27 May 2021

COMI & TMGH Establish A New Real Estate Development Company

The Commercial International Bank of Egypt (COMI) and Talaat Moustafa Group Holding, also known as TMG Holding (TMGH), established a new real estate development company in 1Q21. The new company is in the form of a Special Purpose Vehicle (SPV), and is named TCA Properties. COMI will own 37% while TMGH will hold the remainder. TCA Properties will engage in the acquisition, sale, and leasing of properties and land of a commercial nature.

TMGH enters the SPV through its subsidiary Alexandria Real Estate Investment, and it will be managed by another one of TMGH’s subsidiaries. It is worthy to note that TMGH had set up a JV with Egyptian banks last year to develop land owned by the banks inside TMGH’s mega-compounds through the construction of mixed-use projects. (Source: COMI 1Q21 Report (Arabic) (English), Enterprise, al-Youm al-Saabee