Saudi-listed First Avenue launches $187mln industrial real estate fund
First Avenue for Real Estate Development Company has set up a 700 million Saudi riyal ($186.64 million) industrial real estate fund.
The Aljada Industrial Real Estate Fund intends to develop a project in Riyadh and has partially acquired land, the company said in a statement to the Saudi stock exchange.
Almost 55 percent of the 3.64 million square metres of land in Ad-Dilam Governorate, south of the Riyadh region, has been acquired. The company is working to secure the transfer of the remaining land, which is expected to be completed soon.
First Avenue will work as the project developer, receiving a fee of 8 percent of the development cost. It holds a 5.25 percent stake in the project. Details of the project were not given.
Saudi-based Blominvest will manage the fund, the statement said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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