Logo of First Avenue for Real Estate Development Co.
The fund intends to purchase and develop commercial, office, and hotel projects, the company said in a statement to Tadawul.
The fund plans to invest in four real estate assets: West La Perle, East La Perle, La Perle Residential Land and La Perle Hotel Land.
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First Avenue is expected to hold a 40% to 50% stake in the fund, while AWJ is projected to own between 50% and 60%.
The one-month LoI commenced on the signing date, which aimsto enhance cooperation between the two parties and establish a joint ownership structure to drive their targeted growth.
The LoI includes standard provisions, such as exclusivity during the negotiation period and confidentiality. The fund's structurea nd terms are still under discussion.
First Avenue will announce any developments in due course, including the signing of acquisition agreements and the fund’s establishment.
The table below breaks down the planned projects:
|
Roundup of Planned Projects |
||||||
|
Project Name |
Project Type |
Land Area (sqm) |
BUA (sqm) |
Project Value (SAR mln) |
Completion Rate |
Owner |
|
La Perle Residential Land |
Residential |
2,747 |
Under study |
Under study |
-- |
First Avenue for Real Estate Development |
|
La Perle Hotel Land |
Hotel |
5,000 |
Under study |
Under study |
Land purchase underway |
Third party |
|
East La Perle |
Commercial/offices |
9,758 |
22,202 |
217.00 |
95 % |
Al Shorfa Investment Fund |
|
West La Perle |
Commercial/officees |
2,734 |
9,337 |
93.00 |
95 % |
First Avenue for Real Estate Development |
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