The new company will be specialized in owning, renting and selling units, buildings or commercial real estate land
Announced in the bank’s quarterly report, the Commercial International Bank (CIB) and Talaat Moustafa Group (TMG) established a special purpose vehicle (SPV) specialized in real estate named TCA properties.
The new company will be specialized in owning, renting and selling units, buildings or commercial real estate land.
CIB highlighted that it had all necessary approvals from regulatory authorities before its launch in Q1 2021.
Established through TMG’s subsidiary Alexandria Real Estate Investment and its parent company TMG Real Estate Touristic Investment, it will be managed by Alexandria Company for Projects Management, a TMG unit.
TMG will hold majority share, with CIB receiving 37 percent of the SPV.
This will be TMG’s second partnership with banks; TMG’s subsidiary Arab Company for Projects and Urban Development launched a joint venture with the National Bank of Egypt and Banque Misr to develop projects in Rehab and Madinaty last year.
They were later joined by Suez Canal Bank, Export Development Bank of Egypt, United Bank and the Egyptian Gulf Bank.
