Egypt: Bonyan adds Grade A office building to its portfolio in REDCON Properties’ Golden Gate project

A panoramic image of Cairo city, it was taken in April 2009, it show the Nile and one of the bridges between the two banks and the vehicles crossing in two directions. Getty Images Source: Zawya.com

The Golden Gate project is located in a prime location at the heart of New Cairo, with first-phase investments set at $485mln

Egypt: Bonyan adds Grade A office building to its portfolio in REDCON Properties’ Golden Gate project

Egypt – Bonyan for Development and Trade (Bonyan), a real estate investment company that acquires and manages commercial real estate assets in Egypt, has completed its eighth asset acquisition as part of its expansion strategy. The asset is a Grade A office building in Redcon Properties’ Golden Gate project in New Cairo.

Shamel Abouelfadl, the Chairperson of Bonyan, said: “The transaction reinforces Bonyan’s strategy of becoming the leading real estate platform that owns commercial real estate assets, generating returns through capital appreciation and rental revenues. This is essentially taking a long position on the USD and a short position on the EGP by conducting EGP-denominated leveraged acquisitions.”

Ahmed Abdullah, the Vice Chairperson of REDCON Properties, said: “Collaborating with Bonyan enhances our position and the Golden Gate project as a sustainable, mixed-use project that relies on the latest and modern technological solutions with a futuristic architectural design. We have contracted with more than 50 international trade brands to be present at the Golden Gate project as unit deliveries commence in 2024. We aim to create a distinctive attraction zone in New Cairo, following our great success in achieving our sales target for 2023, totaling EGP11bn.”

Tarek El-Gamal, the Chairperson of REDCON Properties, said: “The future of the real estate sector lies in establishing mixed-use projects. Our cooperation with Bonyan emphasizes the importance of our vision to establish green projects that support environmental sustainability, and combine modernity with proper construction principles.”

The Golden Gate project is located in a prime location at the heart of New Cairo, with first-phase investments set at EGP 15bn. The project covers a total area of approximately 160,000 sqm and has the largest façade overlooking South 90th Street, stretching over 1.25 kilometers in front of the American University in Cairo.

Bonyan currently holds a diversified asset base consisting of eight commercial assets across East and West Cairo. Two-thirds of the company’s assets are Grade A offices with mostly multinational tenants, while the rest are retail assets.

Bonyan was acquired by Compass Capital for Financial Investments, an alternative asset manager focusing on value investing, in July 2018. The plan was to establish Egypt’s leading Real Estate Investment platform focusing on capital appreciation and rental yield.

Bonyan continues to seek growth through acquisitions of commercial and logistics real estate assets, to further enhance its portfolio and maximize shareholder returns.

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