The Sovereign Fund of Egypt (SFE) could roll its real estate assets into a new entity that it will eventually IPO on the EGX, SFE CEO Ayman Soliman tells Al Mal. The fund will set up a company or a real estate investment trust (REIT) to consolidate the assets into one entity once it finalizes their development, according to the report in the newspaper’s print edition. A REIT is a mutual fund that owns, finances or manages income-generating real estate assets. These “cherry-picked” assets include state-owned Mogamma Tahrir and the land where the headquarters of the dissolved National Democratic Party used to stand. The plan is not set in stone, but would be part of the SFE’s long-term strategy, Soliman said.

The latest on the Mogamma: Feasibility studies on the revamp are still underway, Soliman said. The conditions booklet for the planned overhaul of the Mogamma El Tahrir will be made available next month, Planning Minister Hala El Said previously said. The fund will give prospective private-sector partners a four-month window to purchase the booklet and present their bids on the project, which will likely see the iconic building transformed into a multi-purpose building, with a portion turned into an apartment hotel and others used for commercial purposes, according to the minister.