Riyadh – Mubasher: First Avenue Real Estate Development Company inked a real estate brokerage agreement with Sarah Al Lu'lu'a Real Estate Company at a value of SAR 57 million.
The two entities signed the sale and purchase agreement (SPA) on 23 January 2025, according to a bourse disclosure.
The deal covers the provision of real estate brokerage services for 30 days and it will reflect positively on the Tadawul-listed company’s financial performance in 2025.
In a separate bourse statement, First Avenue sold the La Perle West project as well as land in Jeddah's Al Shatei district at an aggregated value of SAR 125.96 million.
The transaction involves the sale of land owned by First Avenue, covering an area of 2,747 square metres in Jeddah's Al Shatei district.
It also includes the sale of the La Perle West project, which is a six-storey office tower with commercial spaces, such as restaurants and cafés, spanning 2,743 square metres in Jeddah's Al Shatei district.
Meanwhile, the payment will be made through the issuance of investment units in the fund equivalent to the agreed value after completing regulatory procedures.
In October 2024, the company traded its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).
