MIDI agrees to transfer T15 Building at Tigné Point for €5.5 million

MIDI p.l.c. has entered into a promise of sale agreement for the transfer of the T15 Building at Tigné Point for €5.5 million.

In a company announcement issued on 24 February 2026, MIDI said it had signed the agreement with The 540 Hub Ltd for the sale of the temporary utile dominium of the building, which is currently under construction.

The sale covers the remaining period of a 99-year temporary emphyteusis that commenced on 15 June 2000. The site forms part of land originally granted to MIDI by the Government of Malta under a public deed published on 15 June 2000.

As a result, the property will remain subject to its pro rata share of the annual ground rent payable to the government, as well as to the rights, obligations and conditions set out in the original emphyteutical deed.

The €5.5 million consideration will be paid in accordance with the terms of the agreement, with the balance due on publication of the final deed of sale.

The agreement is subject to a number of conditions precedent that must be satisfied before the final transfer is completed. Should these conditions not be met, the agreement will lapse and neither party will be bound to proceed.

The promise of sale will remain valid until 30 June 2026.

MIDI noted that the T15 Building is still under construction and is not generating rental income. Once the final deed is published, the property will no longer form part of the group’s portfolio.

The company said it intends to use the net proceeds from the sale to redeem its €50 million bond, which matures in July 2026.

Notary Sam Abela has been appointed to register the agreement with the Commissioner for Revenue.

MIDI added Capital Markets Rules 5.164.5, 5.164.8 and 5.164.9 do not apply to this transaction.