Sports Boulevard doubles Arts District’s real estate fund value to SAR 2B

Logo of Sports Boulevard Foundation 

The Sports Boulevard Foundation announced boosting its partnership with Ajdan Real Estate Development Co. and Albilad Capital by adding an additional SAR 1 billion to their joint private real estate investment fund “Sports Boulevard Real Estate Fund 1”, doubling the fund’s total value to SAR 2 billion.

The additional funding will be utilized to ramp up private-sector participation within the Arts District, one of the Sports Boulevard project’s destinations. Accordingly, an area of more than 19,000 square meters (sqm) will be added to the project’s original area, taking the total to over 39,000 sqm, according to a statement today, May 27.

The Sports Boulevard Development Co. will remain the major unitholder in the fund, with Ajdan Real Estate being the developer and primary investor. Albilad Capital is the fund manager.

The new project, to be developed, marketed, and operated by Ajdan Real Estate, is set to be a mixed-use lifestyle destination within the Arts District, featuring residential, retail, administrative/office, and entertainment components. The total combined built-up site spans about 240,000 sqm, boasting over 100,000 sqm of net leasable area.

The Arts District is located at the intersection of Prince Mohammed bin Salman bin Abdulaziz Road with Prince Turki bin Abdulaziz Al Awwal Road. It stretches across 184,000 sqm, encompassing recreational activities, spacious pedestrian spaces, cycling-friendly tracks, among others.

In March 2019, King Salman launched the Sports Boulevard project in Riyadh, which will feature a 135-kilometer-long professional cycling track covering the capital city and the surrounding valleys, alongside other sports, cultural, entertainment, and environmental activities, according to data available with  Argaam.