Logo ofFirst Avenue for Real Estate Development Co.
First Avenue for Real Estate Development Co. announced its acquisition of Capital Avenue, located on King Salman Road in Al Qirawan district, north of Riyadh, at an acquisition cost of approximately SAR 310 million. 
The company said in a statement to Tadawul that the acquisition was completed through the purchase of partners’ stakes in the Jadwa Capital Avenue Real Estate Fund, making the project wholly owned by the company. It added that the acquisition will be financed through the company’s own resources in addition to bank financing.
The project is being developed on a land area of 7,728 square meters (sqm), with a total built-up area of 38,065 sqm and leasable areas of around 15,000 sqm.
Construction works are nearing completion, with the project approximately 90% complete. All works are expected to be finalized by Q1 2026.
First Avenue said the acquisition comes as part of its investment strategy aimed at strengthening its asset portfolio and achieving optimal returns through effective investment management, in light of prevailing market conditions.
It expects the transaction to have a positive impact on the company’s financial results starting from H1 2027.
The company also disclosed the presence of a related party in the acquisition, namely board member Khaled Al Qahtani, due to his ownership of investment units in the Jadwa Capital Avenue Real Estate Fund.
Logo ofFirst Avenue for Real Estate Development Co.
First Avenue for Real Estate Development Co. announced its acquisition of Capital Avenue, located on King Salman Road in Al Qirawan district, north of Riyadh, at an acquisition cost of approximately SAR 310 million.
The company said in a statement to Tadawul that the acquisition was completed through the purchase of partners’ stakes in the Jadwa Capital Avenue Real Estate Fund, making the project wholly owned by the company. It added that the acquisition will be financed through the company’s own resources in addition to bank financing.
The project is being developed on a land area of 7,728 square meters (sqm), with a total built-up area of 38,065 sqm and leasable areas of around 15,000 sqm.
Construction works are nearing completion, with the project approximately 90% complete. All works are expected to be finalized by Q1 2026.
First Avenue said the acquisition comes as part of its investment strategy aimed at strengthening its asset portfolio and achieving optimal returns through effective investment management, in light of prevailing market conditions.
It expects the transaction to have a positive impact on the company’s financial results starting from H1 2027.
The company also disclosed the presence of a related party in the acquisition, namely board member Khaled Al Qahtani, due to his ownership of investment units in the Jadwa Capital Avenue Real Estate Fund.
