Heliopolis Company for Housing and Development (HHD) auctioned on June 17 eight plots in Sheraton, Heliopolis, amounted at EGP 66.7 mn, as part of the company’s scheme to sell part its land portfolio to finance its investment plan and cut its debt, Invest-Gate reports.

HHD endeavors to sell 2-3% of its land bank in three different areas in east Cairo: Shorouk City, Heliopark City, and Sheraton, according to the company’s bourse filing published on the auction’s day.

Last May, the property developer announced offering 32 land plots in Sheraton for sale for two weeks, starting May 12. This came shortly after it revealed last February that the board of directors approved selling part of HDD’s land portfolio to fund its investment plan, including a 1,980-square-meter land behind Sheraton, a 190-acre plot in New Heliopolis City, northeast Cairo, in addition to a 100-acre land area in Heliopark City, according to an earlier statement.

Nonetheless, on June 12, Egypt’s Ministry of Public Enterprise Sector and Holding Company for Construction and Development have given principal approval to pass management of HHD to a strategic real estate investor, the Egypt-based company announced in a previous filing.

HHD will offer 22% of its equity in a share sale on the Egyptian Stock Exchange (EGX), half of which will be sold to the investor. The plan still needs the approval of the company’s general assembly. However, no further details were revealed on the transaction or whether any investors had expressed interest.

There have been nagging concerns about HHD’s performance for a while now; its balance sheet does not look great and the stock has gotten hammered over the past period. During the first nine months of FY 2018/19, for example, the real estate firm posted a profit of EGP 39.5 mn, down from EGP 120.4 mn in the prior-year period.