Some Egyptian businessmen have recently acquired the New City Housing and Development Company (NCHD), a subsidiary of Orascom Development Egypt (ODE), through an English investment fund and GB Capital, in a move valued at USD 50 mn (EGP 787.1 mn), Invest-Gate reports.

The deal was lead by one of GB Capital companies owned by Raouf Ghabbour, as a member of the board of directors, along with a group of Egyptian Investors Alliance, coming on the back of NCHD’s outstanding achievements since its foundation 13 years ago, according to a press release on December 19.

NCHD, which will be rebranded to “Newcity Developments,” offers numerous investment grabs represented in a 300-acre land portfolio ready for development, which may feature commercial and retail activities, paired with a possible real estate inventory of up to 12,000 homes, the statement noted.

Specialized in building affordable integrated urban communities, the Egypt-based company owns a 2.6 mn-square-meter integrated project in west Cairo’s 6th of October City, called “Haram City,” featuring schools, clinics, worship houses, sports facilities, and many others to serve 40,000 residents.

That is besides another 800,000-square-meter compound in Upper Egypt’s Qena province, named “Qena Gardens,” encompassing a diverse range of high-quality residences by providing a brand-new concept for urban development.

Speaking of the news, Ghabbour hailed the “biggest acquisition of 2020,” indicating that NCHD holds a promising vision that will render practical solutions for the Egyptian real estate sector at a time when it is witnessing an increasing and continuous demand.

He further highlighted, “All projects by NCHD will witness extra efforts and additional cash flow to boost business, and thus, meet the changing needs and preferences of today’s homebuyers, while also consolidating the developer’s position in the local property market.”

On December 14, ODE had signed off on selling a 35.25% stake in its affordable housing arm, or NCHD, at a total cost of EGP 128.6 mn, in line with its strategic plans to reinforce core business areas, as highlighted in a previous statement.