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Monday, 25 September 2017

SODIC announces expansion plans for 2H2017

SODIC in talks over 300 feddans in North Coast, will spend EGP 750 mn to grow land bank in 2H2017: Our friends at real estate developer SODIC announced they are in talks to acquire 300 feddans of land on the North Coast to co-develop with existing landowners, according to an EGX disclosure. SODIC signed a non-binding MoU with the land’s owners and is moving forward with its due diligence process, which it expects to conclude before the end of the year, CEO Magued Sherif told Al Shorouk in an interview. The company has earmarked EGP 750 mn for new land purchases in 2H2017, Sherif added, explaining that SODIC’s strong liquidity position supports its plans to grow its 5 mn sqm land bank. The company is in talks with another North Coast partner for a 285 feddan plot and is assessing potential land acquisitions in east and west Cairo.

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