We were delighted to have advised the TNG Global Foundation group of companies on the completion of the lease of the Eastside Reclamation site for a cash sum of £90m and additional non-cash consideration.
As stated in HM Government of Gibraltar's press release issued today, Adrian Olivero for TNG, said:
“Since the announcement in October 2021, TNG has undertaken a huge amount of work to get to a position to be able to sign the agreement with the Government last Friday. We have already invested considerable amounts in developing our plans for the area, obtaining Outline Planning Permission as well as carry the cost of the construction of the revetment to the north of the site, to enable Phase 2 of Hassan Centenary Terraces to progress. We now look forward to starting work on the site to make those plans a reality for TNG and, in particular, for the people of Gibraltar who will benefit from a magnificent new and modern development on the Eastside.”
The Eastside Project has been described as a “transformational” deal for Gibraltar, involving the grant to TNG of rights to design and build a multi-purpose development - the first of its kind on Gibraltar’s east side. As part of the arrangements, TNG has agreed to construct for HMGoG a coastal protection wall, revetment works for the HCT development, berths for small boats, a 500-space car parking facility and affordable homes. TNG has previously also agreed to fund the design and construction of two new schools for HMGoG as part of a separate deal involving the Bayside plot.
I would very much echo the Chief Minister's statement and say that the Eastside Project is an exciting development which will massively benefit the whole of Gibraltar with a host of new facilities for our people. It has been estimated by Sir Joe Bossano to have a potential economic impact of £2.5 Billion and, given inflation, is now likely to exceed £2.75 Billion.
I was privileged to have led this transaction for TNG, with the invaluable assistance of my colleagues Nicholas Howard, Gemma Vasquez and Tania Rahmany.