Helmy, Hamza & Partners, a member firm of Baker & McKenzie International, Cairo office, is pleased to announce that it has represented Banque Misr in establishing the first REIT in Egypt, Egyptian Real Estate Fund (I) (Fund), that aims at investing in income generating portfolio of commercial real estate such as shopping malls, office buildings, medical and educational centers within Greater Cairo. We have also represented the Fund and its Management Company in its first private placement issuance, which was fully subscribed for by Banque Misr, Banque du Caire, Misr Insurance Holding Company and Allianz Insurance. EGP 360 million were raised in said private placement. The first investment by the Fund was made in real estate developed by one of the leading developers in Egypt, the Arab Company for Projects and Urban Development, an affiliate of Talaat Moustafa Group Holding, in its "Madinaty" and El Rehab projects in East Cairo, one of the most successful real estate projects in Cairo.
Commenting on the transaction, Mohamed Ghannam, Managing Partner said: "We are delighted to have advised the Fund and its management and Bank Misr on this first REIT in Egypt, and to have worked closely with leading financial institutions such as Banque du Caire, Misr Insurance Holding Company and Allianz Insurance, and the largest leading real estate developer in Egypt, Talaat Moustafa Group, on such an important transaction which creates a new product in the Egyptian market with a focus on income generation."
The Helmy, Hamza & Partners, Baker McKenzie Cairo team was led by Managing Partner Mohamed Ghannam, and Counsel Mostafa El Sakaa and comprised Associates Mohamed El Hossamy and Walid Enany and Paralegal Malak Abou Senna; as well as Senior Associate Milad Fayez from the Litigation team. We also take this opportunity to commemorate the memory of our late colleague, Sameh Belal Capital Markets Specialist, who has also played a pivotal role in this transaction.