Updated 7pm with Portelli statement
Joseph Portelli is quitting CF Estates after he secured a €6.65 million exit deal with the company’s remaining shareholders.
The real estate company’s parent firm, CF Estates Finance, released a statement on Tuesday announcing that its board of directors and shareholders have mutually agreed to cancel Portelli’s 1,892,460 Ordinary A shares of a nominal value of €1.00. This represents 30 per cent of the company’s issued share capital.
For these shares, Portelli will receive €6.65 million through “monetary and in-kind consideration”, which represents 30 per cent of the enterprise value of CF Estates as of September 30, 2025. This means that he will not only be getting cash but will also likely receive other assets to make up the €6.65 million.
The remaining four shareholders have agreed to replace the shares that were cancelled by buying new shares totalling that exact same amount of €1,892,460.
The shareholders have also agreed to repay the €6.65 million that the company paid to Portelli “as soon as practicable” so that the company’s value remains the same.
The other shareholders include Stephen Falzon, Clifton Cassar, Duncan Micallef, and Frank Agius.
Portelli: ‘I want to focus on businesses I fully own’
When contacted, a spokesperson for Portelli confirmed that the mogul was exiting both CF Estates and its parent firm, CF Estates Finance.
“At this point in my life, I want to create more space for businesses I fully own or have a larger stake in, as I also begin to focus more deliberately on estate planning for my children,” Portelli said.
CF Estates is a real estate and property development firm. According to its website, the company has six projects in the pipeline due for completion in 2026 or 2027.
The company is part of a broader group owned by its parent company. It plays a key role the parent company’s activities as it serves as a guarantor for a €30 million bond the company issued in 2022.
That bond is secured against various properties owned by the group. In September, the company reevaluated its properties and subsequently removed one of its hotels, the Levante Hotel owned by subsidiary Ratcon Ltd, from the hypothec applicable to the bond.
