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Arab Company for Asset Management receives acquisition offer for land

Arab Company for Asset Management receives acquisition offer for land

ArabFinance: Arab Company for Asset Management and Development (ACAMD) has received an offer from the Egyptian Company for Housing and Development (RAMW) for the acquisition of a piece of land in Gharbia on return-sharing basis, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Arab Company for Asset Management will receive quarterly returns based on the value of sales and the percentage of partnership.

The offer include launching a mixed-use project by RAMW on the units of which will be sold over five years.

Under the study conducted by RAMW for the project, 70% of the area of the land will be utilized for one-story to a minimum of four-story buildings.

The land will be used for residential, commercial, administrative, and entertainment purposes.

ACAMD will be responsible for presenting documents and applying for official licenses and permissions for all procedures and activities of the project.

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