The UAE is ready to make some big real estate moves. A consortium led by property giant Aldar and holding company ADQ has made a tender offer of $1.27 per share to buy control of Egypt’s property developer SODIC. The consortium, which is owned 70% by Aldar and 30% by ADQ, seeks a minimum of 51% of SODIC (OCDI) — valuing the company at $453m. After the interest was made public, SODIC’s shares jumped 3.67% on the Egyptian Exchange.
SODIC is one of Egypt’s leading real estate agencies, having delivered 120 units in the first quarter of 2021 and having reported a $54m revenue — up 60% from the first quarter of 2020. A new residential project in West Cairo generated 35% of the quarter’s sales, accounting for 52 sold units. The company is mainly focused on residential real estate, with non-residential projects accounting for only 3% of the company’s gross contracted sales in 2020 — so if you’re looking for office space in Cairo, probably don’t ask SODIC.
why it matters
Egypt's real estate market is hot. The new urban expansion sponsored by Egypt Vision 2030 will open up new opportunities.