First Avenue inks deal to up stake in Blom Real Estate to 75%

Logo of First Avenue Real Estate Development Co. 

First Avenue for Real Estate Development Co. increased its ownership in the Blom Real Estate Investment Fund-1 from 16% to approximately 75%, at a value of SAR 20.08 million.

 

In a statement to Tadawul, the company indicated that the increase in ownership is achieved by purchasing 32,000 investment units, which is payable in five installments starting after three years.

 

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The company said it expects the deal to have a positive impact starting in 2025, noting that there are no related parties.

 

The fund plans to establish a residential compound that includes 315 luxurious apartments on a 30,000-square-meter plot in the Al-Arid district, north of Riyadh, it added.

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