New Delhi, March 18 -- CI Capital Partners, the private equity arm of Egypt-based financial services group CI Capital Holding, has partnered with the country's largest real estate developer Talaat Moustafa Group (TMG) to launch Awa'ed Real Estate Investment Fund.

The fund, positioned as one of the largest real estate vehicles in the country, has a corpus of EGP 8 billion (or $153 million or Rs 1,414 crore). It will invest in commercial units in Madinaty, an 8,000-acre real estate development project in the New Cairo satellite city in the country.

CI Capital holds about 51% of the fund, while TMG group's subsidiary Arab Company for Projects and Urban Development holds the remaining 49%, according to a disclosure on The Egyptian Exchange.

"We are proud to collaborate with Talaat Moustafa Group in launching the Awa'ed Real Estate Investment Fund, which we view as a strategic platform to broaden the range of investment products in the Egyptian market and provide institutional access to real estate assets within a strong governance framework and a sophisticated investment structure," said Mahmoud Attallah, Group Executive Vice Chairman and Managing Director of CI Capital Holding.

"We believe it further reflects the Egyptian market's growing ability to adopt more advanced investment vehicles that enhance the efficient deployment of capital."

CI Capital Partners will act as the fund manager, and the fund will invest in income-generating commercial units while also developing two strategically selected land plots in the country.

Meanwhile, TMG's subsidiary will be responsible for the development and sale of the real estate assets that the fund acquires. TMG has delivered over 130,000 units, 28 commercial properties, and five fully integrated cities that house more than 1.5 million residents.

CI Capital's investment banking division acted as sole global coordinator, bookrunner, and lead financial advisor to Awa'ed Real Estate Investment Fund, while also serving as exclusive Financial Advisor to Talaat Moustafa Group on the transaction.

Published by HT Digital Content Services with permission from VC Circle.