First Avenue Real Estate Development Company, through the Al Shate’a Real Estate Fund, has successfully acquired a commercial plot of land in the Al Shate’a district of Jeddah for SAR 188 million. This plot spans nearly 15 000 square meters and is located on Sari Street, according to a recent filing with the bourse.

The fund plans to develop a mixed-use project on the site, which will feature various components including commercial, office, residential, and hospitality spaces. This acquisition aligns with the fund’s strategy to enhance investment returns and is expected to increase the value of its indirect real estate investments.

In addition to this acquisition, First Avenue Real Estate Development Company entered into a SAR 57 million brokerage agreement with Sarah Al Lu’lu’a Real Estate Company in January. This agreement further underscores the company’s commitment to expanding its real estate portfolio and optimizing its investment strategies.