Egypt’s REACAP to launch new project in Smart Village
Egypt’s real estate business development consultancy REACAP plans to launch its seventh integrated business complex, ARC Business park in Smart Village.
The company will carry out the project with an investment 360 million Egyptian pounds ($20.1 million) and is expected to launch by the end of July 2018.
The project is set to include up to 110 offices and offers small office spaces for small and medium-sized enterprises, starting from 70 sqm. Located in the heart of Cairo’s Smart Village, at a walking distance from multinational headquarters and Egypt’s top companies, ARC Business Park is designed to be a hub, connecting SMEs and bringing in key industry players and commercial entities together to promote for a conducive environment for business growth.
During the last quarter of 2017, the company had introduced Linx Business Park, the first integrated complex business park in west Cairo.
Hesham El Far, REACAP’s vice chairman, said that the company had successfully sold over 90 percent of the units in Linx Business Park and is set to start selling units in ARC Business Park by the end of July 2018, expected project delivery December 2020.
“We take pride in the fact that we are one of the very first developers to introduce the idea of an integrated business park in one of the best business complexes in the MENA region, Smart Village.” El Far said. He added that ARC Business Park will provide any business with endless opportunities due to its proximity to Egypt’s top multinational companies.
Arc Business Park is owned by Smart Village Real Estate Investment Company “SVREICO”, a joint stock company established in 2007, REACAP is the major shareholder with 68 percent followed by Banque Misr 12.11 percent, Egyptian Export Development Bank 12.11 percent and Ahly United Bank 4.84 percent among others.
REACAP financial investments co- NAEEM Holding’s real estate investment vehicle – is a publicly listed company on the Egyptian Stock Exchange with a paid up capital of 531 million pounds and total assets of 842 million pounds as of 31 December 2017.