ArabFinance: Banque Misr launched the EGP 500-million Egypt Real Estate Investment Fund 1 in partnership with Banque du Caire (BDC) (BQDC), Misr Insurance Holding Company, and Allianz Egypt, according to an email statement on December 20th.
The fund invests in commercial real estate assets with periodic returns. It offers a new investment mechanism in the real estate sector that enables investors to directly invest in properties and distribute risk among several properties included in the fund.
The first issuance of the fund received EGP 360 million worth of subscriptions, out of a targeted value of EGP 500 million, from Egyptian and multinational financial institutions.
Moreover, the fund signed an agreement with Talaat Moustafa Group Holding (TMG Holding) (TMGH) to buy commercial real estate assets in Al Rehab and Madinaty.