Bonyan for Development and Trade (Bonyan), Egypt’s leading real estate investment company, has achieved another milestone in its expansion strategy with the completion of its eighth asset acquisition, Invest-Gate reports.
The company, renowned for acquiring and managing commercial real estate assets in Egypt, has added a world-class office building to its portfolio within REDCON Properties’ Golden Gate project.
Situated in the first phase of the sustainable Golden Gate community, opposite the American University in Cairo (AUC) on South 90th Street, New Cairo, the newly acquired building boasts green certification and spans an area of 6,888 sqm.
For his part, Shamel Abouelfadl, Chairman of Bonyan, this transaction aligns perfectly with the company’s vision of becoming the leading real estate platform focused on commercial real estate assets. The move underscores their strategy of capitalizing on capital appreciation and rental revenues while positioning against currency fluctuations.
Moreover, Ahmed Abdullah, Vice Chairman of REDCON Properties, emphasized the collaborative effort with Bonyan, noting their joint commitment to sustainability and futuristic architectural design. The Golden Gate project, set to deliver units in 2024, aims to establish a distinct attraction zone in New Cairo after successfully attaining its EGP11 bn sales target in 2023.
Furthermore, Tarek El Gamal, Chairman of REDCON Properties, highlighted the importance of mixed-use projects for the future of the real estate sector, emphasizing their dedication to environmental sustainability and modern construction principles.
With investments exceeding EGP 15 bn, the Golden Gate project occupies a prime location in New Cairo and spans approximately 160,000 sqm.
Notably, Bonyan remains focused on growth through acquisitions, aiming to enhance its portfolio and deliver maximum returns to shareholders.