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Announcement of First Avenue for Real Estate Development Company regarding the latest developments following the company's announcement of signing a Memorandum of Understanding with Awj Real Estate Development and Investment Company
| Element List | Explanation |
|---|---|
| Introduction | La Perle Real Estate Fund, which the company previously announced its intention to establish with Awj Real Estate Development and Investment Company, acquired the La Perle East project on Wednesday, February 5, 2025. The property title deed was officially transferred to the fund for a value of 160 million SAR. The deal also included the company recovering the down payment of 90 million SAR that it had paid in 2024 to acquire the project. It is worth noting that the company’s ownership percentage in La Perle Real Estate Fund after the fund’s acquisition of the property and following the company’s sale of La Perle West Project and La Perle Residential Land to the fund (previously announced on January 26, 2025), reached approximately 44%. |
| Previous Announcement | Announcement of First Avenue for Real Estate Development Company of signing a Memorandum of Understanding with Awj Real Estate Development and Investment Company. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-01-01 Corresponding to 1446-07-01 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | La Perle Real Estate Fund, which the company previously announced its intention to establish with Awj Real Estate Development and Investment Company, acquired the La Perle East project on Wednesday, February 5, 2025. The property title deed was officially transferred to the fund for a value of 160 million SAR. The deal also included the company recovering the down payment of 90 million SAR that it had paid in 2024 to acquire the project. It is worth noting that the company’s ownership percentage in La Perle Real Estate Fund after the fund’s acquisition of the property and following the company’s sale of La Perle West Project and La Perle Residential Land to the fund (previously announced on January 26, 2025), reached approximately 44%. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| 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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