While some parts of the real estate market may be showing signs of a supply glut, Bonyan thinks the smart money is hiding in the grade A office market. Bonyan will hand the keys of its Golden Gate Building A5 in New Cairo to Nestlé Egypt in a six-year lease agreement starting next month, according to a statement (pdf) from the real estate operating company. The 6.9k sqm building will house the headquarters of Nestlé Business Services, the Swiss giant’s service arm.

Calculated timing: The monthly rental stands at USD 30.4 per sqm, with a 5% annual escalation, projecting EGP 834 mn in revenues over the contract period. This effectively recovers the full EGP 718 mn Bonyan paid to acquire the asset in 2024 while it was still under construction, CFO Fady Raafat tells EnterpriseAM, referring to the company’s portfolio engineering.

Why Egypt? The EGP devaluation has made the country a cost-efficient hub for global shared services operations serving Europe, Asia, and Africa. Egypt’s geography helps, as does its talent pool.

And why Bonyan? Nestlé chose Bonyan because it prefers dealing with institutional entities rather than individual owners, coupled with a strong existing relationship across other Bonyan properties, Raafat said.

Bonyan runs a deliberate currency split, where 54% of its contracts are USD-denominated, without caps or floors, allowing revenues to scale directly with exchange movements. The remaining 46% are in EGP, capturing higher annual escalation rates. Raafat explained that this balance aims to hedge against future devaluations, balancing protection with upside.

Why this matters: Egypt faces a projected shortfall of 4.5 mn sqm in grade A office space by 2028. Most of the supply is chopped into small units, whereas multinationals demand contiguous, 7k-12k sqm floors under one roof, Raafat argues. And they want them leased, not owned, following a doctrine of keeping asset-light — and falling interest rates won’t suddenly make corporations rush into property ownership, he noted.

What about the real estate bubble narrative? Raafat draws a clear line: while residential may face oversupply and weakened purchasing power, administrative and commercial real estate remain shielded by genuine demand and structural shortages.

Bonyan sees 2026 as an inflection point, expecting further interest cuts to lower financing costs and open the door for more leveraged acquisitions. The firm is also studying a move into warehousing and logistics — another segment where supply lags real demand — with its first agreement potentially closing this year.

Sustainability is no longer branding — it’s compliance. Edge certification has shifted from optional to contractual for global tenants, aligning with international ESG standards. If you don’t build to spec, you don’t get the tenant.

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