Financial KEC, BSF Capital launch fund for US $2bn Knowledge Gardens development ByKnowledge Gardens is said to be one of the largest mixed-use developments within KEC, strategically located in it’s Southeastern regionKnowledge 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 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.