MEFIC REIT extends MoUs to study acquisition of 2 properties, usufruct right

MEFIC REIT extends conditional MoUs for 60 days

MEFIC REIT Fund agreed with the relevant parties to extend the three conditional memoranda of understanding (MoUs) previously signed to study the acquisition of two properties and a usufruct right, fund manager Middle East Financial Investment Co. (MEFIC Capital) said in a statement to Tadawul.

The extension period starts from Jan. 12 until March 13, subject to renewal by mutual agreement of the parties to the memoranda.

The fund manager noted that it will announce any subsequent developments in due course. In November, MEFIC REIT Fund announced that it signed three conditional MoUs for a period of 60 days with three different sellers. The MoUs aim to study the potential acquisition of two properties in Makkah and Jeddah and a usufruct right over a property in Jazan, Argaam data showed.