Saudi-based First Avenue for Real Estate Development Company has signed a non-binding Letter of Intent with Awj Real Estate Development and Investment Company (Awj) for the establishment of a real estate fund aimed at acquiring and developing commercial, office and hospitality projects.

The Fund aims to invest in four real estate assets in Saudi port city Jeddah: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land, said First Avenue in its filing to Saudi bourse Tadawul.

The company's ownership in the Fund is expected to range between 40% and 50%, while Awj’s ownership is set to be in 50% to 60% range.

The Letter of Intent also includes standard provisions such as exclusivity during the negotiation period and confidentiality, it added.

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