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A new SAR 3.5 bn real estate fund: Sports Boulevard Company for Real Estate Development and Investment signed a seven-year agreement with a newly-established JV between Riyadh Development Company (Ardco) and Turkey’s FTG Development Company to launch a SAR 3.5 bn real estate fund, according to a disclosure to Tadawul.
The fund will develop a 39.8k sqm mixed-use towers project with a built-up area exceeding 207k sqm in the Urban Wadi in Riyadh’s Sports Boulevard.
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Who is doing what? Jadwa Investment will manage the fund, while the Sports Boulevard Company is the main investor providing the land (in-kind investor). Ardco (local investor) and FTG Development Company (foreign investor) will lead the development work, and ownership percentages will be determined later.
