“First Avenue” acquires the “Business Avenue – Qairaun” tower for 310 million riyals
First Avenue Real Estate Development Company acquired the Burj project "Business Avenue – Kairouan" Located on King Salman Road in the Al-Qairawan district, north of Riyadh.
The company said in a statement on its website "Saudi Arabia trading"The acquisition is through purchasing the partners’ shares in the project fund "Jadwa Capital Avenue Real Estate" The project becomes 100% owned by the company.
According to the statement, this acquisition comes within the company’s strategy to maximize the value of assets and manage its investment portfolio efficiently, which contributes to enhancing operational and capital returns, and taking advantage of available investment opportunities in a way that achieves the interests of shareholders.
The cost of the acquisition amounted to approximately (310) million riyals, while the project is being built on a land area of (7,728) square meters, with a total building area of up to (38,065) m², and rental areas amounting to about (15,000) m².
It should be noted that the construction work is nearing completion, as the completion rate in the project has reached approximately 90%, and all work is expected to be completed during the first quarter of 2026 AD.
She stated that the second party to the contract: Jadwa Capital Avenue Real Estate Fund, while the deal is financed from self-resources. For the company, in addition to bank financing.
According to the statement, this acquisition comes within the framework of the company’s investment strategy aimed at enhancing the asset portfolio and achieving the best possible return through effective management of investments, according to what it deems appropriate in light of market conditions.
It expected that the deal will have a positive impact on the company’s financial results as of the first half of the year 2027 AD..
It indicated that Khaled Al-Qahtani, a member of the Board of Directors, is a party Relevant due to his ownership of investment units in Jadwa Capital Avenue Real Estate Fund.
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