First Avenue’s fund acquires Jeddah land for SAR 188M

Logo of First Avenue Real Estate Development Co. 

First Avenue for Real Estate Development Co. received a notice from SICO Capital, the manager of the Beach Real Estate Fund (BREF), confirming the fund’s acquisition of a commercial land plot in the Al Shati district of Jeddah. The 15,000-square-meter land was purchased for a total of SAR 188 million.

In a statement to Tadawul, First Avenue said the land title was officially transferred to BREF. The company owns a 15% stake in the non-listed real estate investment fund, valued at SAR 30 million.

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The company noted that the land is in a strategic and high-potential location, with a building ratio of 5.6. BREF plans to develop a mixed-use project on the site, including commercial, office, residential, and hotel components, in line with Jeddah’s modern urban development needs.

The acquisition is part of the fund’s strategy to maximize investment returns and is expected to support the growth of First Avenue’s indirect exposure to the real estate sector.

The company added that BREF is an extension of the strategic partnership previously announced with AWJ Developments to develop joint ventures.