MIDI plc has signed a joint venture agreement for the development of a 14,000 square metre business centre on Pjazza Tigné at Tigné Point.

The joint venture called Mid Knight Holdings Limited was signed with Benny Holdings Ltd., a company owned by Mark Weingard, an international business entrepreneur and Malta resident.

Mr Weingard said the new business centre at Tigné Point would have all the makings of a world class development.

"Set within an outstanding environment, this iconic building is set to tap into the growing demand for high quality, centrally located office accommodation that Malta now commands. The ability to add a top notch commercial investment to my Malta portfolio was too good an opportunity to miss.”

The transfer of the site took place for an aggregate consideration of (€11,700,000) payable by the Joint Venture to the MIDI Group.

MIDI’s Board of Directors said that the development of the business centre required long-term capital resources and was best undertaken jointly with a strategic partner, in line with the company’s overall aims to ensure the best use of its existing capital resources.

Echoing Mr Weingard’s views, MIDI CEO Luke Coppini added: “Everything is now set to commence on this important component within the mixed-use development at Tigné Point. Mr Weingard brings a wealth of international experience to the project and we look forward to jointly bringing this much anticipated business centre to fruition.”