Aldar Properties and ADQ to acquire a 51% stake in Sixth of October for Development & Investment at a $420m valuation.

Aldar Properties, a real estate development, management and investment company, and Abu Dhabi Development offered to acquire a 90% stake in Sixth of October for Development & Investment, an Egypt-based company engaged in real estate development projects and operations, at a $453m valuation. Aldar believes that its offer represents a compelling liquidity event and value proposition for SODIC shareholders, reflecting the company’s robust fundamentals and share price performance over the last 12 months. “This proposed acquisition of a majority stake in Sodic is a part of Aldar’s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities,” Aldar.