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A subsidiary of Egypt’s Talaat Moustafa Group (TMG), together with CI Capital, has established a new real estate investment trust (REIT) with a capital of 8 billion Egyptian pounds ($154 million).
The Awaed Real Estate Investment Fund, which received approval from the Financial Regulatory Authority, has a shareholding structure comprising approximately 51% held by CI Capital and 49% held by the Arab Company for Projects and Urban Development, the TMG subsidiary.
The fund’s portfolio consists of income generating commercial assets that are already leased and producing stable rental returns.
TMG Group is one of the largest real estate developers listed on the Egyptian Exchange.
(Writing by Brinda Darasha; editing by Daniel Luiz)
