Acumen Beltone, a joint venture between Beltone Private Equity and Acumen Asset Management, plan to create a real estate fund that will invest LE 1 billion in Egypt, according to a statement.
Hazem Barakat, chairman of Beltone Private Equity, said that the fund, which aims to invest in the Egyptian real estate sector, is pending approval by the Egyptian Financial Supervisory Authority (EFSA).
Acumen Beltone’s mandate comprises of both inception and management of real estate funds, and will be seeded by both parties equally (50 percent Beltone and 50 percent Acumen), the statement read.
Mohamed Abdallah, vice chairman of Acumen Holding, said that the new JV would benefit from Beltone’s experience in real estate investments, citing Madinet Nasr for Housing and Development, one of the largest real estate companies in Egypt, and Beltone’s real estate company, Ismalia for Real Estate Development, that aims to develop downtown Cairo.
Abdallah is currently the co-vice chairman of Coldwell Banker and vice chairman of Coldwell Banker Intercontinental, which operates in 35 countries.
