Tarek Abdel Rahman, the Managing Partner of Compass Capital — which owns Bonyan for Development and Trade — revealed that it plans to invest about EGP 1.5bn to purchase administrative buildings in east Cairo.
Abdel Rahman told Daily News Egypt that the company is currently studying the purchase of several new administrative buildings in East Cairo, pointing out that the company already owns about six administrative buildings in east Cairo and the Fifth Settlement, with a total built-up area of 74,227 sqm and a total leasable area of 47,450 sqm.
He stressed that work is underway to build a diversified real estate portfolio through Bonyan to put it on the Egyptian Exchange (EGX).
Vantage Capital — the African mezzanine fund manager — revealed on Saturday that it has provided $10m in mezzanine debt to Compass Capital to acquire office buildings in east Cairo.
It added that the acquisition is being carried out by Bonyan, and that it recently purchased office buildings from Namaa Development and Real Estate Investment — a private real estate development company owned by the Salam family.
The administrative buildings are located in New Cairo, and the total leasable area of the properties is 47,200 sqm and are currently being fully leased by multinational companies such as Nestle, General Electric, Johnson & Johnson, and Lafarge Cement, in addition to local Egyptian institutions.
