Dubai: Aldar Properties and its Abu Dhabi-based partner ADQ have made a non-binding offer to buy all of the shares in Egypt’s Madinet Nasr Housing & Development, the offer valuing the company at $328 million. The offer has been routed through SODIC, the Egyptian developer where Aldar-ADQ has a majority stake.
Headquartered in Cairo and listed on the Egyptian Exchange (EGX), Madinet Nasr is one of Egypt’s premier community developers since 1959. The main operational focus is in the East Cairo area, where its two flagship projects - Taj City and Sarai - are located, and with a sizeable land bank for expansion opportunities.
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 organic growth and strategic acquisitions to achieve scale and realize synergies,” said a statement.
SODIC is majority owned by a consortium comprising Aldar and ADQ, following its acquisition of 85.5 per cent of the 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’.