MIDI plc has entered into promise of sale agreements for the transfer of a number of commercial properties at the Tigné Point development in Sliema, with an agreed consideration of €10.2 million. The agreements were signed on 19 December 2025 with Basel Capital Limited by MIDI and its wholly owned subsidiary, T14 Investments Limited.
This marks the second disposal announced by MIDI this month. Earlier, the company disclosed a separate agreement for the sale of Fort Tigné to Joseph Portelli for €2.5 million.
Under the latest agreements, MIDI and T14 Investments have committed to transfer the remaining term of the temporary emphyteusis over 11 commercial units underlying the Pjazza Blocks, as well as the building known as Unit T3. 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 granted to MIDI by the Government of Malta. As a result, the properties remain subject to their respective share of the annual ground rent payable to the government and to other conditions contained in the original emphyteutical deed.
The €10.2 million consideration is payable in accordance with the terms set out in the agreements, with the final balance due upon the signing of the final deed of sale. The transaction is subject to a number of conditions precedent, and failure to satisfy these conditions will result in the lapse of the agreements without obligation on either party. The promise of sale will remain valid until 30 April 2026.
MIDI stated that all the properties are currently leased to third-party tenants, with the exception of one unit used as the company’s sales office. The properties generate total annual rental income of approximately €657,000, which will cease once the final deed of sale is concluded and the assets are removed from the group’s portfolio.
The company also noted that the properties are hypothecated in favour of CSB Trustees & Fiduciaries Limited, acting as security trustee for MIDI’s €50 million bond, which matures in July 2026. MIDI said it intends to apply 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 added that certain Capital Markets Rules do not apply to the transaction, which has been classified as a Class 1 transaction under the applicable regulations.
