MIDI appoint Jefferies as financial advisor on Manoel Island project

MIDI appoint Jefferies as financial advisor on Manoel Island project to prepare business and costing plan for its project

File photo shows a rendition of the Manoel Island project by architects Dowling Jones Stone
File photo shows a rendition of the Manoel Island project by architects Dowling Jones Stone

The developers of Tigné Point and Manoel Island has appointed Jefferies International Limited as financial adviser for the purposes of identifying and selecting a suitable strategic partner to financially support the development of Manoel Island.

MIDI plc had engaged PwC Global’s Strategy& as a consultant for the Manoel Island project together with Foster + Partners to draw up a conceptual masterplan for this project, to finally prepare a business and costing plan for the project.

The company had been searching for third parties willing to express an interest in the 99-year concession.

MaltaToday had reported that a prominent Maltese consortium made an offer for €110 million, as well as an additional €23 million that MIDI has yet to pay the Maltese government – but the offer was was turned down when the MIDI owners informed the interested buyer they would alter the asking price, reportedly at €145 million.

MIDI denied the price tag, making the announcement in a company statement to avoid the establishment of a false market in the company’s securities.

Until six years ago, MIDI was considering turning Fort Manoel into a 55-suite boutique hotel, and turn the former military parade ground into a concert venue. Plans also included a ‘marina village’ of low-rise residential units, projected to sell at roughly the same price as Tigné Point’s more expensive apartments. 

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