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.
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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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