Orascom Development Egypt (ODE) receives a preliminary non-binding offer (NBO) from Sixth of October Development and Investment Company (SODIC) for the acquisition of 100% of its subsidiary Orascom for Real Estate (ORE) for EGP 2.46 bn, Invest-Gate reports.

The offer pends fulfillment of several conditions, including completing due diligence and ODE’s corporate approvals, in addition to all relevant regulatory approvals.

ODE owns 70% of ORE, while the UAE-based Aldar Properties owns 85.5% of SODIC.

ORE is the owner of O West, a mega real estate development located on 4.2 sqm in West Cairo.

Furthermore, the board of directors of ODE grants SODIC the right to commence the due diligence process and engaged management exclusively to initiate negotiations for the transaction.

The shareholders of ORE have appointed EFG Hermes as the sole financial advisor.