MIDI p.l.c. has entered into a promise of sale agreement to transfer the remaining term of the concession over Fort Tigné at Tigné Point, Sliema, to J Portelli Projects Ltd, in a transaction valued at €2.5 million.

The agreement, signed on 16 December 2025, covers the temporary utile-dominium for the remaining period of the original 99-year emphyteusis, which commenced in June 2000. The property includes Fort Tigné itself, the surrounding grounds, and a divided portion of land at basement level within Tigné Point used as an unloading bay.

Fort Tigné forms part of the land granted to MIDI by the Government of Malta under a temporary emphyteusis, and remains subject to the relevant terms, conditions, rights and obligations outlined in the original emphyteutical deed. This includes the property’s pro-rata share of the annual ground rent payable to the government.

Under the terms of the agreement, the €2.5 million consideration will be paid in stages, with the final payment due upon the execution of the final deed of sale. The promise of sale is subject to a number of conditions precedent which must be satisfied before the transfer can be completed. Should these conditions not be met, the agreement will lapse without either party being obliged to proceed.

The agreement remains valid until 30 April 2026.

MIDI confirmed that no business is currently being carried out from the property and that Fort Tigné is not occupied by a tenant, meaning no rental income is being generated. Upon completion of the sale, the property will be removed from MIDI’s portfolio. The company said it intends to apply the proceeds from the transaction towards the redemption of its €50 million bond, which is due to mature in July 2026.

Separately, J Portelli Projects said the acquisition forms part of its plans to restore and rehabilitate Fort Tigné, a historic landmark overlooking Marsamxett Harbour. The company said it intends to transform the site into a high-end, low-density hotel, while preserving the fort’s architectural and historical character.

According to J Portelli Projects, the proposed development will place strong emphasis on minimal visual and environmental impact, with a design approach that respects the fort’s heritage and its prominent location at Tigné Point.