Sixth of October Development and Investment Company (SODIC) presents a preliminary non-binding offer (NBO) to Orascom Development Egypt (ODE) for the acquisition of 100% of its subsidiary Orascom for Real Estate (ORE) for EGP 2.46 bn, Invest-Gate reports.
ORE is the owner of O West, which is a mega real estate development located on 4.2 sqm in West Cairo.
The board of directors of ODE grants SODIC exclusivity to commence the due diligence process exclusively and engaged management to initiate negotiations for the transaction.
ORE’s shareholders hired EFG Hermes as the sole financial advisor.
Moreover, the finalization of the offer requires fulfillment of several conditions, including the completion of due diligence, ODE’s corporate approvals, in addition to all relevant regulatory approvals.
It is worth noting that ODE owns 70% of ORE, while the UAE-based Aldar Properties owns 85.5% of SODIC.