MIDI plc - Promise of Sale Agreements for Commercial Premises

On 22 December 2025, MIDI plc announced that it entered into promise of sale agreements with Basel Capital Limited, whereby MIDI plc and its fully owned subsidiary T14 Investments Limited promised to sell the temporary utile-dominium for the remaining period of the ninety-nine years that commenced in June 2000 over the eleven commercial premises which underlie the Pjazza Blocks as well as the building known as Unit T3, all situated at Tigné Point, Sliema. The promise of sale agreements are valid up to 30 April 2026.

The consideration for the sale amounts to €10.2 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 properties are currently leased out individually to third party tenants except for one which is being used as a sales office by MIDI. The current total annual rental income attributable to the properties amounts to €657,000.

The eleven commercial properties are currently hypothecated as security for repayment of MIDI’s €50 million bond which is due to mature in July 2026. MIDI explained that it intends to use the proceeds from the sale towards the redemption of the bond.