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Monday, 21 February 2022

Compass Capital-owned real estate developer Bonyan acquires 6 East Cairo office buildings

Compass Capital-owned real estate developer Bonyan for Development and Trade has acquired six office buildings in East Cairo to expand its portfolio of commercial real estate assets, Compass announced in a press release (pdf), without mentioning the value of the transaction or whom it acquired the units from.

The acquisition brings the value of Bonyan’s assets to EGP 5.5 bn, according to the release. The office buildings are already fully leased out to multinationals and large Egyptian companies.

More acquisitions planned: The developer intends to continue “acquiring other yielding commercial and logistics real estate assets” as it vies to become the leading real estate platform focused on rented commercial properties.

About the firm: Bonyan secured EGP 700 mn in Islamic financing from Banque Misr and BM Lease last year, which will be used to complete the company’s Walk of Cairo outdoor complex in Sheikh Zayed. Its portfolio is split between retail assets and office buildings in East and West Cairo.

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