4 Bedrooms Apartment for Sale in Sun Capital 6 October By Arabia Group - Delivery Year 2023

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Egyptian conglomerate Arabia Group has entered into an agreement to acquire a majority stake in Sun Capital, a premium real estate development in 6 October City, west of Cairo. The deal is expected to boost Arabia Group's presence in the high-end property market and diversify its investment portfolio.

Under the terms of the transaction, Arabia Group will purchase 51% of Sun Capital's shares from its current owner MNHD (Medinet Nasr Housing and Development), a leading real estate developer listed on the Egyptian stock exchange, for a total consideration of EGP 1.05 billion (about USD 67 million). The remaining 49% of shares will be held by MNHD, which will continue to manage the development and operation of Sun Capital.

Sun Capital is a 566-acre master-planned community that features a range of residential units, commercial centers, sports facilities, and green spaces. The project is located near the Giza Pyramids, one of Egypt's main tourist attractions, and is expected to benefit from the government's efforts to promote tourism and foreign investment in the country.

"Our acquisition of a majority stake in Sun Capital reflects our strategy to invest in high-quality assets with strong growth potential, and to partner with established players in key sectors," said Tarek Abdel-Rahman, CEO of Arabia Group. "Sun Capital represents a unique opportunity to acquire a premium real estate asset in a prime location, and to leverage our operational and financial capabilities to enhance its value proposition and maximize returns for our stakeholders."

Arabia Group, founded in 1971, is a diversified holding company that operates in various sectors, including real estate, hospitality, education, healthcare, and food production. The group has a strong presence in Egypt, and has recently expanded its operations to other countries in the MENA (Middle East and North Africa) region, such as Saudi Arabia, UAE, Sudan, and Oman.

The acquisition of Sun Capital by Arabia Group is expected to be completed by the end of 2021, subject to regulatory approvals and other customary conditions. MNHD said that it intends to use the proceeds from the sale to finance its ongoing projects and reduce its debt burden. MNHD reported a net loss of EGP 194 million for the first half of 2021, compared to a net profit of EGP 99 million in the same period last year, due to the impact of the COVID-19 pandemic on its business activities.

https://www.6october.biz/NS27077

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