MEFIC REIT finalizes Jeddah’s Al-Andalus property sale at SAR 40M

Logo of MEFIC REIT

Middle East Financial Investment Co. (MEFIC Capital), in its capacity as the manager of MEFIC REIT Fund, completed today, Oct. 9, the sale of the Al-Andalus Building located in Jeddah, in a deal worth SAR 40 million.

In a statement to Tadawul, the company stated that all legal and regulatory procedures have been successfully finalized, full sale proceeds have been received, and the property ownership deed has been transferred to the buyer.

The financial impact of the sale deal, which involved no related parties, is projected to be positive, it noted.

According to Argaam’s data, the company signed, on July 24, a preliminary agreement (earnest money contract) to sell the Al-Andalus property in Jeddah for SAR 40 million, excluding real estate transaction tax and brokerage fees.