First Avenue’s 44% owned fund acquires East La Perle for SAR 160M

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. announced that the newly established La Perle Real Estate Fund acquired the East La Perle project on Feb. 5, transferring the property to the fund for SAR 160 million.

In a statement to Tadawul, the company said that the deal included the company's recovery of the first installment, amounting to SAR 90 million, paid in 2024 to acquire the project.

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The company’s ownership in La Perle Real Estate Fund reached nearly 44%, after the acquisition of the East La Perle property and following the company’s sale of West La Perle project and La Perle residential land to the fund, as announced on Jan. 26.

According to data available with Argaam, First Avenue signed a non-binding letter of intent (LoI) with AWJ Real Estate Development and Investment Co. on Dec. 31, 2024, to establish a real estate fund.

In January, the company signed a contract to sell a commercial building and a land plot with La Perle Real Estate Fund at a total of SAR 125.96 million.

The fund planned to invest in four real estate assets: West La Perle, East La Perle, La Perle Residential Land and La Perle Hotel Land.

East La Perle project is located in Al-Shatea district in Jeddah, on Sari Street. It consists of office buildings and retail shops, with a variety of restaurants and cafes.