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Tuesday, 8 June 2021

TMG does another JV with state-owned banks

The National Bank of Egypt (NBE), Banque Misr and Talaat Moustafa Group (TMG) have established a new real estate joint venture, dubbed Rawasi, with paid-in capital of EGP 200 mn, NBE Deputy Chairman Yehia Abou El Fettouh told Masrawy.

What’s in the pipeline? The new company obtained a EGP 9 bn joint loan from both banks to develop assets in TMG’s Madinaty compound, Abou El Fettouh said.

This is the second real estate JV TMG has set up with NBE and Banque Misr: In late 2020, TMG established its first JV with both state-owned banks to develop the pair's residential lands worth EGP 5 bn in TMG’s Madinaty and Rehab compounds. Four other banks later bought into the JV, including Suez Canal Bank, Export Development Bank of Egypt, United Bank and the Egyptian Gulf Bank. CIB and TMG also established in 1Q2021 a real estate SPV, dubbed TCA Properties, to acquire, sell and lease commercial properties.

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