Palumbo acquires superyacht yard

The Maltese Government signed the contract for a total amount of €29.4 million, including an annual ground rent of €500,000 to be paid for 30 years. The transaction was conducted by Giorgio Filippi, the company’s legal advisor.

The total area of the grant is around 45.000m², comprising two dry docks of 160m x 25m and 140m x 18m. The latter is equipped with a retractable shed which allows painting work to be performed. Palumbo Group says its aim is to create a centre of excellence in the Mediterranean, with its Naples, Messina, and now Malta shipyards. Palumbo, which builds superyachts under the Columbus Yacht brand, says it will develop the facility in Malta into a leading maintenance and refitting centre serving the superyacht fleet in the Mediterranean. This goal will be achieved through its committed investment and development of human resources, enabling it to offer a wider range of services to meet the complex requirements of its customers.