A consortium comprising Aldar Properties and ADQ will acquire approximately 85.52 percent of the outstanding share capital of Egyptian developer SODIC.
The company, also known as The Sixth of October for Development and Investment, will be acquired following a successful mandatory tender offer announced by the Egyptian Stock Exchange (EGX) on Wednesday.
The Abu Dhabi-based consortium, which is controlled 70 percent by real estate developer and manager Aldar and 30 percent by ADQ, will focus on identifying growth opportunities and guiding the company’s long-term strategy.
The consortium’s objective is to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets, a statement said.
Talal Al Dhiyebi, group CEO of Aldar, said: “Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macro-economic fundamentals driving the real estate sector.
“After studying the market, SODIC emerged as our desired entry-partner and is a natural commercial fit for Aldar. The transaction is a testament to both Aldar and ADQ’s belief in the company’s track record, governance framework and business model and we look forward to supporting SODIC create even greater economic and social value for its stakeholders, most notably the communities that the company serves across Egypt.”
The all-cash mandatory tender offer, at a purchase price of EGP20 per share, valued SODIC at EGP7.1 billion. The transaction will be finalised in the coming days, with shares transferred by December 16.
Headquartered in Cairo, SODIC is one of Egypt’s leading real estate companies, active in the development of residential, commercial, and retail properties.
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