First Avenue launches SAR 700M Aljada Industrial Real Estate Fund

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. announced the completion of the SAR 700 million Aljada Industrial Real Estate Fund.

The company said in a statement on Tadawul that the fund aims to acquire a land plot in Ad-Dilam Governorate (south of the Riyadh region) with a total area of 3.64 million sqm.

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A total of 55% of the land area has been officially transferred to the fund, and all relevant legal and regulatory requirements have been fulfilled.

First Avenue is currently working to complete the transfer of the remaining portion of the project land in the coming period.

The fund will be managed by Blominvest.

First Avenue will serve as the project developer in return for a development fee equal to 8% of the development cost.

First Avenue’s stake in the project is 5.25%, the statement said.