Finance

Aldar Properties bids $210mln for 51% in Egyptian real estate company Sodic

Monday, 15 March 2021 15:14
Aldar Properties bids $210mln for 51% in Egyptian real estate company Sodic

(Ecofin Agency) - A group of companies controlled and majority-owned by Aldar Properties, has made an offer to acquire a majority stake of 51% in the capital of Sodic (Sixth of October for Development and Investment Company S.A.E.), an Egyptian company active in the high-end real estate market, media sources reported.

The consortium is proposing an indicative purchase price of 18 to 19 Egyptian pounds for each share requested. The offer values the Egyptian real estate developer Sodic, at about $420 million.

"Acquiring Sodic is a good strategy for Aldar. The deal will allow it to enter a growing real estate market. The UAE market has limitations in terms of population growth, while Egypt is a large real estate market, with a young and growing population; this can be an advantage for Aldar," commented Harshjit Oza, head of research at Abu Dhabi-based brokerage and financial services firm, International Securities LLC.

The decline in rents for houses and apartments has been exacerbated by covid-19 in the United Arab Emirates. Looking for development opportunities abroad, the Abu Dhabi Stock Exchange-listed developer has targeted Egypt. In this North African country, Aldar, the real estate development, management, and investment company, plans to expand its operations to seize long-term opportunities in this sector.

The offer is subject to regulatory approval in both countries. If approved and finalized, this transaction will strengthen investments in the Egyptian real estate sector.

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