Naeem Holdings’ real estate fund’s private placement 1.5x oversubscribed: The private placement for 20% of Naeem Holding’s EGP 1 bn real estate fund is 1.5x oversubscribed, an unnamed executive tells Al Borsa. The company expects the offering to be 2x oversubscribed when the placement’s one month extension ends on Thursday, 13 July, and hopes to have raised EGP 500 mn through institutional investors. Insurance provider Allianz Egypt and chem producer Sidpec have pledged c. EGP 97 mn to Naeem, and the company is in the final stages of talks with a third institution, the executive says. Subscription levels are still lower than expected for the 80% stake of the fund offered to the public, likely due to high inflation and rising interest rates, he adds. The three-year fund aims to achieve a minimum annual return rate of 26%, Naeem Holding CEO Yousef Al Far had previously said. The company could be setting up another real estate fund before the year is up and is considering more specialized funds focused only on residential projects.

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