MIDI plc has completed the sale of a portfolio of income-generating commercial properties at Tigné Point for €10.2 million as the company continues to dispose of assets to meet its financial obligations and prepare for the conclusion of its operations.
The company announced that it has executed the final deed transferring 11 commercial outlets beneath the Pjazza residential blocks, together with Unit T3, previously used as its sales office, to Basel Capital Ltd.
The transaction completes a promise of sale first announced in December last year and represents another step in MIDI’s strategy of converting property assets into cash following the government’s decision to terminate its Manoel Island concession.
The commercial properties had been generating approximately €657,000 in annual rental income. With the sale now concluded, that recurring revenue stream will be lost, further reducing the company’s portfolio of income-producing assets.
MIDI confirmed that the net proceeds from the transaction will be “partially applied” towards redeeming its €50 million bond, which matures next week.
The wording is significant as it confirms that the €10.2 million disposal represents only part of the funding required to repay bondholders ahead of next week’s maturity date.
The properties sold form part of the land originally granted to MIDI by the government under a 99-year temporary emphyteutic concession dating back to June 2000. The purchaser assumes the remaining rights and obligations attached to that concession, including the payment of the proportionate annual ground rent due to the government.
The latest disposal follows a dramatic year for the company.
Earlier this year, MIDI reported a record €42 million loss for 2025 after reaching an agreement with the government to surrender the Manoel Island concession, effectively bringing to an end one of Malta’s largest development projects. The company told shareholders that following the settlement, it was expected to wind down its operations once its remaining assets and liabilities were settled.
The government settlement provided MIDI with tens of millions of euro in compensation, enabling it to address its outstanding financial commitments.
The latest property sale adds a further €10.2 million to the company’s liquidity, although at the cost of relinquishing another steady source of rental income.
