Bonyan acquires 8th commercial asset in REDCON Properties’ Golden Gate Project

Cairo – February 7, 2024: Bonyan for Development and Trade (Bonyan), a leading real estate investment company in Egypt, successfully completed its eighth asset acquisition as part of its expansion strategy.

Focused on acquiring and managing commercial real estate assets, Bonyan closed an asset acquisition to expand its portfolio in Redcon Properties’ Golden Gate project, with its purchase of a Grade A office building, its 8th asset in the project.

This is in line with Bonyan’s strategy of acquiring trophy commercial real estate assets cementing its position as the leading real estate investment company in Egypt.

“The transaction cements Bonyan’s strategy of becoming the leading real estate platform focused on the ownership of commercial real estate assets, generating returns through capital appreciation and rental revenues.  This is essentially taking a long position on the USD and a short position on the LE by conducting LE-denominated leveraged acquisitions,” said Shamel Abouelfadl, Chairman of Bonyan.  

The newly acquired building is located in the first phase of the sustainable Golden Gate community, in front of the American University in Cairo (AUC) on South 90th Street, New Cairo. The acquired building is a green-certified office building with a BUA of 6,888 SQM.

"Collaborating with Bonyan enhances our position and the Golden Gate project as a sustainable, mixed-use project that relies on the latest and modern technological solutions with a futuristic architectural design. We have contracted with more than 50 international trade brands to be present at the Golden Gate project as unit deliveries commence in 2024, as we aim to create a distinctive attraction zone in New Cairo. This follows our great success in achieving our sales target for 2023, totaling LE 11 billion," said Ahmed Abdullah, Vice Chairman of REDCON Properties.

Eng. Tarek El-Gamal, Chairman of REDCON Properties, commented: "The future of the real estate sector lies in establishing mixed-use projects. Our cooperation with Bonyan emphasizes the importance of our vision to establish green projects that support environmental sustainability, which simultaneously combine modernity with proper construction principles."

Bonyan currently holds a diversified asset base consisting of 8 commercial assets across East and West Cairo. Currently, two thirds of the company’s assets are geared toward Grade A offices with mostly multinational tenants while the remaining are in retail assets.