Last Update 17:21
Tuesday, 12 November 2019

US investor takes stake in Egyptian developer Palm Hills

Equity firm Ripplewood confident about real estate giant's future prospects after years of legal hurdles following Egypt's revolution

Reuters, Wednesday 7 May 2014
Palm Hills
Palm Hills (Photo: Palm Hills offical
Views: 1750
Views: 1750

U.S private equity firm Ripplewood has acquired a 2.3 percent stake in Egyptian developer Palm Hills, it said on Wednesday, adding that it hopes to increase its stake.

"We believe Palm Hills is well-positioned as one of Egypt's leading real estate developers and hope that we can help enhance the company's efforts in its development of new projects," said Timothy Collins, Ripplewood's founder and CEO.

"We are also confident in the future prospects of the company as we expect to increase our stake over time after this initial investment," he added.

Palm Hills is the country's second largest listed property developer. It struggled in 2012 after it faced investigations into previous state land sales and client cancellations following an uprising that toppled autocrat Hosni Mubarak in 2011.

But in 2013 it turned a profit, making 236.8 million pounds ($402.38 million) compared with a net loss of 134.6 million in the previous year.

On Monday the firm said it is in talks with the Arab African International Bank (AAIB) over a 2.4 billion pound loan which it will use to finance projects and refinance around 640 million pounds from its current bank loans.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.