CAIRO: Sixth of October Development and Investment (SODIC) has bought El Yusr Company for Projects and Agricultural Development in a deal worth LE 312.6 million ($59 million), SODIC said on Wednesday. SODIC, Egypt s third largest real estate developer by market value, said in a statement that El Yusr had 1.36 million square meters of land along the Cairo-Alexandria desert road. SODIC said the land was located near property where it has existing projects, and brought its total land holdings to 5.1 million square meters along the desert road and 1 million in New Cairo. "At SODIC, we were seeing growing demand in the middle-income segment. Accordingly, we wanted to develop a project that serves this niche without compromising on the spacious landscaped environment and quality of living, Maher Maksoud, managing director of SODIC, said in a press statement. "This land acquisition allows SODIC to capitalize on that - especially knowing how the area will change with the development of Westown. .Al Yusr, with its proximity to Westown and extensive frontage on the highway, perfectly suits our strategy for this fast growing segment, he added. In its daily market report, Beltone Financial said, "The current zoning in the area designates this plot of land as an agricultural plot, which means that the allowable building footprint is currently relatively small, which may explain the fact that the price paid does not compare to the prevailing land prices in the area for land on which a higher land utilization is allowed. "However, the zoning in this area is reportedly being revised and the plot of land SODIC has acquired is very likely to be included within the areas that will have a greater footprint allowance, which could mean great value, looking forward. SODIC has residential and commercial developments east and west of Cairo. -Additional reporting by Reuters.
