MEFIC REIT repays loans with SAR 40M from Al-Andalus sale

Logo of MEFIC REIT

Middle East Financial Investment Co. (MEFIC Capital) fully utilized the SAR 40 million proceeds from the sale of the Al-Andalus Building to repay part of the principal amount of the MEFIC REIT Fund’s existing bank facilities.

In a statement to Tadawul, the company said the transaction is expected to have a positive financial impact, noting that there are no related parties involved in the deal.

The company announced on July 24 the signing of a preliminary agreement (earnest money contract) to sell the Al-Andalus Building in Jeddah for SAR 40 million, excluding real estate transaction tax and commission, according to Argaam’s data.

The company recently announced the completion of the sale of the Al-Andalus Building in Jeddah for SAR 40 million.