Compass Capital, a leading private equity firm, announced today that one of its portfolio companies, Bonyan for Development and Trade, has completed the acquisition of six separate Grade A office buildings in East Cairo.
The acquired office buildings are located in prime locations throughout East Cairo. The total built-up area of the buildings is 74,227 sqm with a gross leasable area (GLA) of 47,450 sqm.
Upon the completion of the acquisition, Bonyans GLA will reach 95,000 sqm.
Bonyan, a specialty real estate company, was acquired by Compass Capital in July 2018.
This transaction marks Bonyans first significant acquisition of a Grade A office space that is fully leased out, with current tenants comprised of multinationals and large Egyptian corporations.
It also cements Bonyans strategy to become a leading real estate platform focused on the ownership of operational commercial real estate assets generating revenue primarily through rental income.
Furthermore, the transaction complements Bonyans offering by adding commercial office buildings in East Cairo to the retail assets it owns in West Cairo and brings the total value of its assets to EGP 5.5bn.
Bonyan intends to continue adding to its currently diversified portfolio by acquiring other yielding commercial and logistics real estate assets with the aim of establishing Egypts leading alternative real estate investment company that depends on stable rental yields as its main source of revenue.
2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
