Who we are

The VBL Group is today the largest private owner of real estate in Valletta with a diversified portfolio of residential, hospitality, commercial and office space. 

As the dominant player in Valletta’s real estate market, VBL Group combines a comprehensive knowledge of the local market with an innovative business model integrating property acquisition, development and management.  Using economies of scale to minimise expenditure whilst maintaining cash-flows from selling, renting and managing properties, VBL has seen consistent growth since its founding in 2012. With a strong development and acquisition pipeline, VBL Group’s goal is to become the largest operator of real estate in the City of Valletta.   

With a strong track record since inception, VBL’s continued profitability demonstrates the success of its unique development concept and is a testament to its highly professional and integrated team.  VBL Plc is the principal company of the VBL Group of companies. VBL Plc is a property investment and operations company exclusively focused in Valletta, a unique walled city, with impressive history and architectural heritage, protected by the UNESCO World Heritage Program. 

History of the Group

VBL Plc was founded by Dr. Geza Szephalmi and Dr. Andrei Imbroll in 2012. After 50 odd years of neglect in Valletta, both believed that Valletta, with its beautiful Palazzos, international brand name, UNESCO title and undervalued and underserviced real estate sector was an entrepreneur’s dream come true. They thus planned to re-position its real estate market where it ought to be in the Maltese and European landscape through a unique business strategy implemented by a strong Management Team which has now led the The VBL Group.

Why Valletta

Valletta is the Capital City of Malta as well as it’s administrative, cultural and touristic centre. Built overlooking the deepest natural harbour in Europe, the walled city of Valletta is a majestic and awe-inspiring sight.  As a UNESCO World Heritage Site, the city is protected from incongruous developments, maintaining an architectural harmony that embraces its rich history and 16th century origins.  It’s physical position on a peninsula jutting into the Mediterranean prevents further development, thus ensuring that demand outstrips the supply of quality property. 

Significant investment from the EU has seen the new parliament building designed by Renzo Piano and the renovation of Fort St Elmo.  2018 marked Valletta’s year as the European Capital of Culture fuelling increased tourism including Cruise ships which regularly populate the Grand Harbour.  New bars, restaurants and hotels are constantly appearing in the city and it has become a hub for cultured nightlife.

Corporate Governance

Board of Directors and Audit Committee

Dr. Andrei Imbroll

Founder, Executive Director, CEO

Highly experienced negotiator and deal maker. Responsible for proprietary property pipeline and supervising hospitality business 15 years international real estate, and 10 years of hospitality operations experience

Dr. Geza Szephalmi

Founder, Executive Director, Chairman of the Board

Responsible for strategy and investor relations. Over 30 years of international investment and fund management experience. Substantial global real estate experience

Mr. Julian Tzvetkov

Executive Director, CFO

Responsible for corporate finance & operational control. Over 25 years of international experience in  banking, investment management & executive management

Mr. Artur Haze

Non-Executive Director & Audit Committee member

Senior international private equity investor with over 30 years of experience across various countries and industries, including audit, M&A, restructuring experience
VBL Non-executive board member since 2013

Ms. Isabella Vella

Non-Executive Independent Director & Audit Committee Member

Renowned Maltese professional, with vast experience in various executive and senior management positions in the
hospitality and property industry in Malta, for over 30 years.

Mr. David Galea Souchet

Non-Executive Independent Director & Chair of the Audit Committee

Over 25 years of experience in audit, accounting, operations, regulatory compliance, corporate governance and risk management. Acts as an independent director in various firms including regulated businesses.

Dr. John Attard

Non-Executive Independent Director & Audit Committee Member

Consulting professional, with over 30 years of international board level, executive management and senior consulting experience at blue-chip companies, SMEs and start-ups. Worked in a number of different industries. Joined VBL Group’s Board in July 2023.


VBL employs a dynamic team of experienced professionals with significant expertise drawn from legal, architectural, engineering, finance and investment backgrounds.  VBL’s key managers have significant local and international professional experience in their respective fields of specialisation. Management’s combination of skills allows VBL, in the first instance, to identify investment opportunities and negotiate and execute proprietary real estate acquisitions and complex development projects.  Once the property has been acquired, a dedicated team of architects, designers and project managers plan, prepare and supervise the redevelopment whilst previously developed assets are managed and maintained by a VBL in-house team.

Statutory external auditors

RSM Malta,
Address: Mdina Road, Zebbug, ZBG 9015, Malta

Company Structure

The issued share capital of the Company as of 31st December 2023 is 249,179,183 ordinary shares of a nominal value of €0.20 per share.  All shares are listed on the Malta Stock Exchange and hold the same rights.

As of 31st December 2023, no single shareholder owns 25% or more of the Company.

Shareholding Structure (as of 31 December 2023)

Shareholders % of issued share capital
Executives 35.86%
VBLM 18.46%
Other Shareholders 45.68%
Total 100.00%

The Company’s closing share price at the Malta Stock Exchange as of 31 December 2023 was €0.23