Apartment 2 Bedrooms for Sale in Sun Capital - 6 October By Arabia Group

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Egyptian private equity firm Arabia Group has acquired a majority stake in Sun Capital, a mixed-use real estate complex in 6 October City, west of Cairo, for EGP 1.5 billion ($95 million), according to a statement released on Wednesday. The deal marks the latest investment by the group in the local property market, which has shown signs of recovery amid easing restrictions and increasing demand from both domestic and foreign buyers.

Sun Capital, which spreads over 1.2 million square meters, includes residential, commercial, and administrative units, as well as recreational and educational facilities, such as sports clubs, schools, and parks. The project was launched by the Saudi-based Al Ahly Sabbour and the Egyptian government-owned New Urban Communities Authority (NUCA) in 2014, with a total investment of about EGP 23 billion ($1.5 billion).

However, the development faced several challenges, including delays in construction, legal disputes with some landowners, and a decline in sales due to the devaluation of the Egyptian pound and the COVID-19 pandemic. As a result, Al Ahly Sabbour had to sell its stake in the project to NUCA last year, which became the sole owner and developer of Sun Capital.

NUCA then decided to look for a strategic partner to help revive the project and enhance its value proposition, given the current market conditions and the competitive landscape. After several rounds of negotiations and due diligence, Arabia Group was selected as the best candidate, based on its financial strength, experience, and vision for the project.

"We are delighted to have acquired a controlling stake in Sun Capital, which is one of the most prestigious and promising developments in the country," commented Tarek Abdel Rahman, the CEO of Arabia Group. "We believe that Sun Capital has a great potential to become a preferred destination for homebuyers, investors, and businesses, thanks to its strategic location, high-quality amenities, and innovative design."

Abdel Rahman added that Arabia Group would inject additional investments into the project, improve its infrastructure and services, and introduce new products and concepts that would cater to the evolving needs and preferences of the market. He also said that the company would leverage its network and partnerships to attract local and foreign investors, and expand the project's reach and impact beyond the national borders.

The transaction is subject to regulatory approvals and is expected to be completed by the end of this year. It is noteworthy that Arabia Group is one of the largest private equity firms in Egypt, with investments in diverse sectors, including healthcare, education, technology, and real estate. Its portfolio includes several landmark projects, such as Beverly Hills, El Patio Oro, and Talaat Moustafa Group's Madinaty.

https://www.6october.biz/NS102638

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