Agora Estates p.l.c. has announced the issuance of up to €20,000,000 5.75% Secured Bonds redeemable in 2038, with each bond having a nominal value of €100 and being redeemable at par upon maturity. The Bonds are secured by a first-ranking special hypothec over five Group properties forming part of the Secured Asset, held by a Security Trustee for the benefit of Bondholders.
The Intermediaries’ Offer runs from 8 October 2026 to 30 October 2026 at 12:00 CET and may close earlier if fully subscribed.
Find out more details in the Prospectus below.
Business overview
Agora Estates p.l.c. was incorporated in April 2019 as the holding and finance company of the Group, which is ultimately owned by James Zammit, whose entrepreneurial track record spans the automotive, lending and property sectors in Malta. The Group identifies, acquires, develops and manages commercial and residential property in Malta, with a portfolio of eleven commercial properties and one residential property valued at approximately €64.4 million as of 31 December 2025.
This Bond Issue forms part of the Group’s strategy to refinance its 2025 and 2026 Notes, part-finance the acquisition and development of the Fair Deal Commercial Property and the Żebbuġ Garden Centre, complete an additional office level at Agora Business Centre, and fund the continued growth of a diversified portfolio of income-generating assets.
Overview of holdings
Agora Business Centre
The Group’s largest leased property, the Agora Business Centre in Msida, is an office block with a gross floor area of approximately 5,125sqm, comprising offices, a cafeteria and parking. Except for the space occupied by the Issuer and a related company, it is leased to third parties on ten-year agreements, the first five years being fixed. Planning approval has been granted for an additional floor, with works projected to take place between 2026 and 2027.
Agora Retail Centre
Acquired in February 2022, the Agora Retail Centre on Mdina Road, Żebbuġ, comprises three levels of retail space together with warehousing and parking levels. The property is fully occupied by third-party tenants, mainly on ten-year lease agreements with the first five years being fixed.
De Rohan Business Centre
Located on Mdina Road, Żebbuġ, the De Rohan Business Centre has been developed into a ground floor showroom, offices and four levels of underground parking, with construction completed in January 2026 and finishing works expected to complete by end of 2026. The two office levels, the ground floor and one parking level, have been leased to a single tenant for 15 years from July 2026.
Use of proceeds
The net proceeds from this Bond Issue, estimated at approximately €19,300,000, are expected to be applied as follows:
- Up to €5.3 million to purchase the Company’s 2025 Notes from 2025 Noteholders for cancellation by way of an Existing Notes Transfer, and to redeem any 2025 Notes remaining in issue;
- Up to €1.0 million to purchase the Company’s 2026 Notes from 2026 Noteholders for cancellation by way of an Existing Notes Transfer, and to redeem any 2026 Notes remaining in issue;
- Up to €2.15 million to be granted as a loan to Zammit Estates to part-finance the acquisition, construction and finishing of the Fair Deal Commercial Property in Żebbuġ;
- Up to €3.0 million to part-finance the acquisition of the Żebbuġ Garden Centre, of which €2.0 million will be held by the Security Trustee until a €2.0 million equity injection by the Group’s ultimate beneficial owner has been made;
- Up to €0.6 million to be granted as a loan to Zammit Estates to cover the development and finishing costs of the additional level at Agora Business Centre;
- Up to €0.75 million to settle balances owed by Time and Life Limited to MeDirect Bank (Malta) p.l.c.; and
- The remaining balance of approximately €6.5 million to be advanced as a loan to Zammit Estates for general corporate funding.
Bond highlights
| Term | Detail |
| Issuer | Agora Estates p.l.c. |
| Security Trustee | CSB Trustees & Fiduciaries Limited |
| Amount | Up to €20,000,000 |
| Coupon | 5.75%, payable annually on 13 November |
| Maturity | 13 November 2038 |
| Status | Secured by a first-ranking special hypothec over five Group properties and a pledge of insurance |
| Denomination | €100 per bond |
| Issue Price | At par |
| Listing | Malta Stock Exchange |
The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100.
Security package
The Bonds are secured by a first-ranking special hypothec over the Secured Asset and a pledge of insurance, held by a Security Trustee for the benefit of Bondholders. Key highlights of the security package include:
- A first-ranking special hypothec granted by J. Zammit Estates Limited over five properties: the Daikin Showroom, the Fair Deal Commercial Property, the Ħandaq Warehouse, Vale View and the Żebbuġ Garden Centre;
- Secured properties with an aggregate value of circa €23,280,000, based on the valuation reports dated 18 September 2026;
- A pledge of insurance in relation to J. Zammit Estates Limited; and
- A reserve account funded through annual contributions, which must reach at least 30% of the outstanding Bonds by the fifth anniversary of the Issue Date and at least 75% by the Redemption Date.
The security package is intended to provide bondholders with additional protection through security granted over key Group assets, together with a reserve account built over the term of the Bonds.
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.
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. Clients can get in touch via in-app live chat or by calling on +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, they 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.
