MEFIC REIT signs Dubai property swap, to reinvest in real estate firm

MEFIC REIT signed on Oct. 23 a swap agreement worth AED 62.6 million concerning the "The Pad" property located in Dubai, said the fund manager, MEFIC Capital.

In a statement to Tadawul, MEFIC Capital added that the deal also involves reinvesting in Downtown Bay Developments Ltd.

The transaction allows the fund to acquire preferrecd shares in the aforementioned company, which operates in the real estate development sector.

The book value of "The Pad" property was SAR 58.44 million as of June 30, 2024.

The fund manager will publish all the details upon completing the agreement, according to the statement.

The fund manager anticipates a positive impact on the fund's performance and financial statements from this agreement.