MEFIC REIT signs 3 memorandums of understanding to acquire ownership and interest in real estate
The Middle East Financial Investment Company (MEFIC Capital), as the manager of the MEFIC REIT Fund, concluded 3 conditional memorandums of understanding with 3 different sellers last Thursday.
The company said in a statement on its website "Saudi Arabia trading": The agreements; For the purpose of discussing and studying the possibility of the Fund acquiring the ownership of two properties in the Holy City of Makkah and the City of Jeddah, and the right to usufruct a property in the City of Jazan, as follows: An estimated 36 thousand square metres.
3- Concluding a memorandum of understanding regarding studying the possibility of acquiring the usufruct right of a property located in the city of Jazan with a total area estimated at 32,293 thousand square metres.
MEFIC Capital, after fulfilling the regulatory requirements, conducting due diligence legal, financial and technical examinations, and ensuring the safety and authenticity of the properties, will conclude binding final agreements (final agreements) with the sellers to acquire the property. Real estate, in exchange for increasing the total value of the fund’s assets (capital) by issuing in-kind units to sellers in the fund, noting that the final agreements are conditional on fulfilling the regulatory requirements and obtaining the approval of the Capital Market Authority, the approval of the fund’s board of directors, and the approval of the fund’s unit owners.
MEFIC Capital explained that the duration of the memorandums is (60) calendar days from their signature, subject to renewal by agreement of the parties to the memorandums. MEFIC Capital is also not obligated to conclude the final agreements, as the memorandums are conditional on conducting due diligence examinations and fulfilling the regulatory requirements. MEFIC Capital will not conclude the final agreements except after confirming the feasibility, safety and validity of the acquisition of the properties, in addition to meeting the regulatory requirements.
MEFIC Capital expected that upon completing the deal, concluding the final agreements and increasing the total value of the fund’s assets (capital), there would be a positive impact on The Fund.
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