Aur Capital, Wadi Degla set up real estate private equity JV

Aur Capital, Wadi Degla set up real estate private equity JV: A subsidiary of former Investment Minister Ashraf Salman’s private equity outfit, Aur Capital, and Wadi Degla Real Estate signed yesterday an agreement to set up a real estate private equity JV, according to a joint statement (pdf). The agreement will see Aur Capital acquiring an undisclosed stake in Wadi Degla through a capital increase and a share swap in the new firm. Ownership will be split 70/30, with Wadi Degla holding the balance. The JV is expected to invest some EGP 10 bn over the course of the next five years. Arab Legal Consultants acted as legal counsel on the transaction.