Misr Real Estate Assets Management, a subsidiary of government-owned Misr Insurance Real Estate, will launch a redevelopment project for refurbishment and commercialization of heritage buildings in downtown Cairo, the company chairman and CEO told Zawya Projects. The public-private partnership (PPP) scheme was developed by OHK over an almost two-year initiative to re-plan and redevelop Cairo’s historic downtown.

The CEO, Abdel Nasser Taha, said the project will offer a total of 70 buildings for redevelopment to the private sector under a usufruct mechanism. He said the first round will be launched in April with four buildings on offer followed by two more rounds before the end of 2020, adding that project will continue into 2021. Taha explained that the selected developer would be expected to rehabilitate, maintain, and lease the building in return for a share of the rental income. He didn't specify the duration of the usufruct mechanism but said the Downtown Cairo Regeneration project was funded by the European Bank for Reconstruction and Development (EBRD).

In January 2018, multi-disciplinary design firm OHK Consultants had announced that it had completed the Downtown Cairo Redevelopment Master Plan and €6 billion investment study in partnership with the Cairo Governorate and the EBRD.

OHK features in this article by Zawya, reproduced here with additions for clarity. Refer to https://bit.ly/36DUJ9k.

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