First Avenue acquires Riyadh’s Capital Avenue Tower for SAR 310M

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. announced its acquisition of Capital Avenue Tower at approximately SAR 310 million. The tower is located on King Salman Road in the Al Qirawan district, Riyadh.

The company said in a statement to Tadawul that the acquisition was completed through the purchase of partners’ stakes in Jadwa Capital Avenue Real Estate Fund, making the project wholly owned by the company. Moreover, the acquisition will be self-financed in addition to bank financing.

The project is being developed on a land area of 7,728 square meters (sqm), with a total built-up area of 38,065 sqm and leasable areas of around 15,000 sqm.

Construction works are almost finished (90% completed), and it is expected to finalize all works in Q1 2026.

First Avenue stated the acquisition comes as part of its investment strategy aimed at strengthening its asset portfolio and achieving optimal returns through effective investment management, in light of prevailing market conditions.

The transaction is expected to have a positive impact on the company’s financial results starting in H1 2027, the company added.

The company also disclosed the presence of a related party in the acquisition deal, namely Khaled Al Qahtani (board member) due to his ownership of investment units in the Jadwa Capital Avenue Real Estate Fund.