Local real estate developer Sixth of October for Development & Investment Company (Sodic) has submitted a non-binding offer for the potential acquisition of up to 100 per cent of the share capital of Madinet Nasr Housing & Development, valuing the company at £E6.18bn ($328m).

The proposed acquisition is in line with Sodic’s strategy to expand its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets through both organic growth and strategic acquisitions in order to achieve scale and realise synergies.

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Sodic is majority-owned by a consortium comprising Abu Dhabi-based Aldar and ADQ, following its acquisition of 85.5 per cent of the company’s shares in December 2021.

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), Madinet Nasr has been developing masterplans and serving its customers and communities since its establishment in 1959. Madinet Nasr‘s operational focus is in the East Cairo area, where its two flagship projects (Taj City and Sarai) are located, with a sizeable land bank for expansion opportunities.

In late June, the UAE’s Alpha Dhabi raised its stake in Aldar Properties and became the Abu Dhabi developer’s parent company. Aldar will be treated as a subsidiary in Alpha Dhabi’s financial statements from the second quarter of 2022.