Cairo – Bonyan for Development and Trade (Bonyan), a leading real estate investment company focused on acquiring and managing commercial real estate assets in Egypt, has successfully completed its eighth asset acquisition as part of its expansion strategy, acquiring a Grade A office building. added to portfolio. at Redcon Properties' Golden Gate project. This is in line with Bonyan's strategy to acquire trophy commercial real estate assets that solidify its position as Egypt's leading real estate investment company.
The newly acquired building will be located in front of the American University in Cairo (AUC) on South 90th Street in New Cairo, the first phase of the sustainable Golden Gate community. The acquired building is a BUA 6,888 square meter green certified office building.
“This transaction strengthens Bonyan’s strategy to become a leading real estate platform, focused on ownership of commercial real estate assets and generating revenue through capital appreciation and rental income. , to take a long position in USD and a short position in EGP by conducting a leveraged buyout denominated in EGP.” Shamel said. Mr. Abuel Fadl, Chairman Bonyan.
Ahmed Abdullah, Vice-Chairman of REDCON Properties, said: “Our collaboration with Bonyan is an important milestone in the development of the Golden Gate project as a sustainable mixed-use project that relies on the latest and contemporary technological solutions with a futuristic architectural design. This strengthens our position. We have signed the following: Aiming to create a unique attraction zone in New Cairo, more than 50 international trade brands are expected to participate in the Golden Gate project, with unit deliveries starting in 2024, which is expected to reach sales targets in 2023. This follows a huge success in achieving a total of 11 billion Egyptian pounds. . ”
Engineering Tarek El-Gamal, Chairman of REDCON Properties, said: “The future of the real estate sector lies in the establishment of mixed-use projects. Our cooperation with Bonyan is a great opportunity for our commitment to establish green projects that support environmental sustainability. “We emphasize the importance of our vision. These projects will be combined at the same time.” Modernity with appropriate construction principles. ”
The Golden Gate project is located in a prime location in the center of New Cairo, and the investment in the first phase is set at 15 billion Egyptian pounds. The project occupies a total area of approximately 160,000 square meters and boasts the largest facade in front of the American University in Cairo overlooking South 90th Street, which stretches for 1.25 kilometers.
Bonyan currently owns a diversified asset base consisting of eight commercial properties across the east and west of Cairo. Currently, his two-thirds of the company's assets are in grade A offices, primarily occupied by multinational tenants, with the remainder in retail assets.
Bonyan was acquired in July 2018 by Compass Capital for Financial Investments, an alternative asset management company focused on value investing, and is a leading real estate property in Egypt with a focus on capital appreciation and rental yields. We are planning to establish an investment platform.
Bonyan continues to pursue growth through the acquisition of commercial and logistics real estate assets to further strengthen its portfolio and maximize shareholder returns.
About REDCON properties:
REDCON Properties was founded in 2019 as the development arm of REDCON Group, specializing in mixed-use real estate projects. The company operates with sustainability as its core value and is leading the Egyptian real estate sector in the implementation of sustainable and green architecture, with Golden Gate as its first flagship project.
REDCON Properties draws on 30 years of experience with REDCON Constructions, which has delivered over 200 projects, including El Alamein Towers, Maspero Towers, Mansoura University, ABB, Farco, Electrolux and the company's first green building, First Abu Dhabi Bank. We carry on the tradition. Recognized for leadership in energy-saving design and environmental protection with LEED Silver certification.
For more information, please contact us below.
Assa Osama
Redcon Properties Public Relations Supervisor
asser.osama@redconproperties.com
About the compass capital
compass needle Capital is a leading alternative asset manager focused on value investing. The firm's multidisciplinary team has a long and successful track record of successfully executing numerous transactions requiring capital flexibility, financial restructuring, and management restructuring, generating attractive investment returns. Masu.
about Bognan
Bonyan is an alternative real estate investment company. Bonyan's strategy focuses on acquiring and managing commercial real estate assets with the goal of creating an alternative real estate platform that generates shareholder returns through capital appreciation and rental yields.
contact address:
Fadi Rafat
Bonyan Chief Investment Officer, Development and Trade
fadykraafat@compass-cap.com
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