MIDI plc - Promise of Sale Agreement for T15 Building

On 24 February 2026, MIDI plc announced that it entered into promise of sale agreements with The 540 Hub Limited, whereby MIDI plc promised to sell the temporary utile-dominium for the remaining period of the ninety-nine years that commenced in June 2000 of the building under construction known as the T15 Building situated at Tigné Point, Sliema. The promise of sale agreement is valid up to 30 June 2026.

The consideration for the sale amounts to €5.5 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 under construction and hence no rental income is accruing from it.

MIDI explained that the net proceeds from the sale will be applied towards the redemption of the €50 million bond which is due to mature in July 2026.