Waterway plans to launch a real estate fund exceeding $190m

LONDON, Mar 25 (Arab News): Egypt's The Waterway Developments plans to establish a real estate investment fund worth 10 billion Egyptian pounds ($190.2 million) in the first half of this year to help finance its project spending, CEO Hossam Hassan told Asharq.

The planned fund will be backed by income-generating real estate assets owned by the company across commercial, administrative, and residential segments, Hassan said, adding that the firm holds leased assets worth about 40 billion pounds that generate stable, recurring returns and will be placed under the fund.

Founded in 2010, Waterway is owned by businessmen Ahmed El-Sewedy, who holds a 62 per cent stake, and Hossam Hassan, who owns 38 per cent.

The company's land portfolio spans about 3.5 million sq. meters of undeveloped land, which is expected to take seven years to develop, in addition to 1.3 million sq. meters already developed, distributed across the North Coast and East and West Cairo.