Global real estate advisor sets up Egyptian property management JV
Savills which is global real estate advisor has announced the signing of a prominent joint venture with Egyptian company Sphere to cover the full range of real estate services in Egypt.
The new partnership will trade as Savills. During to MIPIM 2019, senior officalls of Savills said that it will combine local knowledge with international best practice. The ceremony was attended by key executives including Steve Morgan, CEO of Savills Middle East, Catesby Langer-Paget, Head of Savills Egypt, James Sparrow, CEO of Savills UK & EMEA, Philip Ingleby, COO of Savills UK & EMEA, and Sherine Badreldine, CEO of Sphere.
According to the deal, the new joint venture company will this month take responsibility for the management, agency and marketing of Arkan, a key mixed-use development located in West Cairo. The development opened its doors in 2012 and quickly became the prime location for business, retail and leisure for Sheikh Zayed City and beyond.
The company’s statement said that Arkan is undergoing significant expansion, with construction on track to be completed in first quarter of 2020.
Upon completion, the project will span over a total built up area of 260,000 square metre and features 210 shops, 67 restaurants, 185 room hotel, 600 seat theatre, 47,000 square metre offices, 4,500 parking spaces and other key developments.
Source: Trade Arabia
Fulya Altunyay/[email protected]