Sodic, one of the region’s leading real estate development companies, has signed an agreement with Tabrouk Developments to acquire a prime land on Egypt’s Mediterranean coast.

The acquisition provides Sodic, otherwise known as Sixth of October Development & Investment Company, with 441,000 sq m of land as it expands into its first coastal project.
 
The Egyptian firm sealed a deal to acquire 100 per cent of the shares in Tabrouk in addition to the land owned by its shareholders.

The land acquired is located in the heart of up-and-coming Ras El Hekma at KM82 on Alex-Matrouh Road, overlooking one of Egypt’s most stunning bays with a pristine 1.1-km beach front.

Commenting on the acquisition, managing director Ahmed Badrawi said: "We are very excited about launching our first coastal development and offering our customers the secondary homes they have been asking us for. We believe this will come as a valued addition to our strong existing primary homes offering and is in line with our diversification strategy."
 
The project is a 250-km drive from Cairo on the newly announced coastal highway currently under construction, he added.-TradeArabia News Service