Naeem Holding studies the creation of a real estate investment fund
Daily News Egypt has learned that Naeem Holding for Financial Investments is studying the creation of a new real estate investment fund and that advanced negotiations are currently underway to apply for its establishment.
The sources added that the target size is being determined and the investment policy will depend on investing in ready and leased properties that are not leased to foreign institutions.
The company launched its first real estate investment fund in Egypt in 2017 with a target size of over EGP 1 billion at the time.
The sources pointed out that there is currently interest in this type of fund to take advantage of the current opportunities in the Egyptian real estate market, pointing out that Banque Misr has also started procedures for the creation of a company 100% owned by it to manage a real estate investment fund, and that the fund to be established will be managed by Banque du Caire and the insurance holding company with an initial capital of EGP 500 million.
Real estate investment funds are a publicly available investment tool, whose shares are traded on the financial market and are known worldwide as REITs with the aim of facilitating investment in the developed and ready-to-use real estate sector. employment that generates periodic income. and rental income.
Naeem Holding posted a profit of $2.8 million in the first half (1H) of this year, compared to a net loss of $1.27 million in 1H 2021.
The company’s total revenue, however, fell to $1.27 million from $1.73 million.
In addition, the holding company’s equity owners’ share of profits during the six months was approximately $498,370, compared to losses of $2.01 million.
