MIDI completes sale of Tigné Point commercial properties

MIDI plc has completed the sale of 11 commercial premises and Unit T3 at Tigné Point, Sliema, finalising a transaction first announced in December 2025.

The company said the final deed of sale was signed on Tuesday before Notary Roderick Caruana, completing the transfer of the properties to Basel Capital Ltd.

The transaction follows a promise of sale and purchase agreement entered into on 19 December 2025, between MIDI, its wholly owned subsidiary T14 Investments Ltd and Basel Capital.

The properties comprise 11 commercial premises beneath the Pjazza Blocks and the building known as Unit T3.

They form part of the land granted to MIDI by the government under a 99-year temporary emphyteusis that commenced on June 15, 2000. As such, the properties remain subject to their proportionate share of the annual ground rent payable to the government, together with the rights, obligations and conditions attached to the original emphyteutic deed. The concession has since been rescinded and the Manoel Island retuned to the state.  

MIDI said part of the net proceeds from the sale of the 11 commercial properties will be used to redeem its €50 million bond, which matures on 27 July 2026.

The company did not disclose the value of the transaction in its latest announcement.

In December, MIDI had announced the sale of the properties for €10.2 million, subject to the fulfilment of conditions contained in the promise of sale agreement.