First Avenue for Real Estate Development Announces the Completion by La Perle Real Estate Fund — in which the Company Holds a 40% Stake — of an Acquisition of a Property in Jeddah Valued at SAR 60 Million
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| Announcement Detail | First Avenue for Real Estate Development announces that La Perle Real Estate Fund, in which the Company holds an approximate 40% ownership interest, has completed the acquisition of a property located on Sari Street in Al Shatea District, Jeddah. The property has a total area of 5,057.41 square meters and a purchase price of SAR 60 million.
The property enjoys a strategic location and a building ratio (FAR) of 5.6, offering the Fund an attractive opportunity to develop a mixed-use project comprising commercial, residential, and hospitality components, aligned with Jeddah's modern urban development needs.
The Fund has successfully completed all legal procedures for title transfer and registration. This transaction forms part of the Company’s strategic expansion plan to develop prime and distinctive sites in key areas of Jeddah, with the aim of enhancing its investment portfolio and delivering added value to its shareholders.
Furthermore, this transaction represents an extension of the strategic business relationship previously announced with Awj Real Estate Development and Investment Company. The relationship aims to implement joint development projects that support both parties' objectives and strengthen their presence in the real estate development market. |
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