CF Estates Finance p.l.c. announces up to €12.5 million 5.65% Secured Bonds 2031-2036 

CF Estates Finance p.l.c. has announced the issuance of up to €12,500,000 5.65% Secured Bonds 2031-2036, with each bond having a nominal value of €100. The Bonds mature on 14 December 2036, with the Issuer having the option to redeem them early from 15 December 2031. The Bonds are guaranteed jointly and severally by CF Estates Ltd. and secured by a first-ranking special hypothec over the Meltemi Residence, held by a Security Trustee for the benefit of Bondholders. 

The Offer Period runs from 10 November 2026 to 27 November 2026, both days included. Find out more details in the Prospectus below. 

Business overview 

CF Estates Finance p.l.c. was incorporated in July 2022 as the finance arm of the CF Group, whose parent company and Guarantor, CF Estates Ltd., is owned in equal shares by Francis Agius, Clifton Cassar, Duncan Micallef and Stephen Falzon. The Group operates across hospitality, property rentals and real estate development in Malta, and reported a revenue of €40.4 million and total assets of €94.9 million for the year ended 31 December 2025. The Issuer already has €30 million 5% Secured Bonds 2028-2033 listed on the Malta Stock Exchange. 

This Bond Issue forms part of the Group’s strategy to refinance the bank loans on the Meltemi Residence, complete and furnish the project as a rental investment, refinance the site acquisition costs of three ongoing residential developments, and fund the continued growth of a diversified portfolio of income-generating assets. 

Overview of holdings

Levante, Scirocco and Mistral Hotels 

The Group owns three operational 3-star hotels in Paceville, St. Julian’s: the 19-room Levante Hotel, the 37-room Scirocco Hotel and the 51-room Mistral Hotel. All three are managed under the Meliá brand through a 15-year hotel management agreement with Meliá Hotels International S.A. and had registered average occupancy of between 76% and 79.7% in 2025. 

CF Business Centre 

Acquired in shell form in January 2021, the CF Business Centre in Paceville comprises eight floors of offices together with commercial and catering outlets at ground floor level. All of the approximately 3,241 sq.m. of office and catering space available for rent is currently subject to lease contracts. 

Meltemi Residence 

Being developed by CF Hotels Ltd. on a site in Paceville acquired in July 2023, the Meltemi Residence will comprise 25 units, including four maisonettes, 20 apartments and a penthouse, together with two offices, stores and garages. The project is complete in shell form and is being finished as a rental investment, with operations expected to start in the second quarter of 2027. It is the security property for the Bonds. 

Use of proceeds 

The proceeds from this Bond Issue will be advanced by the Issuer to the Guarantor and are expected to be applied as follows: 

• Approximately €4.28 million to refinance bank loans due by CF Hotels Ltd. to FCM Bank Limited, originally used to finance the site acquisition and part of the development costs of the Meltemi Residence; 

• Approximately €2.10 million to finance the completion, finishing and furnishing of the Meltemi Residence; 

• Approximately €2.02 million to refinance the site acquisition costs of three ongoing developments: Nova in Fgura, Arches in Santa Venera and Complex in Żejtun; and 

• The remaining balance of approximately €4.10 million, together with any residual amounts, for the general corporate funding purposes of the Group, including the expenses of the Bond Issue. 

Bond highlights 

Term	Detail
Issuer	CF Estates Finance p.l.c.
Guarantor	CF Estates Ltd.
Amount	Up to €12,500,000
Coupon	5.65%, payable annually on 14 December
Maturity	14 December 2036, callable by the Issuer from 15 December 2031
Status	Secured by a first-ranking special hypothec over the Meltemi Residence, guaranteed jointly and severally by the Guarantor
Denomination	€100 per bond
Issue Price	At par
Listing	Malta Stock Exchange

The minimum subscription amount is €5,000, with additional subscriptions accepted in multiples of €100. 

If the Issuer redeems the Bonds early, the redemption value per €100 Bond is €102.825 between 15 December 2031 and 14 December 2032, €101.4125 up to 14 December 2033, €100.70625 up to 14 December 2034, and €100 thereafter. 

Security package 

The Bonds are secured by a first-ranking special hypothec over the Meltemi Residence and a pledge of insurance, held by a Security Trustee for the benefit of Bondholders, together with a joint and several guarantee from the Guarantor. Key highlights of the security package include: 

• A first-ranking special hypothec granted by CF Hotels Ltd. over the Meltemi Residence in Paceville, St. Julian’s; 

• A property valuation of €12,730,000 in its existing state as of 31 August 2026, and an estimated €13,230,000 once development is completed; 

• A pledge over the contractors’ all risks insurance policy on the Meltemi Residence; and 

• A joint and several guarantee from CF Estates Ltd., covering both interest and the Redemption Value. 

The security package is intended to provide bondholders with additional protection through security granted over a key Group asset, together with the Guarantor’s joint and several guarantee. Completion funds of approximately €2.1 million are retained by the Security Trustee and released only against invoices for works on the Meltemi Residence. 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.

There are no application fees associated with subscribing to this Bond Issue.

Customers may apply through the following channels:

Online

Applications can be submitted through the Moneybase platform, available on iOS, Android and web. To apply, search for the bond within the platform and complete your application in a few steps. 

5.65% CF Estates Secured Bonds 2031-2036

Advisory

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Support team is available 7 days a week. Get in touch via in-app live chat or by calling +356 25 688 688.   

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable offering documentation in full before making any investment decision.  Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer.  

The financial instruments referred to herein are intended for retail clients; however this is a complex product which may not be suitable or appropriate for all investors.

Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance.  

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.  

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370. The company is a subsidiary of Calamatta Cuschieri Moneybase plc and is registered at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta.