MIDI sells more of Tigne Point for €10.2 million

MIDI plc has announced that it has entered into promise of sale agreements with Basel Capital Limited for the transfer of a number of commercial properties forming part of the Tigné Point development in Sliema.

This is the second promise of sale MIDI signed this month. Last week, it announced that it will be selling Fort Tigne to Joseph Portelli for €2.5 million.

In a company statement, MIDI said the agreements were signed on 19 December 2025 by the company and its wholly owned subsidiary, T14 Investments Limited. Under the agreements, the two entities have committed to sell the remaining term of the temporary emphyteusis over 11 commercial premises underlying the Pjazza Blocks, together with the building known as Unit T3 at Tigné Point.

The properties are held under a 99-year temporary emphyteusis that commenced on 15 June 2000, following a public deed through which the land was originally granted to MIDI by the Government of Malta. As a result, the properties remain subject to their pro-rata share of the annual ground rent payable to the government, as well as other conditions arising from the original emphyteutical deed.

The agreed consideration for the transaction amounts to €10.2 million, payable in line with the terms set out in the agreements, with the final balance due upon the signing of the final deed of sale. The agreements are subject to a number of conditions precedent, and if these are not met, the transaction will lapse with neither party being obliged to proceed. The promise of sale will remain valid until 30 April 2026.

MIDI said the properties are currently leased to third-party tenants, with the exception of one unit that is being used as a sales office by the company. The total annual rental income generated from the properties currently stands at €657,000. Once the final deed of sale is concluded, the properties will be removed from the group’s portfolio and the associated rental income will cease.

The statement also noted that the properties are currently hypothecated in favour of CSB Trustees & Fiduciaries Limited, acting as security trustee for MIDI’s €50 million bond, which is due to mature in July 2026. MIDI said it intends to use the net proceeds from the sale towards the redemption of this bond.

Notary Roderick Caruana has been appointed to register the promise of sale agreements with the Commissioner for Revenue. MIDI clarified that certain Capital Markets Rules are not applicable to the transaction, classifying it as a Class 1 transaction under the relevant regulations.