Global real estate advisor Savills has announced the signing of a prominent joint venture with Egyptian company Sphere, to cover the full range of real estate services in Egypt.
The new partnership, which will trade as Savills, will combine local knowledge with international best practice, said senior officials while announcing the deal at MIPIM 2019, a leading international property event held annually in Cannes, France.
The ceremony was attended by key executives including Steve Morgan, CEO of Savills Middle East, Catesby Langer-Paget, Head of Savills Egypt, James Sparrow, CEO of Savills UK & EMEA, Philip Ingleby, COO of Savills UK & EMEA, and Sherine Badreldine, CEO of Sphere.
As part of the deal, the new joint venture company will this month take responsibility for the management, agency and marketing of Arakan, a key mixed-use development located in West Cairo.
The development opened its doors in 2012 and quickly became the prime location for business, retail and leisure for Sheikh Zayed City and beyond.
Arkan is undergoing significant expansion, with construction on track to be completed in Q1 2020, said a statement from Savills.
Once the extension is concluded, the project will span over a total built-up area of 260,000 sq m and features 210 shops, 67 restaurants, 185 room hotel, 600 seat theatre, 47,000 sq m offices, 4,500 parking spaces and other key developments.
Catesby Langer-Paget, the head of Savills Egypt, said: “The Savills journey in Egypt to date has been a great success. 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."
"These rapid developments allowed us to grow considerably in a market that shows promising signs of expansion. 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. Thus we are bringing on board world-class expertise to set a new benchmark in the market.”
Sherine Badreldin, CEO of Sphere Property Management said: “We have managed Arkan since its inception and were able to provide one of the first real mixed use schemes in Cairo. Accordingly, we have been approached by other clients for property management, marketing and leasing mandates.
There is a strong demand for high-end real estate services in Egypt, given the growing number of developments.
With Savills, we can meet these requests by providing best in class service, based on global standard policies and procedures. We take great pride in working with the renowned Savills team on the next phase of Arkan, and all the potential future mandates. Their global expertise and knowledge of the regional market, will be key in our journey towards being Egypt's best real estate service provider.”
Savills has also appointed James Bailey as Client Services Director to join the team. James brings over 20 years of experience in delivering and managing key commercial assets.
For instance, he played a vital role in successfully launching three top 20 UK shopping centres which contributed to significant economic regeneration and community engagement in Leeds, Bristol and Leicester. His expertise will be an important asset to raise the bar of what has been previously achieved in Cairo.-TradeArabia News Service