From international trade to property development
Exalco’s history began in 1987, when the company was founded by its owner and Managing Director, Mr Alex Montanaro, when its core business was international trade in non-ferrous metals through Exalco (Metals and Steel) Limited, a company supplying its customers with aluminium billets and other base metal products such as copper, zinc and steel commodities.
Even in those early days of the company’s history, the company’s policy was to implement a programme of consolidating current business, whilst simultaneously diversifying into new sustainable business activities when opportunities arose.
Proactively, the company was quick to realize that property development in Malta had great potential, and there was a serious shortage of good quality commercial offices for the large number of new businesses and foreign investment coming into Malta.
In 1989, Exalco (Property Leasing) Limited was set up with the object of acquiring and developing real estate with a view to generating revenues from long and short-term leases of office and retail space. Indeed, from its establishment, a number of small-scale properties were acquired and developed by Exalco (Property Leasing) Limited, including ‘Borton House’ located in Mosta, which initially housed the Exalco’s offices, ‘Tilbury House’ in Balzan, ‘Everton House’ in Attard, and ‘Aston House’ in Naxxar, all of which were leased out to local office tenants. The latter three properties no longer form part of the company’s property portfolio.
Building a portfolio of business centres
Eventually, the company identified the open plan office space product as that which would create significant opportunities for growth at a time when Malta embarked on a drive to attract large foreign players in various sectors, such as financial services, and local incumbents looked to grow their operations as EU membership approached.
With the acquisition and development of its first commercial business centre in 1997 – the Parklane Business Centre, in Guardamangia – the company positioned itself as the pioneer in the development of purpose-built open-plan office premises available for leasing to corporate tenants, both local and those setting up base in Malta. This milestone was followed by the acquisition and development of other business centres situated in prime locations across Malta, namely the Mayfair Business Centre in St. Julian’s, the Cornerstone Business Centre in Mosta, and the Marina Business Centre in Ta’ Xbiex.
Recent developments
In 2017, the company completed the development of Golden Mile Business Centre, formerly known as @GiG Beach. This project is an iconic building due to its particular artistic design and its unique location close to the sea in the Golden Mile area of St. Georges Bay, St. Julian’s.
The most recent addition to Exalco’s portfolio is Savoy Business Centre in Sliema. In 2023 Exalco acquired the former Savoy Hotel property, commonly known as the Old Savoy, and redevelopment works began in December 2024, with completion targeted for the end of 2027. This new project represents the latest chapter in Exalco’s history and reflects the company’s continued growth and commitment to providing high-quality business centres in Malta.
