Egyptian developer Palm Hills in three deals worth $63 mn

Reuters , Monday 1 Jun 2015

Palm Hills
Palm Hills exhibition at City scape April 2014 (Courtesy to Palm Hills Development)

Palm Hills, Egypt's second-biggest listed property developer, said on Monday it had reached two land sale agreements and one land purchase agreement in Egyptian deals with a net value of 481 million Egyptian pounds ($63 million).

The firm said in a statement the deals were part of a strategy to exit untapped real estate investments and unutilised sites that are not part of its plans while increasing cashflow in existing projects.

Last month Palm Hills said it had completed a 1.62 billion Egyptian pound share sale to fund growth.

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