Hyde Park buys 415 feddans of historic Dream Land site in 6th of October City
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Hyde Park Real Estate Development has acquired 415 feddans of the historic Dream Land site in 6th of October City from state-owned Ecrami, in a deal that clears one of Egypt's longest-running real estate disputes.
Hyde Park Real Estate Development has bought 415 feddans in the eastern expansions of 6th of October City — the historic Dream Land site — from the Egyptian Company for Real Estate Asset Management and Investment (Ecrami), according to a Cabinet statement.
The sale covers about half of Ecrami's 818-feddan Dream Land portfolio, National Bank of Egypt (NBE) CEO Mohamed El Etreby said on the sidelines of the signing. The price was not disclosed.
Amin Serag, managing director of Hyde Park, said the project is the company's largest in West Cairo and its fourth in the area, bringing its total number of developments there to 10.
The transaction clears one of Egypt's longest-running real estate disputes and the distressed debts around the Dream Land site. NBE, which owns 83% of Ecrami alongside Banque Misr (17%), also holds a 24% stake in Hyde Park — meaning the bank is liquidating a frozen asset and returning it to the production cycle while retaining a share of future development returns.
Separately, Hyde Park subsidiary Founders Real Estate Marketing signed a long-term EGP 10 billion credit facility with Banque Misr. The eight-year financing will go toward acquiring one of the residential projects belonging to the New Urban Communities Authority, alongside funding operational costs tied to the project. Baker McKenzie acted as counsel to the bank on the financing agreement.