| Announcement Detail |
First Avenue for Real Estate Development Company announces the successful establishment of the “Aljada Industrial Real Estate Fund” with a size of approximately SAR 700 million. The fund aims to acquire a plot of land in Al-Dilam Governorate (south of the Riyadh region) with a total area of 3,637,254 square meters. So far, 55% of the land area has been officially transferred to the fund, and all related legal and regulatory requirements have been fulfilled. The transfer of the remaining portion is currently underway and expected to be completed in a later phase. The fund will be managed by BLOMINVEST, while First Avenue will act as the project developer in return for a development fee equal to 8% of the development cost. The company’s ownership stake in the project amounts to 5.25%. |
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