Real estate developer SODIC reached an agreement with Mobica, Egypt’s largest manufacturer/retailer of office furniture, to develop its headquarters and a showroom in Westown, the company said.
Mobica is acquiring the right to develop 11,338 square meters of built-up area over 6,542 square meters of land for LE 50 million.
The transaction values Westown’s commercial built-up area at LE 4,000 and gross land at LE 6,000 per square meter and follows a series of similar transactions that bring some of the leading Egyptian and regional institutions as anchor tenants to Westown’s commercial component, Beltone Financial said in its daily market report.
The transaction brings SODIC’s new contracted sales in 2010 to LE 1.23 billion.
