First Avenue transfers property ownership to La Perle Real Estate Fund

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. completed today, April 29, the official transfer of ownership for a land plot and commercial building in Jeddah to La Perle Real Estate Fund, the company said in a statement on Tadawul.

The transaction was finalized at the notary public, with the fulfilment of all legal and regulatory requirements.

The company confirmed that the financial impact of the sale is consistent with previous disclosures.

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In January, First Avenue signed a SAR 125.96 million sale agreement with La Perle Real Estate Fund. The company expects to record a capital gain of SAR 19.5 million from the transaction, according to Argaam’s data.

The deal includes a 2,747 square meter land plot in Jeddah’s Al Shati district and the La Perle West project, a six-story office tower with retail units, including restaurants and cafes, spanning 2,743 square meters. Payment will be made through the issuance of investment units in the fund equal to the agreed value, upon the completion of all regulatory procedures.