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Sports Boulevard to boost Arts District real estate fund to $533m

RIYADH, 23 days ago

The Sports Boulevard Foundation, a new Saudi health and wellness destination spanning 135 km in the heart of capital Riyadh, has joined forces with Ajdan Real Estate Development Company and Albilad Capital, to double the value of the private real estate investment fund, which currently stands valued at SAR1 billion ($266 million).
 
This will bring the total value of the fund to SAR2 billion, which will be used to increase the private sector’s participation in the Arts District, one of the Sports Boulevard project destinations, said the release.
 
As per the deal, the Sports Boulevard Development Company will remain the major unitholder in the fund, with Ajdan Real Estate Development Company as a developer and primary investor, while Albilad Capital is the fund manager.
 
This partnership underscores the collaborative effort behind the expansion, and points to a strategic alliance aimed at creating a vibrant and dynamic urban space that enhances the cultural and economic landscape of Riyadh.
 
Sports Boulevard Foundation said the project aims to develop a mixed-use lifestyle destination over a 39,000 sq m area in the heart of the Arts District featuring a mix of residential, retail, office and entertainment components.
 
The project has a total combined built-up area of 240,000 sq m, with more than 100,000 sq m of net leasable area.
 
The design style is driven by Sports Boulevard Design Code, which is inspired by the Salmani Architectural Style.
 
This destination promises a dynamic and immersive lifestyle experience for residents and visitors alike.
 
The project extends beyond the private development parcels, spanning an area of 184,000 sqm, and offering a captivating public realm distinguished by its recreational activities, spacious pedestrian spaces, and bike-friendly tracks, utilizing efficient mobility, seamlessly connected to the Promenade and the cycling bridge.
 
The Foundation said Sports Boulevard was one of Riyadh's mega projects launched by Saudi King Salman in 2019. 
 
Spanning a 135 km stretch on Prince Mohammed bin Salman bin Abdulaziz Road, it connects Wadi Hanifah in the west with Wadi Al Sulai in the east through a grid of safe green pathways for pedestrians, cyclists, athletes, and horse riders.
 
The project includes more than 4.4 million sq m of greenery and open spaces, and up to 50 multidisciplinary sports facilities. In addition, there are several unique destinations and investment zones, totaling over 3 million sq m area.-TradeArabia News Service



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