IPO WATCH- BPE Partners could be offering shares of real estate subsidiary Al Ismaelia on the EGX in 2020, founding partner and Managing Director Alaa Sabaa said. Al Ismaelia is carving out a niche for itself as the “Solidere” (the company, not the district) of Downtown Caio, where it is leading an urban renewal drive. BPE is also grooming SME finance subsidiary Ebtikar for an EGX listing within the coming two years. Sabaa said Al Ismaelia will spend EGP 150 mn over the next 12 months on work at six historic buildings in Downtown Cairo. The work will drive revenue growth until the company’s initial public offering. Al Ismaelia will begin putting the buildings up for rent as of next year, according to Sabaa. Al Ismaelia had previously done widely acclaimed work on the Viennoise building and rented it out to out friends at Sarwa Capital.

BPE is also in advanced talks to exit its investment in the Cairo Kidney Center and dissolve its midcap fund as it continues to prune its portfolio, Sabaa added. No further details on the transaction were provided.