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Dubai: Aldar Properties PJSC offered to buy a majority stake in Egypt s Sixth of October for Development & Investment Co. as it looks to expand into Arab world s most populous country.
The offer values the Egyptian property developer, known as Sodic, at about $420 million. Aldar is seeking a minimum 51% stake in Sodic, with an indicative purchase price of 18-19 Egyptian pounds per share.
Aldar, which primarily operates in Abu Dhabi, has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates. Home prices and rents have dropped for nearly seven years in Abu Dhabi, and the coronavirus pandemic aggravated the situation.