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Mufek Reet values Mecca property at 302M Riyals
MIFC Capital Company has revised its acquisition values for the properties in Mecca and Jeddah. The purchase price for the Mecca property was reduced from 355 million SAR to 302 million SAR. The Mecca asset is a development land spanning 36,000 square meters, and payment will be made through the issuance of in-kind units to the seller. As for the Jeddah property, a revenue-generating commercial complex, the payment structure has been restructured so that part will be paid in cash and part through the issuance of in-kind units. Additionally, a portion of the cash payment will be financed from the proceeds of issuing units to investors. The fund’s Board of Directors has approved an increase in "MIFC REIT’s" assets by 770.88 million SAR following the completion of procedures and obtaining the necessary approvals from the relevant authorities.
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