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Sachs buys stake in Egyptian developer

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 17 March 2008
PROPERTY INVESTMENT: Goldman Sachs' headquarters in New York. The investment bank has bought 5.5% of Palm Hills. (Getty Images)
PROPERTY INVESTMENT: Goldman Sachs' headquarters in New York. The investment bank has bought 5.5% of Palm Hills. (Getty Images)

US investment bank Goldman Sachs has purchased 5.5% of Egyptian real estate company Palm Hills Development and could increase its stake to 10%, the Egyptian company said.

Palm Hills did not give the value of the deal.

Goldman bought the shares from El Mansour and El Maghraby Investment and Development Company, Palm Hills' largest shareholder, the Egyptian firm said in a statement sent to newswire Reuters on Monday.

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Palm Hills, founded in 2005, develops mainly high-end residential and resort projects in Egypt, it said. (Reuters)

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