REACAP Financial Investments has sold a 13,452 sqm piece of land, which it owned in partnership with Palm Hills, for EGP 332m. The land was bought through Nile Palm Al-Naeem, of which REACAP owns 49%, the company highlighted.
REACAP proceeds from the sale were approximately EGP 120m. The land is located in downtown Alexandria and overlooks the Corniche.
“The land proceeds will be used to repay the loans given by Naeem to REACAP, and Naeem will use the cash to further support its business lines operations,” the company said in an official statement.
Palm Hills Development is a leading real estate company operating in Egypt. The company achieved a consolidated net profit of EGP 218m ($28.6m) in the first quarter (Q1) of 2015. These figures compare to EGP 60.6m ($7.9m) during the same period last year, according to a statement submitted to the Egyptian Stock Exchange (EGX).