Press release

Madinet Nasr Housing & Development Approves Selling Non-Residential Land Plot for EGP 55,000/sqm

Madinet Nasr Housing & Development (EGX: MNHD.CA, “MNHD”), Egypt’s leading urban developer, announced today that the board of directors of the company in their meeting held on 25 March 2019 has accepted an offer from Minka Real Estate Investment (“MI”) a Sallam family venture led by Eng. Abdallah Nabil Sallam, requesting to buy a non-residential land plot inside Cobalt Business District (“CBD”), the first phase of Taj City’s office park, to develop the first hotel apartments project inside CBD.

MI’s offer is for a 3,360 sqm land plot for a total of EGP 184,800,000 implying EGP 55,000/ sqm.

It is worth mentioning that out of Taj City’s 3.5mn sqm, c. 600,000 sqm is dedicated to the non-residential component.

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Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD’s land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport (Taj City) and 5.5mn sqm in a strategic location on the Suez Road next to the new Capital City (SARAI). You can learn more about us on our website at mnhd.com.


Ahmed El Hitamy
CEO
MNHD
4, Youssef Abbas St.,
Nasr City, Cairo
Tel: +2 (02) 2400-6207
aelhitamy@mnhd.com

Salah Katamish
Investor Relations Director
MNHD
4, Youssef Abbas St.,
Nasr City, Cairo
Tel: +2 (02) 2400-6207
skatamish@mnhd.com