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Established as a property development company, operating principally within the real estate and property market, Central Business Centres p.l.c.’s (“CBC”) key objectives are to carry on the business of a finance, investment, property development and property-owning company, while it also oversees the financing or refinancing of its subsidiaries or associated companies’ funding requirements.
Over the years, CBC has purchased and developed a number of business centres which it currently operates. Consisting of office space and car park facilities, these are located in Zebbug, Gudja and St. Julian’s, most of which enjoy a 100% occupancy. In addition, the company is also restoring and renovating the dilapidated Villa Fieres, situated immediately next to and down the slope from the St. Julian’s parish church, with the aim to transform the property from a residential villa to a restaurant.
With its core business being that of the acquisition and subsequent immovable property, CBC sought to expand its current portfolio of properties. Demand for the rental of commercial property is robust, particularly due to the fact that Malta’s economy is largely based on the services sector, thus rendering quality commercial space increasingly attractive particularly to employers wishing to enhance their professional image. As a result, CBC aimed to purchase additional property in Valletta, namely the property that is known as the Savoy Shopping Complex.
Calamata Cuschieri structured a €21,000,000 bond issue in order to generate the ideal cashflow needed for CBC to achieve its goals. The proceeds from the Bond Issue were used to purchase the property in Valletta and repay bonds issued in 2014.
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