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First Avenue for Real Estate Development Co. Announces the Purchasing of A property in the Al-Shate’a district of Jeddah, covering an area of 5,650 square meters. in the amount of 60 million SAR (not including RETT and commission)

FIRST AVENUE 9610 -5.27% 8.62 -0.48
Element List Explanation
Introduction First Avenue for Real Estate Development Announces Its Subsidiary’s Acquisition of a 5,650 m² Property in Jeddah’s Al-Shate’a District for SAR 60 Million
Transaction Details First Avenue for Real Estate Development announces that Jadah Al-Bahr Real Estate Company, a 50%-owned subsidiary, has completed the acquisition of a property located in the Al-Shate’a district on Heraa Street in Jeddah for SAR 60 million, exclusive of real estate transaction tax and brokerage fees. The property's title deed has been fully transferred to Jadah Al-Bahr Real Estate Company.

The site covers 5,650 square meters and is expected to be developed as a mixed-use project—comprising commercial, residential, and office components—in line with the Company’s strategy to deliver high-quality developments in prime locations throughout Jeddah.

Transaction Amount 60 million SAR (not including RETT and commission)
Transaction Conditions no special term
Parties of the Transaction Mr. Omar Saud Al-Balihed and Mr. Abdullah Ibrahim Al-Ma’arak
Transaction Financing Method The purshase was funded using Jadat Al-Bahr Real Estate Company's own resources
Date of Entering Into The Transaction 2025-05-14 Corresponding to 1446-11-16
Description of Activity of The Asset Subject of The Transaction The company aims to develop a mixed-use project, comprising commercial, residential, and office components
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction No financial data is available
Transaction reasons This investment is part of the Company’s strategy to strengthen its real estate portfolio in Jeddah and to capitalize on promising opportunities in the city’s most strategic locations.
Expected Impact of the Transaction on the Company and Its Operations The transaction is expected to have a positive impact on the Company’s financial results beginning in 2028.
Related Parties Jadat Al-Bahr Real Estate Company, A 50% owned subsidiary
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