SIAC buys stake in luxury Egyptian office site

Egypt's SIAC Group has acquired a 20% stake in a joint venture to develop offices in a high-end project owned by Sixth of October Development and Investment Company, Reuters has reported. The 33,000 square-metre project, known as the Polygon, is seen as a barometer for luxury real estate demand in Egypt. The joint venture, owned 80% by SODIC, will build the offices in the project, which also includes leisure and commercial facilities, at a total cost of 286 million Egyptian pounds ($53m), SODIC said, adding construction should begin in the coming months and finish by the first half of 2013.