SODIC, one of Egypt's largest property developers, said it had acquired 100 feddans (42 hectares) of land in the Mediterranean's North Coast to build the company's first coastal development.

SODIC, also known as Sixth of October Development and Investment Co., said in a statement to the bourse on Tuesday it acquired the land and all shares in Tabrouk Building Company in a deal worth 191 million Egyptian pounds ($25 million).