Announcement by Middle East Financial Investment Company (MEFIC Capital) Regarding the Occurrence of a Material Event for MEFIC REIT Fund. – Mefic Capital

Announcement by Middle East Financial Investment Company (MEFIC Capital) Regarding the Occurrence of a Material Event for MEFIC REIT Fund.

ELEMENT LIST	EXPLANATION
Introduction	Further to the announcement by Middle East Financial Investment Company (“MEFIC Capital”), in its capacity as the manager of MEFIC REIT Fund (“the Fund”), published on 16 November 2025, regarding the execution on 13 November 2025 of three conditional Memoranda of Understanding (“MoUs”) with three different sellers for the purpose of discussions and feasibility studies concerning the Fund’s potential acquisition of ownership interests in two properties located in Makkah and Jeddah, and a usufruct right over a property located in Jazan; And further to the supplementary announcement published on 5 January 2026, stating that the parties had agreed to renew the term of the MoUs for a similar period commencing on 12 January 2026 and ending on 13 March 2026, renewable upon mutual agreement of the parties; And further to the supplementary announcement published on 15 March 2026, stating that agreements had been reached with the respective sellers to enter into real estate asset sale and purchase agreements for the acquisition of ownership of a property in Jeddah and a property in Makkah, and that the parties had agreed to renew the term of the Memorandum of Understanding relating to the Jazan property.
Date of the Previous Announcement	26/09/1447H, corresponding to 15/03/2026G
Change Details	MEFIC Capital, in its capacity as the Fund Manager, would like to clarify that agreements have been reached with the respective sellers as follows: 1) Jeddah Property: With reference to the Real Estate Asset Sale and Purchase Agreement relating to the property located in Jeddah, signed on 13 March 2026 (“Jeddah Agreement”), the parties to the Jeddah Agreement have agreed to amend certain provisions thereof pursuant to an amendment agreement to the sale and purchase agreement (“Jeddah Property Amendment Agreement”). Under the Jeddah Property Amendment Agreement, the parties agreed as follows: (a) To amend the Purchase Price so that it shall be paid partly in cash and partly in kind, instead of being fully in kind, provided that the Fund Manager fully covers the amount of the additional cash offering of the Fund’s units. (b) To amend the Long Stop Date to be 22 October 2026, or such other date as may be agreed in writing. (c) To add a condition precedent requiring that the Fund Manager fully covers the additional cash offering of the Fund units relating to the real estate assets. 2) Makkah Property: With reference to the Land Sale and Purchase Agreement relating to the property located in Makkah, signed on 13 March 2026 (“Makkah Agreement”), the parties have agreed to amend certain provisions thereof pursuant to an amendment agreement (“Makkah Property Amendment Agreement”). Under the Makkah Property Amendment Agreement, the parties agreed as follows: (a) To amend the Long Stop Date to be 22 October 2026, or such other date as may be agreed in writing. 3) Jazan Property: The Fund Manager has agreed with the prospective seller of the usufruct right relating to the Jazan property to renew the term of the Memorandum of Understanding for a period of 90 business days, expiring on 22 October 2026. The term may be renewed by written agreement between the parties in order to complete the study of the potential acquisition of the usufruct right over a property located in Jazan, with a total area of approximately 32,293.23 square metres. MEFIC Capital will announce any subsequent developments in due course.
Impact of the Change	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.

If you have any questions or require further assistance, contact us today.

Contact Us

error: Content is protected !!

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.