Projects curretly being developed abroad by the Corinthia Group have a total value of over €850 million.

The Group this morning issued this artist's impression of the Medina Tower, which will be the second Corinthia property in the heart of Tripoli which will be a mixed-use development including shops, offices and residences. The group is also involved in a hotel project in Benghazi and a village for expatriates in Jazour, outside Tripoli.

The group last week announced the issue of a €15 million nine-year bond bearing an interest rate of 6.25% per annum. They are redeemable in 2019 but may be redeemed earlier, as from 2016 at the issuer’s option.

The net proceeds will be principally used to redeem the outstanding amount of the 6.5% bonds which mature on 8th April 2010, and amounts to €14,273,700.

The Group is currently engaged in developing and completing projects in Libya, London and in St Petersburg Russia.

The £270 million Corinthia Hotel in London is one of the biggest projects of its kind being carried out in the city. The development, which is only a few months away from completion, sits on a 40,000 square metre prime site straddling Northumberland Avenue and Whitehall Place, with panoramic views over Trafalgar Square, the River Thames and all of the major sights of Westminster.

The project will feature a 300-bedroom luxury hotel, having the largest bedrooms in London and including 45 suites. The project is being hailed as the first new grand hotel in London for the 21st century.