UK-based property advisor Savills has signed a prominent joint venture (JV) agreement with Egypt-based Sphere Property Management, in a bid to strengthen the company’s presence in Egypt, Invest-Gate reports.
“The new partnership, which will trade as Savills, will combine local knowledge with international best practice. As a result of this partnership, Savills has established a new team in Egypt which will grow from three to around 30 people in the next few months,” read an official statement released by the company on March 14.
Under the deal, the JV will be responsible for the management, agency, and marketing of the mixed-use development Arkan, west Cairo, by May 2019.
The agreement, which was announced at MIPIM 2019 – the world’s leading property market event being held in Cannes, France, was signed in the attendance of CEO of Savills Middle East Steve Morgan, Head of Savills Egypt Catesby Langer-Paget, CEO of Savills UK and EMEA James Sparrow, and Sphere’s CEO Sherine Badreldine.
Commenting on the deal, Langer-Paget said, “We are now achieving another milestone through our strategic joint venture with Sphere, and the subsequent management of Arkan. This key development is set to become one of the most sought-after destinations in the Egyptian capital. Thus, we are bringing on board world-class expertise to set a new benchmark in the market.”
“The Savills journey in Egypt to date has been a great success. We launched our operations in Egypt only in December 2018 and recently announced the launch of our first residential project, One Zamalek, the much-anticipated waterfront address in Cairo. These rapid developments allowed us to grow considerably in a market that shows promising signs of expansion,” he elaborated.
For her part, Badreldine said her company has managed Arkan since its inception and was able to provide one of the first real mixed-use schemes in Cairo. The development is currently undergoing significant expansion, with construction on track to be completed in Q1 2020.
The project will span over a total built-up area of 260,000 square meters after the extension’s completion and will feature 210 shops, 67 restaurants, 185 room hotel, 600 seat theatre, 47,000 square meters offices, 4,500 parking spaces, to name a few.
