Sports Boulevard sets up REIT worth SAR 1B for Arts District

The Sports Boulevard Foundation signed an agreement with Ajdan Real Estate Development Co. and Albilad Capital to set up a private real estate investment fund worth SAR 1 billion, with the aim of establishing a mixed-use project to develop the Arts District, which is one of the eight areas of Sports Boulevard project.

Sports Boulevard Co. for Real Estate Development and Investment will be a major partner in the fund, while Ajdan Real Estate Development Co. will carry out the real estate development work for the project, in addition to joining as a co-investor in the fund, and Al-Bilad Capital will act as the fund manager.

The project aims to build a variety of residential, office, commercial and entertainment facilities that will be implemented in accordance with the urban code for Sports Boulevard, derived from the principles of Salmaniya architecture. It will span over an area of 20,000 square meters within the project located on Prince Mohammed bin Salman Road, and will include about 120,000 square meters building spaces with with a total rental area exceeding 60,000 square meters.

According to data compiled by Argaam, King Salman bin Abdulaziz unveiled in March 2019, four wellbeing quality projects worth SAR 86 billion in Riyadh. They are King Salman Park, Sports Boulevard, Green Riyadh, and Riyadh Art.

A new health and wellness destination in the city, the Sports Boulevard will feature a 135-kilometer-long professional cycling track covering the city and the surrounding valleys. Adding 3.5 million square meters of new open space across the city, this project will also feature a sports pavilion, riding stables and athletics tracks, in fact accommodating a wide variety of sports activities.

Source : Argaam