Investment and property-holding company Central Business Centres plc (CBC) on Wednesday (today) announced a new €3.25 million unsecured callable notes issue, to be offered with zero coupon rate.

The issue date of the notes is expected to be 1st September 2024, or any earlier date according to the terms in the Offering Memorandum.

The notes to be issued shall be due for redemption on 31st August 2025, and are subject to early redemption should CBC opt to do so.

CBC also stated that the notes are being offered through an unlisted offer by the company, and therefore, “no application has been made, nor is it intended that an application be made,” for the notes to be admitted on a regulated market or other trading platform.

CBC, a sister company of Cortis Group, owns a number of properties that are then leased out to third parties. These include Central Business Centre Żebbuġ, Central Business Centre Gudja, Central Business Centre St Julians, Central Business Centre Valletta.

CBC plc interim financial results

Earlier this month, CBC also published its financial results for the first six months of 2024 (H1 2024), during which it reported a pre-tax profit of €243,012, a notable increase from the €178,704 recorded in the same period last year.

This was driven by an improvement in revenue, going up from €878,145 in H1 2023 to €1.1 million in H1 2024. Simultaneously, administrative expenses also increased to €152,782 (H1 2023: €98,849).

The company’s total assets as at the end of the reporting period amounted to €65.8 million, remaining relatively stable from 31st December 2023.

At the end of H1 2024, CBC had €41.7 million in total liabilities, with this figure mainly coming as a result of a bond that is already in issue, amounting to almost €30 million.

Last March, CBC entered into a promise of sale agreement for the eventual purchase of commercial property located at Central Business District, Birkirkara, with the intention of adding it to its asset base.

Additionally, development works for a new Lidl supermarket in Żebbuġ started in April, over six years after CBC, the company which owns the site, entered into a deal with Lidl Malta for the supermarket’s development.