Egyptian developer SODIC said it will set aside $19.5 million to finance the operations of its newly acquired stake in Syrian real estate firm Palmyra, which plans a housing development near to the capital Damascus.
The firm also said in a note to the stock exchange it would buy a 4,000 square meter plot of land from Cairo-based private equity firm Citadel Capital for LE 36 million ($6.3 million) in a suburb outside Egypt’s capital Cairo.
SODIC, Egypt’s fourth largest developer by market value, said in June it would buy a 50 percent stake worth $40.5 million in Palmyra, adding to a growing list of Egyptian companies investing in Syria.
Palmyra, a subsidiary of the MAS Economic Group, plans to launch a housing project on a 500,000 square meter plot near Damascus in the first half of 2011, SODIC said in June.
Palmyra owns 2.6 million square meters of land in and around the Syrian cities of Damascus, Latakia and Aleppo.
SODIC sells mostly high-end residential and commercial property on the outskirts of Cairo.
