MIDI plc has signed a promise of sale agreement to dispose of its unfinished T15 Building at Tigné Point for €5.5 million, as the company continues efforts to generate liquidity ahead of a major bond repayment deadline.

In a company announcement issued on Tuesday, MIDI confirmed that it entered into an agreement with The 540 Hub Ltd for the transfer of the remaining period of a 99-year temporary utile-dominium lease originally granted by the government in June 2000.

The T15 building, which received planning approval last year, represents the final component of MIDI’s masterplan for Tigné Point. Located between The Point Shopping Centre and a public open space adjacent to the historic gun battery, the block is designed to provide approximately 1,400 square metres of flexible space spread across four floors. Plans indicate retail and catering outlets at ground level, with upper floors designated for commercial use and a landscaped roof terrace.

The transaction remains highly conditional and is valid until 30 June 2026.

MIDI stated that the net proceeds from the sale will be directed towards the redemption of its €50 million bond, which is set to mature this summer. The divestment forms part of a broader strategy by the company to streamline its asset portfolio and reinforce its financial position.

Public records show that The 540 Hub Ltd is a recently incorporated Maltese entity owned by Panama-based Echelon Investments. The company lists Karl Diacono and Zamir Magomedovich Abdullaev as directors.

The T15 sale follows other ongoing asset disposals. MIDI is also bound by a promise of sale agreement to transfer Fort Tigné to developer Joseph Portelli for €2.5 million, a project that has attracted public attention.

Meanwhile, discussions between MIDI and the government regarding the future of its Manoel Island concession remain ongoing. The government has indicated its intention to convert the site into a national park following sustained public campaigning.

With bond maturity approaching, MIDI’s asset sales signal a continued focus on liquidity management and capital structure adjustment as it navigates a transitional period for its development portfolio.