MIDI plc has entered into a promise of sale agreement for the transfer of Fort Tigné at Tigné Point, Sliema, to J. Portelli Projects Ltd, a company owned by entrepreneur Joseph Portelli.

The agreement, dated 16th December 2025, provides for the sale of the remaining term of the temporary utile dominium over Fort Tigné, forming part of the original 99-year temporary emphyteusis granted by the Government of Malta to MIDI in June 2000.

The property includes the historic fort, its surrounding grounds, and a divided portion of land at basement level used as an unloading bay, all located within the Tigné Point development.

The consideration for the transaction has been set at €2.5 million, payable in accordance with the terms of the agreement, with the final payment due upon publication of the final deed of sale.

The property remains subject to its pro-rata share of the annual ground rent payable to the Government of Malta, as well as all rights, obligations, conditions and restrictions arising from the original emphyteutical deed.

The agreement is also subject to a number of conditions precedent which must be satisfied prior to the execution of the final deed. Should these conditions not be met, the agreement will lapse and neither party will be obliged to proceed with the transaction.

The promise of sale will remain valid until 30th April 2026.

MIDI confirmed that no business is currently being carried out from the property and that it is not leased, meaning no rental income is presently being generated. Following completion of the sale, Fort Tigné will be removed from the company’s property portfolio.

The company stated that the proceeds from the sale are intended to be applied towards the redemption of its €50 million bond, which is due to mature in July 2026.