Interesting case.. and JAR-OPS...
The PAPI system primary function is to assist visual glide slope guidance in non-precision approaches environment.
The PAPI at 2.73 shown on the AIP, is not coincident with the GPA of 3.34 shown on the plate, but is not reflected on the plate as a situational awareness warning.
With the increased GPA and MDA, the procedure design on the plate is certainly aware of the obstacle, (which actually may be an AAO (Assumed Adverse Obstacle for the over water approach, rather than the ILS for the other runway)
The PAPI system should be re-aligned accordingly. (unless you are baro-vnav and it is -30 C degrees out
)
In the meanwhile, the plate should reflect the message that "PAPI and GPA are not coincident."
At least you are in the white.