Knowledge Economic City (KEC), together with its subsidiary Algharraa International Real Estate Development Company Limited, has signed a Letter of Intent (LOI) with BSF Capital to establish and manage a closed-ended private real estate investment fund for the development of the Knowledge Gardens mixed-use project in Knowledge Economic City, Madinah.
The proposed development has an estimated total project cost of US $2bn and is expected to generate total revenues of approximately US $2.7bn, based on preliminary feasibility studies and financial projections.
The proposed fund will be established through a collaboration between KEC, Algharraa International Real Estate Development Company Limited, and Fourmen Investment Company, with the possibility of additional investors participating in the fund, in accordance with the initial principles and terms set out in the Letter of Intent, said KEC in its filing to Saudi bourse Tadawul.
The establishment of the fund and the execution of the project remain subject to the fulfillment of all applicable contractual and regulatory requirements, including obtaining the required approvals, execution of the definitive agreements, completion of the financing arrangements, and satisfaction of all relevant legal and regulatory conditions, it stated.
The proposed fund will be established through a partnership between Knowledge Economic City and Algharraa International Real Estate Development Company as co-investors and co-developers, Fourmen Investment Company as investor and lead developer, and BSF Capital as the proposed fund manager.
Additional investors may also participate in the fund, subject to the final terms and applicable regulatory approvals, it added.
Knowledge Gardens is said to be one of the largest mixed-use developments within Knowledge Economic City. Strategically located, it is in the Southeastern area of KEC, west of Prince Naif Road and south of Sheikh Ibn Baz Road, adjacent to the Haramain High-Speed Railway Station in Madinah, said the company in its bourse filing.
The project forms part of KEC’s vision to develop integrated and sustainable urban communities that enhance quality of life through modern urban planning, green spaces, advanced infrastructure, and a balanced mix of residential, commercial, and hospitality components, while supporting the objectives of Saudi Vision 2030 and reinforcing its position as a premier investment and residential destination.
The project is planned on a net land area of 332,054sqm, distributed across 4 mixed-use development zones with a total Gross Floor Area (GFA) of approximately 897,542sqm and a total Built-Up Area (BUA), including parking, of approximately 1,274,419sqm.
The master plan includes a total of 4,198 residential units, 183 serviced apartments, a 450-key hotel in addition to 80,000 GFA sqm of commercial and office together with a community centre, mosque, kindergarten and an interconnected network of parks and landscaped open spaces exceeding 52,000sqm, thus creating a fully integrated urban destination designed to serve residents, businesses, and visitors.
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