Eng. Tarek El-Gammal, Chairman of REDCON Properties, Elected to UNGC Board by Majority Vote for a Three-Year Term
Sat. 25 May. 2024Bonyan Successfully Acquires its Eighth Commercial Real Estate Asset in REDCON Properties’ “Golden Gate” Project
Bonyan for Development and Trade (Bonyan), the leading Real Estate Investment company focusing on acquiring and managing commercial real estate assets in Egypt, has successfully completed its eighth asset acquisition as part of its expansion strategy, adding a Grade A office building to its portfolio in Redcon Properties’ Golden Gate project. This is inline with Bonyan’s strategy of acquiring trophy commercial real estate assets cementing its position as the leading real estate investment company in Egypt.
The newly acquired building is located in the first phase of the sustainable Golden Gate community, in front of the American University in Cairo (AUC) on South 90th Street, New Cairo. The acquired building is a green-certified office building with a BUA of 6,888 SQM.
“The transaction cements Bonyan’s strategy of becoming the leading real estate platform focused on the ownership of 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.” said Shamel Abouelfadl, Chairman of Bonyan.
Ahmed Abdullah, Vice Chairman of REDCON Properties, stated: "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, as we aim to create a distinctive attraction zone in New Cairo. This follows our great success in achieving our sales target for 2023, totaling EGP11 billion."
Eng. Tarek El-Gamal, Chairman of REDCON Properties, commented: "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, which simultaneously combine modernity with proper construction principles."
Golden Gate project is located in a prime location at the heart of New Cairo, with first-phase investments set at EGP 15 billion. The project occupies a total area of approximately 160,000 square meters and boasts 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 8 commercial assets across East and West Cairo. Currently two thirds of the company’s assets are geared towards Grade A offices with mostly multinational tenants while the remaining are in retail assets.
Bonyan was acquired by Compass Capital for Financial Investments, an alternative asset manager focusing on value investing, in July 2018 with the plan of establishing 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.