PHOTO
ArabFinance: Egyptian private equity firm Compass Capital has secured a $10 million mezzanine debt funding from South Africa’s fund manager Vantage Capital, according to a press release.
The funding will be used to finance an acquisition of six grade A office buildings in East Cairo by Compass Capital’s real estate arm Bonyan for Development and Trade.
The office buildings are located in New Cairo’s central business district and have a total leasable area of 47,000 square meters.
They are all rented by multinational companies including Nestlé, General Electric, Johnson & Johnson, and Lafarge Cement.
“Our vision is therefore to build such a real estate portfolio with a view to listing it on the Egyptian Exchange (EGX). Through accessing public capital, further real estate acquisitions could be then made over time, enabling the portfolio to keep expanding and diversifying,” Co-Managing Partner of Compass Capital Tarek Abdel-Rahman commented.
