{"id":562532,"date":"2021-05-27T04:13:12","date_gmt":"2021-05-27T04:13:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/"},"modified":"2021-05-27T04:13:12","modified_gmt":"2021-05-27T04:13:12","slug":"cib-tmg-set-up-real-estate-spv-for-commercial-properties","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/","title":{"rendered":"CIB, TMG set up real estate SPV for commercial properties"},"content":{"rendered":"

<\/a> CIB and Talaat Moustafa Group (TMG) established a new real estate SPV, dubbed <\/strong>TCA Properties, during 1Q2021<\/strong>, the bank said in its quarterly report (pdf)<\/a>. CIB will own 37% of the new entity, with TMG holding the rest. The new venture will acquire, sell and lease commercial properties, and CIB has obtained all the necessary approvals from regulatory authorities, the statement notes.<\/p>\n

More about the new company:<\/strong> The SPV was established through TMG\u2019s subsidiary Alexandria Real Estate Investment and its parent company TMG Real Estate Touristic Investment. It will be managed by Alexandria Company for Projects Management, a TMG unit, the bank notes in its investor presentation (pdf)<\/a> by the bank.<\/p>\n

TMG has been pushing for real estate JVs with banks in the past year.<\/strong> In late 2020, TMG set up a joint venture<\/a> with the National Bank of Egypt and Banque Misr to develop residential land owned by the banks in TMG\u2019s Madinaty and Rehab compounds. The three also signed an EGP 4 bn financing agreement<\/a> to construct two mixed-use projects in the same neighborhoods. The JV was later joined by other four banks<\/a>, Suez Canal Bank, Export Development Bank of Egypt, United Bank and the Egyptian Gulf Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIB and Talaat Moustafa Group (TMG) established a new real estate SPV, dubbed TCA Properties, during 1Q2021, the bank said in its quarterly report (pdf). CIB will own 37% of the new entity, with TMG holding the rest. The new venture will acquire, sell and lease commercial properties, and CIB has obtained all the necessary […]<\/p>\n","protected":false},"author":1,"featured_media":562533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[240,72,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-cib","tag-enterpriseam","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"5d925b84-7945-447e-a88e-c1246d9bbd27","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/249.jpg","photo_position":"above","related_issue":[562523],"teaser":"","voice_url":""},"yoast_head":"\nCIB, TMG set up real estate SPV for commercial properties - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB, TMG set up real estate SPV for commercial properties\" \/>\n<meta property=\"og:description\" content=\"CIB and Talaat Moustafa Group (TMG) established a new real estate SPV, dubbed TCA Properties, during 1Q2021, the bank said in its quarterly report (pdf). CIB will own 37% of the new entity, with TMG holding the rest. The new venture will acquire, sell and lease commercial properties, and CIB has obtained all the necessary […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-27T04:13:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/249.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CIB, TMG set up real estate SPV for commercial properties\",\"datePublished\":\"2021-05-27T04:13:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\"},\"wordCount\":209,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/249.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CIB\",\"EnterpriseAM\",\"real estate\",\"Talaat Moustafa Group\"],\"articleSection\":[\"Real estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/cib-tmg-set-up-real-estate-spv-for-commercial-properties\/\",\"name\":\"CIB, TMG set up real estate SPV for commercial properties - 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The new company obtained a EGP 9 bn\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599907,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/tmg-to-invest-egp-300-bn-in-new-project-in-madinaty\/","url_meta":{"origin":562532,"position":1},"title":"TMG to invest EGP 300 bn in new project in Madinaty","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Talaat Moustafa Group (TMG) is investing EGP 300 bn in the Spine, a mixed use project in TMG\u2019s Madinaty city, the company said in a disclosure to the EGX (pdf). 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The 200-room hotel is expected to cost up\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573352,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/earnings-watch-tmg-credit-agricole\/","url_meta":{"origin":562532,"position":3},"title":"Earnings watch: TMG, Credit Agricole","author":"enterpriseam admin","date":"29 July 2020","format":false,"excerpt":"EARNINGS WATCH- Talaat Moustafa Group (TMG) reported a drop in net income to EGP 705 mn in 1H2020, compared to EGP 812 mn in the first half of last year, the real estate developer said in a regulatory filing (pdf). Revenues during the period came in at EGP 4.6 bn,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575522,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/18\/tmg-wants-to-partner-with-nuca-to-develop-5k-feddans-in-capital-gardens-city\/","url_meta":{"origin":562532,"position":4},"title":"TMG wants to partner with NUCA to develop 5k feddans in Capital Gardens City","author":"enterpriseam admin","date":"18 October 2020","format":false,"excerpt":"Talaat Moustafa Group is in negotiations to partner with the New Urban Communities Authority to develop 5k feddans in the new administrative capital\u2019s Capital Gardens City, the local press reports, citing unnamed sources.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560588,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/04\/tmg-holding-income-falls-11-in-2020\/","url_meta":{"origin":562532,"position":5},"title":"TMG Holding income falls 11% in 2020","author":"enterpriseam admin","date":"4 March 2021","format":false,"excerpt":"Talaat Moustafa Group\u2019s (TMG) net income declined 11% in 2020 to EGP 1.7 bn, compared to EGP 1.9 bn a year earlier, according to the company\u2019s earnings statement (pdf). 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