MNHD sells land plot in Taj City to Minka for EGP 1.15 bn

MNHD sells land plot in Taj City to Minka for EGP 1.15 bn: Madinet Nasr Housing and Development (MNHD) has sold a 114.5k sqm land plot in its Taj City project to Sallam family-owned Minka Real Estate Investment for EGP 1.15 bn, according to a regulatory filing (pdf). Minka will develop fully finished residential units, which MNHD does not currently offer in Taj City. MNHD said that the move is part of plan to “faster monetize its land bank.” “Our partnership with MNHD through our land acquisitions in Taj City’s CBD has proven very successful with the launch of The Hoft,” Minka CEO Abdalla Sallam said. “The superb location of Taj City along with the help of MNHD’s management team has encouraged us to establish yet another development inside Taj City.”