Banque Misr-led group launches the Egypt Real Estate Investment Fund 1 with a target capital of EGP 500 mn, Invest-Gate reports.

The fund is launched in partnership with Banque du Caire, Misr Insurance Holding Company (MIHC), and Allianz Egypt.

The first issuance of the fund received EGP 360 mn worth of subscriptions, out of a targeted value of EGP 500 mn, from Egyptian and multinational financial institutions.

The raised fund is distributed among Banque Misr, Banque Du Caire, and MIHC which secure EGP 100 mn stakes each, while Allianz Egypt secures EGP 60 mn.

Chairman of Banque Misr, Mohamed El-Etreby, states that the Egypt Real Estate Investment Fund 1 is a part of a group of real estate investment funds that the bank plans to launch in the coming period.

The Egypt Real Estate Investment Fund 1 invests in commercial real estate assets with periodic returns.

The fund offers a new investment mechanism in the real estate sector that enables investors to directly invest in properties and distribute risk among several properties in the fund.

Moreover, the investment fund inks an agreement with Talaat Moustafa Group (TMG) to acquire commercial real estate assets in Al Rehab and Madinaty.