First Avenue for Real Estate Development launched the SAR 710 mn Aljada Industrial Real Estate Fund, according to a Tadawul disclosure. The fund targets the acquisition of a 3.6 mn sqm plot in Al-Dilam Governorate, south of Riyadh.

The breakdown: The fund consists of SAR 475 mn in funding, including SAR 175 mn for purchasing the land and SAR 300 mn for development. The remaining SAR 235 mn are in the form of equity, where First Avenue holds a 5.25% stake and the investor owning the remaining 94.75%.

First Avenue will act as the project developer, earning a fee equal to 8% of the development cost. Meanwhile, Blominvest will serve as the fund manager.

So far, 55% of the land has been officially acquired after completing all legal and regulatory procedures. The transfer of the remaining portion is underway and expected to be finalized in a later phase.

First Avenue’s been busy in 2025: The company recently inked a inked a non-binding agreement with AWJ Real Estate Development to co-launch a fund aimed at acquiring and developing projects, with a focus on Le Perle assets. Plus, it owns 15% of the Al Shatea Real Estate Fund, which scooped up a SAR 188 mn commercial plot in Jeddah’s Al Shate’a district.

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