Property developer Joseph Portelli is set to exit CF Estates following a €6.65 million agreement with the company’s remaining shareholders, according to a company announcement issued by CF Estates Finance.

The parent company confirmed that its board of directors and shareholders have mutually agreed to cancel Portelli’s 1,892,460 Ordinary A shares, representing 30% of CF Estates’ issued share capital. The shares carry a nominal value of €1.00 each.

In return, Portelli will receive €6.65 million through a combination of monetary and in-kind consideration. The amount reflects 30% of the enterprise value of CF Estates as at 30 September 2025, meaning the settlement is expected to include both cash and other assets.

To preserve the company’s capital structure, the remaining shareholders have agreed to replace the cancelled shares by subscribing to new shares totalling the same amount of €1,892,460. They have also committed to repaying the €6.65 million paid out by the company “as soon as practicable”, ensuring the transaction does not alter the company’s overall valuation.

The remaining shareholders are Stephen Falzon, Clifton Cassar, Duncan Micallef and Frank Agius.

Commenting on his decision, Portelli told Business Picture that his exit was motivated by a desire to simplify his business interests and concentrate on companies in which he holds full ownership or a larger controlling stake.

“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 company with six projects currently in the pipeline, all expected to be completed in 2026 or 2027.