A Saudi takeover in the cards for Heliopolis Housing? Heliopolis Housing and Development (HHD) has denied reports in the local media that Saudi real estate developer Alameriah is offering to buy a 70% stake in the company for USD 400 mn, Asharq Business reports. HHD said it hadn’t received any official acquisition bids, after local outlets said Alameriah had submitted its offer to Sovereign Fund of Egypt (SFE) Chairman Hala El Said.

By the numbers: If it materializes, the offer would value HHD at some USD 571.4 mn or USD 0.43 per share. That’s a roughly 27.2% premium to HHD’s price per share of EGP 10.46 at close on Monday, before the news broke. HHD shares closed 2.8% lower yesterday — but remained up for the week so far — at EGP 10.86.

HHD wants to auction off the land in its Heliopark project: The company has tapped the SFE to offer land plots at its Heliopark project to developers before the end of the year, Asharq reported, citing an unnamed source at its parent firm, the Holding Company for Construction and Development (HCCD). HHD plans to divide the project’s 1.7k acres into plots of no less than 200 acres so that multiple developers can buy in, according to the source. HHD scrapped its agreement to co-develop the project with Mountain View earlier this year.

Gulf investors could be interested: Local media reported in April that Gulf investors including Emirati real estate giant Aldar Properties are interested in co-developing Heliopark and / or buying part of HCCD’s land bank.

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