AFGRE Finalizes 1st Lease Agreement For Cairo Festival City

Al Futtaim Group Real Estate (AFGRE) recently finalized their first Lease Agreement for an Office space in Southern Business District at Cairo Festival City. The agreement entails the leasing of approximately 6,000 m² in one of the four commercial office buildings overlooking AlTiseen Street. Procter and Gamble (P&G); one of the leading multinational consumer goods organizations signed with Cairo Festival City, and became the first lessee to enter the development at the business park.

The agreement was signed by Mr. Kareem Hassan from P&G, and Mr. Yousry Al Saadi from Al-Futtaim. The signing ceremony was attended by Dr. Mohamed Al Mikawi; the Managing Director of AFGRE and Mr. Aly Wahdan, P&G’s Middle EastAfrica Planning Center Manager.

Commenting about the agreement, AFGRE Managing Director, Dr. Mohamed El Mikawi, said “We are delighted to have P&G as the first new tenant at our commercial offices. We believe that having such a prestigious company is a testament to the unique office space we are offering to the business community”.

This Lease is the first to be finalized in phase one of the Southern Business District which includes the construction of 4 office buildings that span across approximately 40,000 m² of land; representing 16% of the offices’ total area (250.000 m2). The commercial offices overlook a lush green landscape, with only 14% of Southern Business District’s area allocated for buildings.  Phase one has another 60,000 m² of office space that will be constructed as of third quarter of 2012, and is expected to officially launch early 2014.

Spanning 3 million square meters, Cairo Festival City is strategically located on the ring road at the main entrance of New Cairo City. Cairo Festival City is a mixed use project features Cairo’s first indoor-outdoor retail and entertainment resort combined with luxury residential communities, prime office spaces, internationally renowned hotels, schools and an automotive park all set within a lush landscaped environment.