEO of AX Real Estate said, ‘‘The purpose of the listing was to finance the significant investment in the Verdala Hotel and Virtu Heights project in Rabat, together with the Suncrest hotel extension in Qawra. The finance that is being raised through the listing is part of the estimated EUR 110 M required to complete these mentioned projects, both of which are currently progressing well and on schedule.   We remain committed to building on AX Group’s track record and elevating this success further to ensure good long-term property investment opportunities.’’


Mr Michael Warrington said that ‘’Decades ago, AX Group set out a path for its real estate operations with two firm goals: firstly, to consistently advance quality standards in the properties it develops and manages; and secondly, to give its investors and clients long-term peace of mind through sound property investment opportunities and long-term growth. Today, having consolidated the Group’s well-diversified portfolio of managed local properties under AX Real Estate p.l.c. we are an industry leader’’.


Mr Xuereb expressed gratitude to the members of the Board for their continued support, to the Malta Stock Exchange team and the sponsors namely, Rizzo Farrugia, MZ Investments and Curmi & Partners, to Bank of Valletta as Manager and Registrar, and Camilleri Preziosi who acted as Legal Counsel, all of whom helped make the listings a success.

From left, Mr Joseph Lupi, Mr Albert Bonello, Ms Denise Micallef Xuereb, Mr Angelo Xuereb, Mr Michael Warrington, Mr Stephen Paris

Mr Angelo Xuereb – Chairman AX Group

From left, Ms Donatella Barbara, Mr Vincent Rizzo, Mr Albert Bonello, Mr Stephen Paris, Mr Michael Warrington, Ms Doreanne Caruana, Mr Angelo Xuereb, Ms Denise Micallef Xuereb, Mr Joseph Lupi, Dr Louisa Firman, Mr Karl Micallef

Interview with: Michael Warrington CEO AX Group and Director of AX Real Estate

Featured on BusinessToday

In an interview with Saviour Balzan, Michael Warrington, director of AX Real Estate and CEO of AX Group, described the history of AX, the extensive experience in construction, development, health care, renewable energy, real estate and hospitality, as well as innovative projects, including well-known touristic projects and developments for high-end, as well as for mass tourism.

Reminiscing on the first major project, Suncrest Hotel, in Qawra, Michael Warrington described the evolution of the group, from one headed by entrepreneur and visionary Angelo Xuereb to his family. His two daughters, Claire Zammit Xuereb and Denise Micallef Xuereb are now at the head of the group of companies, which employ more than 800 people.

Mr Warrington went on to describe the success of the major project in Naxxar, Hilltop Village, the perfect combination between a retirement village for elderly people and a care-home and the success it offered to the group, as well as to investors, who had bought into bonds for the project.

When speaking of the vision of the future, Mr Warrington namely spoke of the extension of the Suncrest Hotel, with another additional four floors, as well as a major refurbishment, and the development of the Grand Hotel Verdala. The aim of the Verdala development is to cater for high-end users and clients, who will benefit from the unique development, excellent design, panoramic views and ideal setting of the project.

Mr Warrington said that the Group was offering a new investment opportunity combining equity and bonds. The bonds will have a coupon of 3.5%. People investing in the equity will be able to purchase the bonds.

The interview came to a close with Mr Warrington describing the long history of the group, which spans over nearly five decades, examples of which can be seen all across the island. The group has withstood the competitive edge of various other companies and also the changing times.

Suncrest: Putting Qawra firmly back on the map

As seen on Times of Malta 


The multi-million-euro transformation of the AX Group’s Suncrest Hotel is well underway, with a clear vision to re-establish both the hotel and its locality as a highly sought-after destination.

Qawra has certainly been on a wild journey since its early development in the 1980s. Once a seaside town that didn’t quite make the list of must-visit places on the island, it quickly evolved into a mecca of sunshine and smiles as the 1980s boom turned it into a holiday hotspot. Decades later, its popularity waned as overdevelopment muddied the Qawra experience for locals and foreigners. Now, another new chapter has begun.

Suncrest Lower Lobby

Few people have observed Qawra’s evolution quite as closely as hotelier and veteran entrepreneur Angelo Xuereb. As the force behind much of the town’s original expansion, he provided the vision for what would become a landmark on its seafront promenade and burgeoning skyline: the Suncrest Hotel.

“I always knew Qawra was special and that it deserved to be centre stage,” says Xuereb, Chairman of the AX Group. “So, when I wanted to build a hotel in the 1980s, I chose it as the most up-and-coming location of the moment. Even then I could foresee how much people would love its coastline and incredible sea views.”

Qawra was derelict back then, the chairman recalls, and the Suncrest was its catalyst for change. Xuereb knew he was taking a risk but chose to take the bold decision of developing a high-end property that wouldn’t just stand alone, but which would help to transform the entire area. “It was a four-star that behaved more like a five-star,” he smiles. “We created the ‘wow factor’ for our guests and exceeded expectations. As my first foray into the hotel world, it set the standard for everything we would go on to achieve as a Group.”

Extension of the Suncrest Hotel.

Claire Zammit Xuereb, AX Group’s Hospitality Director, is equally attached to Suncrest and its place within the company’s impressive portfolio of successes. She remembers the Suncrest as an iconic destination in its heyday and is currently driving its exciting redevelopment.

“I can vividly remember my father taking me to the Suncrest site and explaining he was going to build a hotel there,” smiles Zammit Xuereb, who also heads up the Group’s other hospitality projects, including The Palace in Sliema and Rosselli in Valletta among others.

“I remember Suncrest being built. My earliest memories of it feel strikingly similar to today, as we are now living through a reconstruction phase. Whether by sheer coincidence or destiny, I was about 10 years old at the time; the same age my oldest children are today. As a result, Suncrest’s rebirth is being witnessed and relived by the next generation of our family, which of course makes it even more special to us.”

Denise Micallef Xuereb, Director of Construction and Development who is leading various teams behind the Suncrest redevelopment says: “Our family has been naturally predisposed to taking on roles that not only are ideal for the organisational set up but that also reflect each of our strengths and skills. And the Suncrest project is yet another opportunity to work closely together to achieve common goals and aspirations.”

In the 1980s, the Suncrest helped spearhead the development of Malta’s mass-market tourist product. Thanks to its vast number of rooms and array of amenities, the hotel began to attract large groups of travellers for conferences and incentives, as well as droves of tour operator travellers who loved the family-friendly facilities. “Suncrest completely changed the whole dynamics of Qawra and Buġibba,” continues Zammit Xuereb. “It was a vacation haven, and both visitors and locals loved everything about it.”

Rooftop restaurant.

However, as times changed and new five-star developments opened in St Julian’s and further afield, Qawra and the Suncrest faded a little into the background. “The whole area lost its soul, as well as its scope, and was left scraping the bottom of the barrel as tourists went elsewhere. As investors, this was painful to see, and we tried many things over the years to keep improving the Suncrest and its nearby sister hotel the Sunny Coast. There were highs and lows in that time, and they were all leading to this next important milestone: the Suncrest’s complete redevelopment as a hospitality destination of the future.”

The hotel’s general manager Joseph Vella has also been instrumental in conceptualising this new vision, having been equally influential in the 13 years since he took the helm of the property. “I joined at a difficult time for the Suncrest, when occupancy was low and profits were spiralling down. However, we successfully turned things around. In the years since then, we took it from a loss-making endeavour to one that has immense potential – so much so that the AX Group directors are ready to invest €52 million to, once again, make it the best on the market.

Angelo Xuereb creating the Suncrest concept in the 1980s.

“This new phase is likely to be the most exciting yet, with a ground-breaking development that will deliver quality and value to a vast range of travellers, and help to put Qawra firmly back on the map.”

The new Suncrest development will raise the bar in numerous ways. The hotel will have 618 rooms (up from 450), most with glorious sea views. Facilities will be segmented, to provide options to both families and those after something unique, with pools and restaurants in both categories, as well as dedicated play areas and drinks venues to match.

“One of our goals was to create a resort that is attractive throughout the year, and that’s what the Suncrest plans to achieve. Qawra is already very popular in the summer, but we wanted to craft a vision that would be exciting to visitors in the winter and shoulder seasons too. The sheer variety of restaurants and facilities will do exactly that, with plenty to attract conference and business travellers. Plus, locals will be catered for in the vast range of food and beverage options – from the 11th floor Skybar with stunning views to the grab-and-go coffee shop on the ground floor. Every element is being carefully thought through and implemented,” continues Vella.

Suncrest Hotel in the 1980s.

The Suncrest and Sunny Coast will form the bedrock of this project and create a fabulous, welcoming and ultra-stylish place to stay. “But this is about so much more than accommodation,” continues Zammit Xuereb. “From the convenient parking to the many options for wining, dining, dancing, swimming, shopping, and spending time together as a family, the Suncrest has been modelled on a Dubai-style resort that can delight and entertain across the generations. Highlights include the fabulous lagoons, adults-only rooftop pool, and signature restaurants featuring high-end Mediterranean cuisine. Every ounce of the development will be packed with personality. I truly believe the Suncrest will become Malta’s futuristic village by the sea and a hotel for all seasons.”

Futuristic as it may be, this exciting vision is very much coming into sight, with the construction phase of the project racing along and ahead of schedule. In fact, plans are in place for the first major phase to be completed in 2023.

Angelo Xuereb creating the Suncrest concept in the 1980s.

“Back in the 1980s it was the chairman’s vision to make Suncrest the best four-star hotel on the island,” says Vella. “Today, as a team, we are pulling out all the stops to honour that legacy and take it one step further, to make it the best in its category and set it apart year-round. Like every other one of AX’s projects, it will make a statement and stand testament to everything that Mr Xuereb, his family and the Group have created.”

As for Xuereb himself, he is pleased that the Suncrest and Qawra will once again find themselves at the top of their game, just as he envisaged all those years ago. “Everything about this project will do things differently, with quality and genuine character infused in every step. We’re excited to share it with the public, and to create another landmark for our team to be proud of.

“After all, we couldn’t do it without them and are very grateful to the team for their loyalty, including the many people who have been part of the Suncrest story over the decades. We hope this new phase will give the Suncrest back to them and many others long into the future, as we breathe new life into Qawra once again,” the chairman concludes.

A Commitment to Quality

As Malta becomes ever more urban, it’s clear the island needs to focus on developments that serve an aesthetic purpose as well as a practical one. The new Verdala development will be one such project, further highlighting our commitment to the communities in which we operate.


The island is home to some of the most striking historic architecture in the world and many of our beauty spots still put us proudly on the global map, but many recent projects haven’t been kind to our visual identity – and they haven’t prioritised our nation’s architectural character either.


The time to change that is now, and Chairman of AX Group Angelo Xuereb together with his daughter Denise, Director of Construction and Development at AX Group hope to help spearhead the movement by inspiring other developers to take aesthetics and urban context firmly to heart when planning their projects. This isn’t a time for excuses, he says, but the moment when those with the power to do so should give aesthetics as much importance as the other aspects of bringing a project to life – as demonstrated in the design of the new Verdala in Rabat, which promises to fulfil both visual and community roles as part of its wider remit.


“Aesthetics cannot be an afterthought,” stresses Mr Xuereb, the Chairman and Founder of AX Group. “Malta needs to focus on quality. We have to stop thinking about property as the mere function of the building and the potential to make money.”


Under Mr Xuereb’s leadership, AX Group has long had a commitment to quality, including the quality of its property developments. In fact, from setting standards in the 1970s and 1980s, to its dedication to excellence in its recently approved plans for The Verdala, the Group has long fought to go beyond the status quo to deliver something it – and Malta – can be proud of.


The Verdala

That vision is being magnified even further as the new Verdala goes into development, stripping the skyline of the existing ‘matchbox’ structure that has stood since the 70s, and replacing it with a contemporary architectural gem.


“Safeguarding the Rabat skyline has been one of our foremost concerns from the start of our work on Verdala,” Mr Xuereb says. “Thanks to our strategy, Verdala will no longer stand out like a sore thumb marring the magic of Mdina. We intend to create an exciting new future for the region, both visually and in the community.”


To achieve this, the existing Verdala structure has been demolished and will be replaced by a building that reduces the overall height of the existing hotel by almost two storeys.


Beyond that, the building mass that exists today will be separated into three distinct blocks, while the development has been carefully curated to blend far more harmoniously with its combined rural and residential setting. To this end, AX’s architects have ensured that the system of terraces and voids on the ridge side of the building will mimic the natural forms of the rock strata, while the back elevations will better tie into the existing streetscape and urban context.


Light and shade will play important roles too, and the finished result will blend far more effortlessly into the landscape. “The new project will give such a pleasing chiaro scuro effect at different times of day and will give depth to the building when seen from a distance,” Ms Micallef Xuereb says.


Of course, it hasn’t been simple to get everything to line up, and months of work have been ploughed into this dynamic new vision. To this end, the AX Group worked alongside Christian Spiteri and the team at C & K Architects to achieve their vision to secure the cohesive, quality result everyone is looking for. “We certainly don’t want to compete with the view of Mdina,” smiles Ms Micallef Xuereb. “How could we? But, because the structure will be at a similar level, we had to consider how the landscape will look as a whole. We really did take everything into account and no stone was left unturned; the result will doubtlessly complement this beautiful and important part of Malta.”

The stunning vista from the new building will also be far more accessible to the public, as well as those staying at the hotel and living in the apartments. “You’ll be able to see through the hotel to the scenery ahead, and this will completely transform the streetscape, which is currently blocked by the back of the Verdala building. The transformation will also create a variety of spaces for the public to enjoy, with large pjazzas to walk through and spaces to take in the view. It will be a completely different experience to the one on offer today,” the director says.


Finally, it’s clear that the AX Group team strongly believes the architecture of the Verdala will raise the bar for the island, along with the Group’s other current projects, including its palazzo renovation in Merchant Street Valletta and ambitious Suncrest extension in Qawra. “We like to pioneer as a Group, and this is another clear example of that. Verdala will set the standard when it comes to quality, design and structure, and have already hit the first key construction milestones in the last few weeks,” Ms Micallef Xuereb adds.


The diverse property portfolio of AX Real Estate p.l.c. has yielded significant capital growth for its shareholders. The company is offering the general public an opportunity to invest in the company’s shares with a gross dividend yield of 6.4% per annum guaranteed for the first two years, combined with a bond due 2032 having a coupon of 3.5%. The offer period is between 10th January 2022 and 31st January 2022. This is an opportunity to invest in a local and well-diversified property portfolio. The finance raised through the listing is part of the €110 million that are needed for two major upcoming projects, the first being the Verdala Hotel and Virtu Heights project in Rabat and the second being the AX Seashells Resort at Suncrest hotel extension in Qawra.

Investors Helpline: (+356) 79010592 | (+356) 23312345. Email[email protected]

More information is accessible on: www.axrealestate.mt/investor-information


Prospective investors should refer to the prospectus dated 6 December 2021 (“the Prospectus”), which may be downloaded from the website of AX Real Estate p.l.c. (“the Company”) www.axrealestate.mt. Copies of the Prospectus are also available from Authorised Financial Intermediaries listed in the Prospectus. The offer period is between 10 January 2022 and 31 January 2022 or earlier as may be determined by the Company. This advert has been issued by the Company, a public limited liability company with registration number C 92104 and having its registered address at AX Group, AX Business Centre, Triq id-Difiza Civili, Mosta MST 1741, Malta. The Malta Financial Services Authority (“MFSA”) authorized the Prospectus and the shares and bond (“the Securities”) as eligible to listing on the MSE pursuant to the Capital Markets Rules. The approval of the Prospectus by the MFSA should not be understood as an endorsement of the Securities. The value of an investment, as well as the income therefrom, can go down as well as up and past performance is not necessarily indicative of future performance. Investors may lose some or all of the money invested. Prospective investors wishing to subscribe for the Securities should do so on the basis of the Prospectus to fully understand the features of the investment and the potential risks and rewards associated with both the shares and the bond. Prospective Investors are urged to consult their independent financial advisor as to the suitability or appropriateness of investing in the Securities. This advert has been approved by Rizzo, Farrugia & Co. (Stockbrokers) Ltd. (company registration number C 13102, Airways House, Fourth Floor, High Street, Sliema SLM 155), M.Z. Investment Services Limited (company registration number C 23936, 61, St. Rita Street, Rabat RBT 1523), Curmi & Partners Ltd (company number C 3909, Finance House, Princess Elizabeth Street, Ta’ Xbiex XBX 1102), (“the Sponsors”), on behalf of the Company. The Sponsors are licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap 370.

Claire Zammit Xuereb – Director

“AX Real Estate p.l.c. holds a diversified portfolio of hotels, commercial properties, offices, residential and industrial properties. We’re also proud to have developed Malta’s only retirement village.” Claire Zammit Xuereb – AX Real Estate p.l.c. Director & Director of Hospitality and Care AX Group.

Invest in the company’s shares with a gross dividend yield of 6.4% per annum guaranteed for the first two years, combined with a bond due 2032 having a coupon of 3.5%. The offer period is between 10th January 2022 and 31st January 2022.

📞 Investors Helpline: (+356) 79010592 | (+356) 23312345

📧 Email: [email protected]

☑️ More information is accessible on: www.axrealestate.mt/investor-information


Michael Warrington – Director

“AX Real Estate p.l.c. has a well-diversified property portfolio, all locally situated and has yielded significant capital growth for its shareholders.” Michael Warrington – AX Real Estate p.l.c. Director & AX Group CEO.
Invest in the company’s shares with a gross dividend yield of 6.4% per annum guaranteed for the first two years, combined with a bond due 2032 having a coupon of 3.5%. The offer period is between 10th January 2022 and 31st January 2022.
📞 Investors Helpline: (+356) 79010592 | (+356) 23312345
☑️ More information is accessible on: www.axrealestate.mt/investor-information