Logo of MEFIC REIT Fund
MEFIC Capital, the fund manager of MEFIC REIT, announced that the increase in the fund’s total asset value has been revised to SAR 770.89 million, from SAR 834.8 million. 
The update came after reducing the acquisition consideration for the property in Makkah from SAR 355 million to SAR 302 million, and lowering the cash consideration for the acquisition of the property in Jeddah while increasing the in-kind consideration.
In a statement to Tadawul, the company said negotiations with the seller of the property in Makkah, consisting of a land plot to be developed, with a total area of approximately 36,000 square meters, had been completed. The negotiations resulted in an agreement with the seller to reduce the acquisition value of Makkah property to SAR 302 million, excluding real estate transaction tax, compared with the previous acquisition value of SAR 355 million, excluding real estate transaction tax.
This would have a positive impact on the fund’s financial position and total asset value, while the acquisition value of Makkah property will be covered through the issuance of in-kind units to the seller worth SAR 302 million, the statement added.
The fund manager also indicated that an agreement had been reached with the sellers of Jeddah and Makkah properties to amend the relevant sale and purchase agreements.
Logo of MEFIC REIT Fund
MEFIC Capital, the fund manager of MEFIC REIT, announced that the increase in the fund’s total asset value has been revised to SAR 770.89 million, from SAR 834.8 million.
The update came after reducing the acquisition consideration for the property in Makkah from SAR 355 million to SAR 302 million, and lowering the cash consideration for the acquisition of the property in Jeddah while increasing the in-kind consideration.
In a statement to Tadawul, the company said negotiations with the seller of the property in Makkah, consisting of a land plot to be developed, with a total area of approximately 36,000 square meters, had been completed. The negotiations resulted in an agreement with the seller to reduce the acquisition value of Makkah property to SAR 302 million, excluding real estate transaction tax, compared with the previous acquisition value of SAR 355 million, excluding real estate transaction tax.
This would have a positive impact on the fund’s financial position and total asset value, while the acquisition value of Makkah property will be covered through the issuance of in-kind units to the seller worth SAR 302 million, the statement added.
The fund manager also indicated that an agreement had been reached with the sellers of Jeddah and Makkah properties to amend the relevant sale and purchase agreements.
