11 November 2019
Egypt's Amaken Investments, which specializes in acquiring and completing stalled or troubled real estate projects, is planning to acquire three such projects by the end of 2019, the company chairman said.

Jasser Bahgat told Thomson Reuters Projects that the "three investment opportunities" include a residential and tourism project in North Coast, a residential project in Ain Sokhna and an entertainment project in Nasr City, Cairo.

"We focus on acquiring and restructuring troubled or distressed projects in partnership with the original developer, who contributes the land while we take on the developer mantle," said Bahgat on the sidelines of a real estate event last week.

"This kind of business is completely new to the Egyptian real estate market but costs less than regular projects," he said.

He said the residential and tourism project in North Coast comprises of 2,300 units and has an estimated value of 1.8 billion Egyptian pounds ($111.6 million). He didn't elaborate on the Ain Sokhna and Cairo projects.

He said the company is also eyeing a state-owned project in the North Coast but didn't elaborate.

(1 US Dollar = 16.13 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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