Local property developer Palm Hills has confirmed it has completed a $213m share sale.

A company spokesperson told MEED that the share sale is to fund a new “growth and expansion strategy” for the Cairo-based developer.

Palm Hills also revealed that 97 per cent of the shares offered were taken up.

Palm Hills is one of Egypt’s most active developers and at the recent investment conference in Sharm el-Sheikh announced the development of a $3bn residential project in New Cairo.

In April this year, Palm Hills and Madinet Nasr for Housing and Development (MNHD) announced a preliminary agreement for a joint project in Cairo.

The companies confirmed that they have signed a memorandum of understanding (MoU) to develop a 433,643-square-metre, mixed-use residential and commercial project near the new administrative capital city scheme.

The project will be developed as part of MNHD’s KM45 scheme near the Cairo-Suez desert highway.

The statement released by the two companies claims the project will “generate up $721m over 10 years”.

The first phase is expected to be complete in four years, according to the statement.

Under the agreement, Madinet Nasr will contribute the land and the main infrastructure network costs, and Palm Hills will bear the construction and marketing costs, in addition to providing the projects’ masterplan.