MIDI plc has entered into a promise of sale agreement to transfer the T15 Building at Tigné Point, Sliema, in a deal valued at €5.5 million, according to a company announcement issued on Tuesday (yesterday).

The agreement, signed with The 540 Hub Ltd, covers the remaining term of the temporary utile-dominium linked to the original 99-year emphyteusis granted by the Maltese Government in June 2000. The T15 Building is currently under construction and had secured planning permission last year as an office block.

It is located between the The Point Shopping Centre and the public garden. LOM architecture & design, the designers of the building, previously said that the development will offer "1,400 sqm of flexible space across 4 floors, with retail & F+B at ground level opening onto the new public realm. Its stepped form creates spacious terraces for office tenants, while a landscaped roof terrace serves as a fifth elevation from surrounding apartments."

The company said the transaction is subject to several conditions precedent and will remain valid until 30th June 2026. If these conditions are not satisfied, the agreement will lapse without either party being obliged to conclude the final deed of sale.

MIDI confirmed that net proceeds from the sale are intended to be used towards the redemption of its €50 million bond maturing in July 2026.

The company also noted that the T15 Building is still under construction and therefore currently generates no rental income, making the disposal a strategic move as the group reshapes its portfolio ahead of the upcoming repayment deadline.

Latest step in broader asset reshuffle

The T15 transaction follows another significant disposal announced in December 2025, when MIDI entered into a promise of sale agreement for Fort Tigné at Tigné Point to J. Portelli Projects Ltd, owned by Joseph Portelli.

That agreement covers the transfer of the remaining term of the temporary utile dominium over the historic fort, its surrounding grounds and an unloading bay within the development, also stemming from the original 99-year concession granted in 2000. Mr Portelli had told this newsroom that he plans to develop a high-end luxury hotel at the place of the fort. 

The final deed of sale for the T15 Building is expected to be signed once all conditions outlined in the agreement are met. Until then, the property remains part of MIDI’s portfolio.