Central Business Centres launches €16.75m bond tranche as profit climbs

Central Business Centres plc has set the final terms for the second tranche of its €30 million bond programme, offering up to €16.75 million in 5.9% unsecured callable bonds redeemable between 2031 and 2036.

The company established the programme under a base prospectus dated 23 October 2025. The first tranche, issued last year, raised €13.25 million in 5.7% callable bonds.

Holders of the company's 2017 bonds who are on the register as at 3 September 2026 may exchange their securities for an equivalent nominal amount of the new bonds. Trading in the existing bonds was suspended after 1 September to facilitate the exchange process.

If fully subscribed, the second tranche brings the total programme to the planned €30 million.

Alongside the bond move, Central Business Centres reported first-half revenue of €1.61 million, up from €1.42 million in the same period of 2025. Operating profit rose to approximately €1.30 million from €1.20 million, despite administrative expenses increasing to €305,787.

A fair-value gain on investment property of €2.59 million significantly boosted the bottom line. Finance costs increased to €966,224 from €820,763, while finance income stood at €21,983.

Profit before tax reached €3.03 million, compared with €393,802 a year earlier. After a tax charge of €2.37 million, profit after tax was €660,865, up from €365,254. Earnings per share rose to 2.64 cents from 1.46 cents.

The results and the bond offering give investors a clearer picture of the company's financial health and its strategy for raising long-term capital. The property gain suggests valuation uplifts in the commercial real estate market, but higher finance costs also signal the burden of debt servicing.

For investors, the callable feature and exchange option introduce specific risk and reward dynamics. The 5.9% coupon on the new bonds reflects the current interest rate environment and the company's credit profile.