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

05:16 PM (Mecca time) Argaam
Logo ofFirst Avenue Real Estate Development Co.

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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