MIDI plc - Promise of Sale Agreement for Fort Tigné

On 16 December 2025, MIDI plc announced that it entered into a promise of sale agreement with J. Portelli Projects Ltd, whereby MIDI plc promised to sell the temporary utile-dominium for the remaining period of the ninety-nine years that commenced in June 2000 over the property known as Fort Tigné in Sliema, including the surrounding grounds and a divided portion of the basement level at Tigné Point referred to as the unloading bay. The promise of sale agreement is valid up to 30 April 2026.

The consideration for the sale amounts to €2.5 million with the payment to be made on the final deed of sale. The agreement is subject to several conditions which need to be satisfied prior to the final deed of sale.

The company noted that the property is currently not occupied by a tenant and hence no annual rental income is being received. MIDI explained that it intends to use the proceeds from the sale towards the redemption of the €50 million bond due in July 2026.