We now know how much Heliopolis Housing could be getting for Heliopark: The state-owned National Organization for Social Ins (NOSI) is offering Heliopolis Housing and Development (HHD) EGP 15 bn to buy 100% of the land allocated to the Heliopark project, the developer said in a bourse filing (pdf) yesterday. HHD shareholders will meet at an ordinary general assembly on Saturday, 7 October to consider the offer, the company said.

The details: NOSI would make the one-time payment of EGP 15 bn on signing final contracts, minus the cost of raising the permitted height of the development by two additional floors and switching its planned connection to the electrical grid from overhead to underground cables, per the EGX filing.

REMEMBER- NOSI submitted an offer for Heliopark over the summer after HHD scrapped a partnership agreement to co-develop the project with Mountain View, citing the current economic conditions and rising land valuations. HHD had also reportedly been in talks with an undisclosed Gulf investor to co-develop the project, with the UAE’s Aldar Properties being the rumored bidder. It is unclear what a possible NOSI acquisition of the Heliopark project would mean for Gulf involvement in the project and whether talks are still in progress.

Tags: