International law firm Clifford Chance said it had played a major advisory role for Abu Dhabi developer Aldar Properties in connection with the acquisition of 85.52% of the outstanding share capital of Egyptian developer Sodic in consortium with ADQ.

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), Sodic is one of the countrys leading real estate companies with a 25-year track record of success and sustained growth in the residential, commercial, and retail sectors. It also benefits from a significant land bank for future development.

The transaction comprises an all-cash mandatory tender at a purchase price of EGP 20.0 per share, which valued Sodic at EGP 7.1 billion. The offer was accepted by shareholders representing 85.52% of outstanding share capital, resulting in a transaction value of EGP6.1 billion ($386.8 million).

The Clifford Chance team was led by Mohammed Al Shukairy, Regional Managing Partner, Middle East, with support from senior associates Gareth Dray and Rizwan Irfan Butt.

"We are very pleased to have supported Aldar in this strategic transaction as part of its international expansion in a priority market. This is undoubtedly a significant development for both Aldar and for the Egyptian real estate market as a whole," said Al Shukairy.

The Abu Dhabi-based consortium, which is controlled 70% by real estate developer and manager Aldar and 30% by ADQ, one of the regions largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabis diversified economy, said it will focus on identifying growth opportunities and guiding the companys long-term strategy.

The consortiums objective is to advance Sodics position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets, he added.-TradeArabia News Service

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