The National Bank of Egypt (NBE) has acquired a 24% Egyptian Arab Land Bank’s stake in Hyde Park Developments, a leading real estate developer. This a move to diversify its investment portfolio and strengthen its presence in the Egyptian economy.
NBE Chairman, Hisham Okasha, hailed the deal as a promising investment opportunity, aligning with the bank’s strategic goals. Yehia Abou El-Fotouh, NBE Vice Chairman highlighted the transaction’s potential to contribute to the recovery of the real estate sector.
Hyde Park Developments boasts a strong presence in the development of new cities and urban communities, with revenues exceeding EGP 2 billion during 2023. With a licensed capital of EGP 10 billion and a land portfolio exceeding 6 million sqm, the company has undertaken several significant projects. These include the Hyde Park project in Fifth Settlement (spanning 1,177 feddans), the Towny project in 6th of October City (31 feddans), the Garden Lakes project (69 feddans) in the same area, and the Hyde Park project on the North Coast (encompassing 240 feddans).
In this regard, BDO Khaled & Co. handled the financial and tax due diligence for the transaction, while Zaki Hashem & Partners Law Firm provided legal counsel. Al-Ahly Pharos Securities Brokerage Company acted as the facilitator for the deal.
