First Avenue boosts stake in Blom Real Estate Fund-1 to 75%

24/11/2024 Argaam
Logo ofFirst Avenue for Real Estate Development Co.

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. purchased units from individual investor Ibrahim bin Suleiman in Blom Real Estate Investment Fund-1.

 

The company increased its stake in the fund from 16% to 75% through an SAR 20.08 million agreement, according to a statement to Tadawul.

 

For more news and details on the projects

 

The deal involves acquiring 32,000 investment units, with payments spread over five deferred installments starting three years from now, the statement added.

 

The fund aims to develop a luxury residential complex with 315 apartments on a 30,000-square-meter plot in Al Arid, north Riyadh. Construction permits have already been issued.

 

First Avenue expects the acquisition to start boosting its financial results in 2025.

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