Bonyan Development and Trading Company” announced the completion of the acquisition of the eighth real estate asset in the “Golden Gate” project, owned by “Redcon Properties,” in front of the American University in New Cairo. It is a sustainable building housing administrative units with a built-up area of 6,888 square meters.
Shamel Abu Al-Fadl, the Chairman of the Board of Directors of Bonyan Development and Trading Company, stated, “This deal strengthens Bonyan’s strategic position to become the leading real estate platform focusing on ownership and management of commercial and administrative real estate assets, aiming to achieve high returns through capital gains, rental yield, and the nature of real estate investment reflecting the market value of the dollar, taking into consideration that the purchase is made in Egyptian pounds.
Ahmed Abdullah, Vice Chairman of the Board of Directors of Redcon Properties, said: “Collaborating with Bonyan Development and Trading enhances the position of Redcon Properties and the Golden Gate project as a sustainable, multi-use project that relies on the latest technologies and modern technological solutions with a futuristic architectural design.
We have also contracted with more than 50 international trade brands to be present at the Golden Gate project, with the unit delivery process starting in 2024. We aim to create a distinctive attraction area in New Cairo. Redcon has also achieved its sales target for 2023, amounting to 11 billion Egyptian pounds.
On the other hand, Eng. Tarek El-Gammal, Chairman of the Board of Directors of Redcon Properties, said: “The future of the real estate sector lies in establishing multi-use projects, indicating that cooperation with Bonyan confirms Redcon’s vision to develop green projects that support environmental sustainability while combining modernity with sound construction principles.
The Golden Gate project is in a prime location in the heart of New Cairo, with investments amounting to 15 billion Egyptian pounds in the first phase, covering a total area of approximately 160,000 square meters. It boasts the largest facade facing the southern ninetyth Street, extending over 1.25 kilometers in front of the American University in Cairo.
Binyan Development and Trading Company currently owns a diverse portfolio of 8 commercial assets in East and West Cairo, with two-thirds of the total leasable area of the company directed towards prime administrative assets with multinational tenants. In contrast, the remaining assets are directed towards commercial properties.
It is worth mentioning that Compass Capital for Financial Investments, an asset management company, acquired Binyan Development and Trading Company in July 2018 to establish a real estate investment platform that achieves high returns through capital gains and rental income.
Binyan Development and Trading Company continues its quest for growth through acquisition activities. It is negotiating to acquire several administrative and logistic real estate assets to enhance its portfolio and increase shareholder returns.
