MIDI has completed the sale of 11 Tigné Point commercial outlets in Sliema and a building known as Unit T3 to Basel Capital Limited.
The €10.2 million deal was first announced in December, just days after the development consortium declared its intention to sell Fort Tigné to construction mogul Joseph Portelli for €2.5 million. He plans to turn that property into a hotel.
The consortium intends to use the proceeds of the recently finalised sale to redeem part of a € 50 million bond which matures on Monday.
The outlets are located under the Pjazza Blocks. The outlets and Unit T3 have been transferred to Basel Capital Limited for the remaining period of a 99-year emphyteutical grant agreed with the government in June 2000.
The sold properties are subject to a pro-rata share of the overall annual ground rent for the land outlined under the emphyteutical deed.
In a market announcement announcing the completion of the sale, MIDI noted that the final sale had been executed by notary Roderick Caruana. The consortium entered into the agreement together with its wholly-owned subsidiary T14 Investments Limited.
