Cairo – Mubasher: Savills, a global real estate advisor, on Wednesday said it has signed a prominent joint venture (JV) agreement with Egypt-based Sphere.
The new JV aims at covering a wide range of real estate services in Egypt through mixing local knowledge with international best practice, Savills added in a statement.
The deal, announced at MIPIM 2019, the world's leading property market event being held in Cannes, France, was signed with the presence of CEO of Savills Middle East Steve Morgan, head of Savills Egypt Catesby Langer-Paget, CEO of Savills UK and EMEA James Sparrow, and Sphere's CEO Sherine Badreldine.
The JV will be responsible for the management, agency, and marketing of the mixed-use development Arkan located in West Cairo by May 2019, according to the statement.
Catesby Langer-Paget, Head of Savills Egypt commented: “We launched our operations in Egypt only in December 2018 and recently announced the launch of our first residential project, One Zamalek, the much-anticipated waterfront address in Cairo. We are now achieving another milestone through our strategic joint venture with Sphere, and the subsequent management of Arkan. This key development is set to become one of the most sought-after destinations in the Egyptian capital."
For her part, Sherine Badreldin, Sphere Property Management CEO, said her company has managed Arkan since its inception and was able to provide one of the first real mixed-use schemes in Cairo.
"We take great pride in working with the renowned Savills team on the next phase of Arkan, and all the potential future mandates,” she added.
This comes as part of Savills’ ambitious expansion plan within the MENA region, the statement highlighted.
