Golden Triangle plc has officially been listed on the Official List of the Malta Stock Exchange (MSE) as of 4th July 2025. Trading in its €42 million secured bonds commenced on 7th July 2025.

The company, a joint venture between Malta’s International Hotel Investments plc (IHI) and Kuwait’s Action Real Estate Group, is focused on acquiring and developing prime real estate in the United States, with its initial investments concentrated in Beverly Hills, California. The venture forms part of a wider strategy by both groups to expand their footprint in high-value international real estate markets.

Interest on the 5.3 per cent secured bonds, which mature in 2030, began accruing from 27th June 2025, with the first interest payment scheduled for 4th July 2026. The bonds are backed by security over the acquired hotel and office properties in Beverly Hills and are further guaranteed by Gilded Triumvirate LP, the group’s British Virgin Islands-based holding entity.

Golden Triangle plc was incorporated specifically to finance the acquisition of three properties in Beverly Hills: The Maison 140 Hotel, the Mosaic Hotel, and an adjacent office block. These properties were acquired earlier this year, with the joint venture initially investing $41.75 million in February 2025 for the hotels, followed by the office block acquisition.

The bond issue proceeds have been allocated towards settling obligations related to these acquisitions, including €15.9 million to fund the office block purchase and €23.7 million for repayment of the vendor loan used to finance the hotel acquisitions. A further €1 million has been earmarked for general group operations, with €1.4 million allocated for general corporate funding.

The bond issue’s terms include security interests on the properties and a cash reserve of up to $3 million dedicated to renovation works on the Maison 140 Hotel. Additionally, the bonds are guaranteed on a joint and several basis by Gilded Triumvirate LP, which holds a 75 per cent equity stake in Golden Triangle plc, while IHI Bond Issuer BH Limited, a fully owned subsidiary of IHI plc, holds the remaining 25 per cent.

The company has disclosed that its revenue will primarily stem from intra-group loan repayments and is therefore dependent on the operational performance of its group entities in the United States. Key risks identified include foreign exchange fluctuations due to its exposure to the US dollar, concentration risk in the Californian real estate market, and broader geopolitical and economic conditions.