First Avenue acquires new tower in Riyadh for over $82mln

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Riyadh: First Avenue for Real Estate Development Company has acquired the ‘Capital Avenue – Al Qirawan’ tower in Riyadh at a cost of approximately SAR 310 million.

The transaction was executed by purchasing all partners’ stakes in the Jadwa Capital Avenue Real Estate Fund, managed by Jadwa Investment, according to a bourse filing.

Located on King Salman road in the Al Qirawan district, the tower is being developed on a land area of 7,728 square metres (m2), with a total built-up area of around 35,691 m2 and leasable space of nearly 15,000 m2.

The project’s completion rate is nearing 90%, while the remaining works are expected to be finalized during the first quarter (Q1) of 2026.

The acquisition aligns with the company’s strategy to maximize asset value, enhance operational and capital returns, while efficiently managing its investment portfolio in line with shareholders’ interests.

It is worth noting that the transaction was financed through a combination of the company’s internal resources and bank financing.

Meanwhile, the acquisition is expected to positively impact First Avenue’s financial results starting from the first half (H1) of 2027.

On 29 September 2025, First Avenue secured SAR 315 million in Shariah-compliant financing from Bank Aljazira.