Introduction:
MEFIC Capital, in its capacity as the Fund Manager of MEFIC REIT Fund (the “Fund”), hereby discloses that on Thursday, 29 Muharam 1447H (24 July 2025), it entered into an Earnest Money Agreement (the “Agreement”) for the intended Sale of the Al-Andalus property located in Jeddah (the “Property”), following approvals from both the Fund’s Board of Directors and the Shariah Supervisory Committee.
Description of the Event:
The Fund Manager has signed the Agreement and has received an earnest payment amounting to 2.5% of the agreed sale price. The final sale agreement, full payment and title transfer are expected to be executed within sixty (60) days. Should the purchaser fail to complete the transaction within this period, the earnest money shall be forfeited (non-refundable).
The agreed sale price for the Property is SAR 40,000,000 (exclusive of real estate transfer tax and brokerage fees).
The Property was initially acquired for SAR 45,450,000. The net book value of the Property was SAR 38,543,000 as of 31 December 2024. Based on the latest audited financial statements of 31 December 2024, the cumulative rental income from the Property, up to the same period, amounted to SAR 21,096,284 . As required, any subsequent developments or conclusion of the transaction will be announced, forthwith.
:The Impact Caused by the Event
.This event is expected to have a positive financial impact on the Fund
:Additional Information
There are no related-party transactions involved.
