Riyadh – Mubasher: Al Shate’a Real Estate Fund, in which First Avenue Real Estate Development Company holds a 15% stake, has acquired a commercial plot of land in the Al Shate’a district of Jeddah.
Located on Sari Street and spanning nearly 15,000 square meters, the fund purchased the land for SAR 188 million, according to a bourse filing.
The fund plans to develop a mixed-use project on the site, which will include commercial, office, residential, and hospitality components.
Meanwhile, the acquisition aligns with the fund’s strategy to maximize investment returns. It is expected to enhance the value of the company’s indirect real estate investments.
Last January, the Tadawul-listed firm penned a SAR 57 million brokerage agreement with Sarah Al Lu'lu'a Real Estate Company.
