Finance

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

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

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.

Chamberline Moko

On the same topic
BOAD exits BOA Bénin and Niger, sells stakes to Sonimex BOA Bénin posts growth; BOA Niger sees sharp profit decline Divestment reflects...
Biovac, the South African biopharmaceutical company that supplies 80% of the country's routine childhood vaccines, secured more than $175 million in...
Côte d’Ivoire establishes sovereign fund to manage public assets Fund to finance infrastructure, stabilize economy, build long-term...
Evidence shows mobile money taxes reduce usage and revenue Most countries exceed the 0.2% threshold that triggers cash fallback Policies...
Most Read
01

Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...

Algeria Opens Satellite Market to Competition, Inviting Global Operators
02

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
03

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
04

Nigeria, Nestlé sign MoU for dairy training center in Abuja Center to train farmers in breeding, ...

Nigeria, Nestlé partner to strengthen dairy sector skills
05

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.