Aldar Properties (‘Aldar’) and ADQ, through their Egyptian real estate platform, Sixth of October for Development and Investment Company S.A.E. (‘SODIC’), has submitted a non-binding offer for the potential acquisition of up to 100% of the share capital of Madinet Nasr Housing & Development (‘Madinet Nasr’; EGX: MNHD.CA), valuing the company at EGP 6.18 billion (USD 328 million).
The proposed acquisition is in line with SODIC’s strategy to expand its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets through both organic growth and strategic acquisitions in order to achieve scale and realize synergies.
SODIC is majority owned by a consortium comprising Aldar and ADQ, following its acquisition of 85.5% of the company’s shares in December 2021. The consortium is supporting SODIC’s growth and development as a leading national developer by scale and reputation, enabling it to unlock opportunities, expand business networks, and implement best practice across many areas of common interest and expertise.
Headquartered in Cairo and listed on the Egyptian Exchange (EGX), Madinet Nasr is one of Egypt’s premier urban community developers and has been developing master plans and serving its customers and communities since its establishment in 1959. Madinet Nasr‘s operational focus is in the East Cairo area, where its two flagship projects (Taj City and Sarai) are located, with a sizeable land bank for expansion opportunities.