A consortium led by Egyptian real estate developer SODIC has won a tender to develop a retail center in Mansoura, the firm said in a statement.
SODIC said Tuesday that a consortium in which it has a controlling stake won a government bid to develop a for-lease retail center in a prime location in Mansoura, the capital of Daqahlia.
Total investment cost of the project is estimated at LE 210 million, and the consortium has already secured a commitment from Carrefour for the anchor retail store.
The project will be constructed over 18 months and is leased from the government for a 50 year period, SODIC said.
SODIC partners in the consortium include Bonyan, a subsidiary of SIAC; Bonaya, a subsidiary of Juhayna, Garden City, a holding company.
The center will feature entertainment facilities, hypermarkets and department stores, food and café outlets, furnishing supplies, clothing materials, automotive services among other retail and commercial activities.
“Mansoura has a strong need for modern shopping centers, lacks entertainment facilities across all categories including cinemas, restaurants, and amusement areas and its total expenditure on retail in catchment is LE 26 billion,” said Maher Maksoud, CEO of SODIC.
He added that the developer has been “restructuring its strategy and diversifying its portfolio to focus on commercial and retail development.”
Located on a primary highway connecting the major towns of Daqahlia, the plot area is 63,000 square meters, permits 37,800 square meters of gross built area and a 27,720 square meters of net leasable area.
Around 120 km northeast of Cairo, Daqahlia has a population of 1.2 million people and high demand for commercial and retail developments.
