Heliopark could have a new partner soon: Heliopolis Housing and Development (HHD) could this month wrap negotiations to partner with an anonymous Gulf investor for its Heliopark project, a source close to the matter told Enterprise.

Is this the same partnership HHD already has in the works? The company’s board last month received an offer from an unnamed real estate company to co-develop Heliopark, without releasing the identity of the bidder or details of the offer it submitted.

Rumors abound: The news comes after Asharq Business reported that HHD was considering selling the project to an unnamed local investor. The investor reportedly offered to pay for the land upfront in cash in return for a reduction of up to 40% on its value, which Asharq estimates at some EGP 25-30 bn. Our source stressed that negotiations with the Gulf investor are for a partnership agreement, not a sale. HHD said Asharq’s report was factually inaccurate in a disclosure (pdf) to the bourse.

REMEMBER- The state-owned company put the New Cairo project back out to tender after scrapping a partnership agreement with Mountain View earlier this year, citing the current economic conditions and rising land valuations.

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