SODIC Submits a Non-binding Offer for the Acquisition of Orascom Real Estate S.A.E, Owner of “O West” Project
Orascom Development Egypt (ODE) announces it has received a preliminary non-binding offer (“NBO”) from Sixth of October Development & Investment Company (SODIC) for the potential acquisition of the entire share capital of its subsidiary Orascom for Real Estate S.A.E. (ORE), the owner of O West, a 4.2 million square meter real estate development located in West Cairo. ODE currently owns 70% of ORE.
The NBO includes an indicative and preliminary equity value purchase price of EGP 2.46 billion for 100% of ORE. The offer is subject to the fulfilment of several conditions, including but not limited to completion of due diligence, ODE’s corporate approvals, and all relevant regulatory approvals. ODE Board has granted
SODIC exclusivity to commence the due diligence process and engaged management to initiate negotiations for the transaction.
SODIC is 85.5% owned by Aldar, the leading real estate developer and manager in the UAE, and ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises.
EFG Hermes has been engaged by the shareholders of ORE as the sole financial advisor
