First Avenue for Real Estate Development to Divest La Perle Real Estate Fund Investment Units

04:12 AM EDT, 10/15/2026 (MT Newswires) -- First Avenue for Real Estate Development (SASE:9610) agreed to sell its entire investment stake in La Perle Real Estate Fund to Awj Real Estate Development and Investment for 131 million Saudi riyals. In exchange for the La Perle Real Estate Fund investment units, Awj will give its 48.9% interest in Al Shati Real Estate Fund to the Saudi Arabian real estate group, according to a Thursday release. The transaction, which will boost First Avenue's stake in Al Shati Real Estate Fund to 81.6% from 32.7%, supports the company's plan to rebalance its real estate investment portfolio.