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First Avenue for Real Estate Development Co. announces signing a Memorandum of Understanding with AWJ Real Estate Development and Investment Company
| Element List | Explanation |
|---|---|
| Memorandum Signing Date | 2024-12-31 Corresponding to 1446-06-30 |
| Counterparty | AWJ Real Estate Development and Investment Company |
| Memorandum Subject | First Avenue for Real Estate Development Company ("the Company") announces the signing of a non-binding Letter of Intent with Awj Real Estate Development and Investment Company ("Awj") on 30-06-1446 AH (corresponding to 31-12-2024 AD) ("the Letter of Intent") to establish a real estate fund aimed at acquiring and developing commercial, office, and hospitality projects ("the Fund"). The Fund is planned to invest in four real estate assets: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land. The Company's ownership in the Fund is expected to range between 40% and 50%, while Awj’s ownership is anticipated to be between 50% and 60%. The Letter of Intent also includes standard provisions such as exclusivity during the negotiation period and confidentiality. It is worth noting that the Fund and its terms are still under negotiation. The Company will announce any developments in due course, including the signing of acquisition agreements and the establishment of the Fund. For more details about the targeted projects, please refer to the attached file. |
| Memorandum Duration | One month from the date of signing |
| Related Parties | AWJ Real Estate Development and Investment Company |
| Financial Impact | This transaction aims to enhance collaboration between the involved parties and establish a shared ownership structure that supports achieving the targeted growth objectives for both entities. |
| Additional Information | Attached is a file detailing the targeted projects in this agreement. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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