Real estate consortium MIDI p.l.c. is offloading its unfinished T15 Building at Tigné Point, as it continues to strip its property portfolio to generate cash flow as a major bond repayment deadline looms.
In a company announcement released Tuesday, MIDI said it has signed a promise of sale agreement with The 540 Hub Ltd for €5.5 million. The deal entails the transfer of the remaining period of a 99-year temporary utile-dominium lease on the T15 Building, originally granted by the government in June 2000.
The T15 building was granted planning permission last year and is the final part of MIDI’s masterplan for Tigne Point. The block sits between The Point Shopping Centre and a public open area by the area’s gun battery. A brief provided by architectural firm Lom Studio last year stated that the block will provide 1,400 square metres of flexible space across four floors, with shops and restaurants at ground level and a landscaped roof terrace.
The transaction is valid until June 30, 2026 and highly conditional. MIDI said net proceeds from the sale will be funnelled toward the redemption of a €50 million bond that will mature this summer.
Public filings indicate that The 540 Hub is a newly incorporated Maltese firm owned by a Panama-based entity, Echelon Investments. It lists two Maltese residents, Karl Diacono and Zamir Magomedovich Abdullaev, as its directors.
MIDI’s €5.5 million sale of the T15 building is part of a wider, urgent divestment strategy by the consortium. The company is already locked into a promise of sale to hand over the historic Fort Tigne to developer Joseph Portelli for €2.5 million, paving the way for a controversial boutique hotel project.
Meanwhile, MIDI’s primary growth engine, its Manoel Island concession, remains paralysed as negotiations with the government to return its lease on the site to the state continue.
The government has said it wants to convert the site into a national park, following an intense public campaign.
