MEFIC REIT also renewed the MoU on a usufruct right for a property in Jazan for 60 business days.
Middle East Financial Investment Co. (MEFIC Capital), in its capacity as the fund manager of MEFIC REIT Fund, announced updates regarding three conditional memoranda of understanding (MoUs) previously signed to study the acquisition of two properties in Jeddah and Makkah and a usufruct right for a property in Jazan.
In a statement to Tadawul, the fund manager said that an agreement has been reached with the different sellers as follows:
1) Jeddah Property: A Sale and Purchase Agreement (SPA) for real estate assets was signed on March 13, for the acquisition of a property located in Jeddah with a total area of 66,600 square meters, at a value of SAR 460 million with the consideration to be paid in-kind.
The procedures related to the agreement are to be completed within 90 business days, which may be extended by written agreement between the parties. The agreement is conditional upon fulfilling all required conditions, including but not limited to the following:
– Completion of the procedures to increase the total assets of the fund through the offering of additional units via the acceptance of in-kind contributions, which requires the approval of the fund’s board, the Capital Market Authority (CMA), and the unitholders.
– Completion of legal, technical, and financial due diligence on the real estate assets and addressing any observations therein in a manner satisfactory to the fund.
– Providing the fund with updated copies of licenses, regulatory certificates, and all lease agreements related to the real estate assets.
2) Makkah Property: A SPA for land subject to development was signed on March 13, for the acquisition of a property located in Makkah with a total area of 36,000 square meters at a total value of SAR 355 million, with the consideration to be paid in-kind.
The procedures related to the agreement are to be completed within 90 business days, which may be extended by written agreement between the parties. The agreement is conditional upon fulfilling all required conditions, including but not limited to the following:
– Completion of the procedures to increase the total assets of the fund through the offering of additional units via the acceptance of in-kind contributions, which requires the approval of the fund’s board, the CMA, and the unitholders.
– Completion of legal, technical, and financial due diligence on the land and addressing any observations therein in a manner satisfactory to the fund.
– Providing the fund with updated copies of the regulatory licenses and certificates related to the land, including but not limited to development permits and building permits.
3) Jazan Property: An agreement was reached to renew the term of the MoU for 60 business days starting from March 13, 2026. The term is renewable by written agreement between the parties in order to complete the study of the potential acquisition of a usufruct right for a property located in Jazan with a total area of 32,300 square meters.
MEFIC Capital expects that upon completion of the transaction and the increase in the fund’s total asset value, there will be a positive impact on the fund, noting that it will announce any subsequent developments in due course.
In November 2025, MEFIC REIT Fund announced that it signed three conditional MoUs for a period of 60 days with three different sellers. The MoUs aim to study the potential acquisition of two properties in Makkah and Jeddah and a usufruct right over a property in Jazan, Argaam data showed.
MEFIC REIT also renewed the MoU on a usufruct right for a property in Jazan for 60 business days.
Middle East Financial Investment Co. (MEFIC Capital), in its capacity as the fund manager of MEFIC REIT Fund, announced updates regarding three conditional memoranda of understanding (MoUs) previously signed to study the acquisition of two properties in Jeddah and Makkah and a usufruct right for a property in Jazan.
In a statement to Tadawul, the fund manager said that an agreement has been reached with the different sellers as follows:
1) Jeddah Property: A Sale and Purchase Agreement (SPA) for real estate assets was signed on March 13, for the acquisition of a property located in Jeddah with a total area of 66,600 square meters, at a value of SAR 460 million with the consideration to be paid in-kind.
The procedures related to the agreement are to be completed within 90 business days, which may be extended by written agreement between the parties. The agreement is conditional upon fulfilling all required conditions, including but not limited to the following:
– Completion of the procedures to increase the total assets of the fund through the offering of additional units via the acceptance of in-kind contributions, which requires the approval of the fund’s board, the Capital Market Authority (CMA), and the unitholders.
– Completion of legal, technical, and financial due diligence on the real estate assets and addressing any observations therein in a manner satisfactory to the fund.
– Providing the fund with updated copies of licenses, regulatory certificates, and all lease agreements related to the real estate assets.
2) Makkah Property: A SPA for land subject to development was signed on March 13, for the acquisition of a property located in Makkah with a total area of 36,000 square meters at a total value of SAR 355 million, with the consideration to be paid in-kind.
The procedures related to the agreement are to be completed within 90 business days, which may be extended by written agreement between the parties. The agreement is conditional upon fulfilling all required conditions, including but not limited to the following:
– Completion of the procedures to increase the total assets of the fund through the offering of additional units via the acceptance of in-kind contributions, which requires the approval of the fund’s board, the CMA, and the unitholders.
– Completion of legal, technical, and financial due diligence on the land and addressing any observations therein in a manner satisfactory to the fund.
– Providing the fund with updated copies of the regulatory licenses and certificates related to the land, including but not limited to development permits and building permits.
3) Jazan Property: An agreement was reached to renew the term of the MoU for 60 business days starting from March 13, 2026. The term is renewable by written agreement between the parties in order to complete the study of the potential acquisition of a usufruct right for a property located in Jazan with a total area of 32,300 square meters.
MEFIC Capital expects that upon completion of the transaction and the increase in the fund’s total asset value, there will be a positive impact on the fund, noting that it will announce any subsequent developments in due course.
In November 2025, MEFIC REIT Fund announced that it signed three conditional MoUs for a period of 60 days with three different sellers. The MoUs aim to study the potential acquisition of two properties in Makkah and Jeddah and a usufruct right over a property in Jazan, Argaam data showed.
