An unnamed UK-based fund has acquired 100% of New City Housing and Development for EGP 365 mn, Al Mal reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a 35.2% stake previously held by Samih Sawiris’ Orascom Development Holding (ODH) in the affordable housing developer, and a combined 64.8% stake held by Sawiris personally and US company Blue Ridge and PE firm Equity International. New City Housing was formerly known as Orascom Housing Communities (OHC). The sale comes as Sawiris’ ODH narrows its focus on core businesses, which center on high-end real estate including El Gouna and O West.

Advisors: Beltone Securities Brokerage provided sell-side brokerage services while Hermes Securities Brokerage executed the sale on behalf of the unnamed fund. Matouk Bassiouny & Hennawy acted as counsel to the buyer.

OTHER M&A NEWS- A mandatory tender offer to snap up 90% of El Nasr Civil Works at EGP 11 apiece is currently under review from the Financial Regulatory Authority, according to an EGX disclosure. A group led by Odin Investments submitted the MTO to the regulatory for sign-off. The remaining 10% of the company’s shares remaining as freefloat shares.