Mediterranean Investments Holding (MIH) plc has fully redeemed its unlisted €11 million bond, issued in September 2020, upon reaching its maturity.

The successful completion of this redemption underscores the company’s solid financial footing and ongoing commitment to prudent fiscal management, transparency, and investor confidence, the company said in a statement.

“Since its inception, MIH has built a solid track record through the ownership, development, and management of landmark real estate assets,” it continued.

“The full redemption of this bond further reinforces the company’s proven ability to meet its obligations while continuing to grow its portfolio and deliver sustainable value to its shareholders and partners.”

Mediterranean Investments Holding was set up in 2005 to develop and operate real estate in North Africa. CPHCL Company, which also owns the Corinthia brand of hotels, owns a 50 per cent shareholding in the company.

Another 40 per cent is owned by Kuwait’s National Real Estate Company, while the remaining 10 per cent is owned by Libya Projects General Trading And Contracting Company.

The company operates Palm City Residences, a gated community on 171,000 sqm of land in Janzour, Libya. The complex, situated “close to Tripoli, but secluded”, includes 413 residential units and a host of amenities, including retail shops, a laundry, a health clinic, catering outlets, and numerous gym and sport facilities.

The units are typically rented out to NGOs, oil and energy companies, embassies, and Government-related entities.