MIDI to sell Fort Tigne lease to Joseph Portelli

MIDI plc has announced that on 16 December it entered into a promise of sale agreement with J. Portelli Projects Ltd to sell the lease for Fort Tigne.

The Property forms part of the land granted by the Government of Malta to MIDI by title of temporary emphyteusis for 99 years in virtue of a public deed of the 15 June 2000.

The deal includes Fort Tigne’, located at Tigne’ Point, Sliema and includes the surrounding grounds and a divided portion of land at basement level also at Tigne Point, referred to as an unloading bay, the announcement reads.

MIDI said that the consideration for the sale and acquisition of the Property is €2,500,000, payable in accordance with the terms of the agreement, with the final payment to be made on the final deed of sale.

“The Agreement is subject to a number of conditions precedent which need to be satisfied prior to the execution of a final deed of sale and transfer of the Property. In the event that these conditions are not satisfied, the Agreement will lapse and neither party will be bound to execute the final deed of sale.”

The Agreement shall remain valid and effective up to 30th April 2026.

MIDI said that no business is currently being carried on by, or through the use of the property.

“The property is currently not occupied by a tenant and hence no annual rental income is being received. Upon publication of the final deed of sale, the property will no longer from part of the company’s property portfolio and therefore no rental income will be received by the company in respect thereof. The company intends to apply the sale proceeds towards the redemption of the Company’s €50 million bond which is due in July 2026.”