Riyadh – Mubasher: Middle East Financial Investment Company (MEFIC Capital), the manager of the Mefic REIT Fund, has announced significant amendments to its ongoing acquisition strategy involving real estate assets in Jeddah and Makkah, alongside an extension of a preliminary agreement for a property in Jazan.
The updates follow a series of prior disclosures regarding the fund’s intent to expand its portfolio through strategic asset acquisitions.
According to a regulatory filing on the Saudi Exchange (Tadawul), the fund manager has entered into an addendum agreement regarding the purchase and sale of a property located in Jeddah.
The original agreement, signed on 13 March, has been modified to alter the payment structure. Under the new terms, the consideration for the Jeddah asset will now be settled through a combination of cash and in-kind payments, shifting from the previously agreed-upon all-in-kind settlement.
This change in payment methodology is contingent upon the fund manager successfully completing a full coverage of the cash portion through an additional public offering of the fund’s units.
Furthermore, the parties have agreed to extend the long-stop date for the Jeddah transaction to 22 October, or any other date subsequently agreed upon in writing. A new condition precedent has also been added, stipulating that the transaction’s validity is tied to the fund manager securing the necessary cash subscription for the additional units related to the real estate assets.
In a parallel development, MEFIC Capital has also amended the purchase agreement for a property in Makkah, which was also originally signed on March 13, 2026. This alignment of deadlines suggests a synchronized approach by the fund manager to finalize its major acquisitions within the same fiscal window.
Regarding the third asset under consideration, a property in Jazan, the fund manager has reached an agreement with the potential seller to extend the existing Memorandum of Understanding (MOU). The extension grants an additional 90 business days, setting a new expiration date of 22 October 2026.
This period is intended to allow for the completion of due diligence and the finalization of the study regarding the acquisition of usufruct rights for the Jazan site.
The property in question covers a total area of approximately 32,293.23 square meters. The MOU remains renewable upon the written consent of both parties.
MEFIC Capital indicated that these strategic acquisitions are part of a broader effort to increase the total value of the fund’s assets. The fund manager expects that the successful completion of these transactions and the subsequent increase in the fund’s asset base will result in a positive financial impact on the MEFIC REIT Fund.
The fund manager noted that the completion of these acquisitions remains subject to various conditions, including regulatory approvals and the successful raising of capital through the issuance of additional units. Investors are advised that the final impact will be determined upon the formal closing of the deals and the integration of the properties into the fund’s portfolio.
