BBT Group, a joint venture composed of four major Maltese businesses, has announced a €25 million secured bond issue, in part to finance a new mall in Burmarrad.

The bonds bear interest of 5.4 per cent a year and will be redeemable between 2032 and 2036.

The first €7 million of the proceeds from the bond issue will be used to repay the shareholder loan due to TUM as part consideration on the acquisition of land in the Nigret area of Żurrieq.

The next €15 million will be used to part-finance the development and construction of a new shopping mall project in Triq Burmarrad on the site formerly used by the Burmarrad Commercials Group for its vehicle operations.

The shopping mall will be built on the former Burmarrad Commercials Group site

Last year, planning permits were obtained for a major project on the site, including a shopping mall, a supermarket, catering establishments, offices, and four levels of parking.

The final €2.4 million of the bond proceeds will be used to finance general corporate funding requirements of the Group. 

BBT Group was formed in 2022 by four Maltese entities – TUM Invest, BT Group, Burmarrad Group and the V&C Group.

Besides the Burmarrad site, it owns and operates several commercial real estate assets, including The Watercourse and San Gwakkin Mrieħel, CenterParc shopping centre in Qormi, and the Calypso Hotel in Marsalforn, Gozo.