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Redcon sells 50% of administrative project ‘Blue Capital' to ABB for EGP 150m Negotiations with an Egyptian pharmaceuticals company to buy the remaining share of the administrative building, says El-Gammal
Redcon for real estate development signed a contract to sell 50% of its administrative project "Blue Capital" in New Cairo to Swiss company ABB, which works in the field of energy technology and automatic control, for EGP 150m. Tarek El-Gammal, chairperson of Redcon, told Daily News Egypt that the company is currently negotiating with a major Egyptian company manufacturing pharmaceuticals to buy 8,700 sqm, which is the remaining share of the administrative building. This came after the Swiss company bought 8,300 sqm. He added that negotiations with the pharmaceuticals company regarding the financial return for the remaining share of the administrative building are ongoing. The building is located on a total area of 17,000 sqm. El-Gammal expected the contract to be concluded within the few upcoming days. He noted that the market share of the administrative building exceeds EGP 350m. The building includes seven upper floors and two underground floors, allocated for services and car parking garages. He explained that the "Blue Capital" building suits the standards of clean energy, in which major companies and international institutions are interested, as these companies rely greatly on clean technology and automatic control. He noted that Redcon obtained the "pioneering energy and environment designs" certificate from the US Green Building Council which is considered the highest level of green buildings evaluation around the world. Redcon operates its two administrative buildings L140 and L84 with the green energy scheme. Redcon implemented three administrative buildings on the area of 70,000 sqm in the area of New Cairo with a cost of EGP 1bn. In May, the company bought the Green Edge building in Fifth Settlement for the benefit of Audi Bank, with a total value of EGP 550m. It consists of three basements and seven floors with a total area of 35,000 sqm. Redcon group includes Redcon Construction, Redcon Development, and Redcon Spain.
