MIDI plc has signed a promise of sale agreement to transfer the lease of Fort Tigné to J. Portelli Projects Ltd, a company owned by developer Joseph Portelli, for a total consideration of €2.5 million.

The agreement was signed on 16th December 2025 and the remaining period of the emphyteutic lease over the historic fort, which is located at Tigné Point, Sliema. The property includes Fort Tigné itself, its surrounding grounds and a designated basement-level unloading area.

The deal remains subject to a number of conditions that must be fulfilled before the final deed of sale can be signed. If these conditions are not met by 30th April 2026, the agreement will automatically lapse.

MIDI confirmed that no business is currently being operated from Fort Tigné. The property is unoccupied and is not generating any rental income.

The company also stated that the proceeds from the sale will be used to help fund the redemption of a €50 million bond, which is due to mature in July 2026.

Fort Tigné is an 18th-century fort that forms part of the wider Tigné Point development. While MIDI has restored the structure in recent years, the sale marks a shift in ownership and future responsibility for the historic site.

Further details on the future use of the fort are expected once the conditions of the agreement are fulfilled and the transfer is completed.