Cairo – Mubasher: Six of October Development and Investment (SODIC) announced that its wholly-owned subsidiary Tabrook Development Company has entered into a partnership agreement with Shahin Owners’ Union, represented by Alhassan Tarek Salem, to develop a 280-acre land plot on the Mediterranean North Coast.

The land plot is situated at kilometre 92 Marsa Matrouh - Alexandria road, eight kilometres east of Caesar, SODIC's project in the North Coast, according to a bourse disclosure on Tuesday.

Under the deal, a total of EGP 2.7 billion will be paid in fixed instalments to the landowner over 12 years as well as a variable component of 15% of the cash collections achieved from the projects on the land plot with no minimum guarantee.

"The partnership agreement supersedes the earlier revenue share deal signed in March 2018 for two adjacent land plots with a total area of 308 acres," the property developer said.

In the first half (H1) of 2021, SODIC recorded consolidated net profits of EGP 225.84 million, up from EGP 74.51 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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