MIDI to sell Fort Tigne to Joseph Portelli for €2.5 million

MIDI will sell Fort Tigne to Joseph Portelli’s company for €2.5 million after signing a promise of sale agreement on Tuesday.

The company announced the news in a statement on the stock exchange.

The agreement concerns Fort Tigne, the surrounding grounds and part of the Tigne Point car park. The agreed price is €2.5 million.

The property forms part of the land granted to MIDI by the government on a temporary emphyteusis for 99 years. J. Portelli Projects is buying the remaining period.

MIDI said it intends to apply the sale proceeds towards the redemption of its €50 million bond which is due in July 2026.

J. Portelli Projects said it plans to carry out a careful restoration and rehabilitation of Fort Tigne, with the aim of transforming the site into a high-end, low-density hotel. The project is intended to respect the character of the historic fort while ensuring a very low visual and environmental impact.

MIDI recently restored the 18th century fort, planning to use the space to host cultural and commercial activities.

Fort Tigne was originaly built in 1792 by the Order of St John to protect the entrance of Marsamxett from invading forces. Years later it fell into dereliction.