{"id":604304,"date":"2023-08-29T00:00:00","date_gmt":"2023-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark\/"},"modified":"2023-08-29T00:00:00","modified_gmt":"2023-08-29T00:00:00","slug":"state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark\/","title":{"rendered":"State insurance fund wants to buy Heliopolis Housing\u2019s Heliopark"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> NOSI wants Heliopark: <\/strong>The state-owned <a target=\"_blank\" href=\"https:\/\/nosi.gov.eg\/ar\/Pages\/HomePage\/Home.aspx\" style=\"\" rel=\"noopener\">National<\/a> <a target=\"_blank\" href=\"https:\/\/nosi.gov.eg\/ar\/Pages\/HomePage\/Home.aspx\" style=\"\" rel=\"noopener\">Organization for Social Ins. (NOSI)<\/a> has submitted an offer to buy 100% of the land allocated to the Heliopark project from Heliopolis Housing and Development (HHD), a government source told Enterprise yesterday on condition of anonymity. The state-owned real estate developer yesterday confirmed in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1303.PDF\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1303.PDF\" style=\"\" rel=\"noopener\">bourse<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/1303.PDF\" style=\"\" rel=\"noopener\">filing (pdf)<\/a> that it is in talks with the fund regarding the sale of the project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Refresher: <\/strong> HHD last month said that its board agreed to study an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81e61cbb-6dca-4dab-96fa-c6df976a8020\" style=\"\" rel=\"noopener\">offer<\/a> submitted for the Heliopark project, without naming the party behind the offer or providing further details. The state-owned company put the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4ea9761-c828-4ec2-9166-2707441b4c34\" style=\"\" rel=\"noopener\">New Cairo project<\/a> back out to tender after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e87b35d-4713-4013-9caf-d8e646042878\" style=\"\" rel=\"noopener\">scrapping a partnership<\/a> agreement with Mountain View earlier this year, citing the current economic conditions and rising land valuations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What we don\u2019t know: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Details of a potential agreement remain sketchy: <\/strong> The source declined to answer questions about the terms of the offer, saying only that a final agreement would be reached in 4Q 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- <\/strong><strong> What happened to that Gulf investor? <\/strong> According to our understanding, HHD was in talkswith an undisclosed Gulf investor about partnering on Heliopark. It is unclear what a sale to NOSI would mean for Gulf involvement in the project or whether talks are still ongoing. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4ea9761-c828-4ec2-9166-2707441b4c34\" style=\"\" rel=\"noopener\">Rumors in the local press<\/a> earlier this year suggested that Emirati real estate giant Aldar Properties was interested in partnering with HHD on the project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NOSI wants Heliopark: The state-owned National Organization for Social Ins. (NOSI) has submitted an offer to buy 100% of the land allocated to the Heliopark project from Heliopolis Housing and Development (HHD), a government source told Enterprise yesterday on condition of anonymity. The state-owned real estate developer yesterday confirmed in a bourse filing (pdf) that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":604305,"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":[72,3648,157,11504,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-heliopark","tag-heliopolis-housing-and-development","tag-national-organization-for-social-insurance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"15d094ab-50b9-4310-ac41-7de11a6b0695","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1328.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian state insurance fund submits offer to buy 100% of Heliopark real estate project","related_issue":[604292],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.28ba57ce-624d-4669-b3a7-c9a21e4ef584.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>State insurance fund wants to buy Heliopolis Housing\u2019s Heliopark - 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\/2023\/08\/29\/state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State insurance fund wants to buy Heliopolis Housing\u2019s Heliopark\" \/>\n<meta property=\"og:description\" content=\"NOSI wants Heliopark: The state-owned National Organization for Social Ins. (NOSI) has submitted an offer to buy 100% of the land allocated to the Heliopark project from Heliopolis Housing and Development (HHD), a government source told Enterprise yesterday on condition of anonymity. 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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\u2019t received any\u2026","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590451,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/heliopolis-housing-has-received-an-offer-for-its-heliopark-project\/","url_meta":{"origin":604304,"position":3},"title":"Heliopolis Housing has received an offer for its Heliopark project","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"The state-owned developer has been on the hunt for a co-developer since ending ties with Mountain View in February","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579080,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/24\/heliopolis-housing-is-putting-its-heliopark-project-back-out-to-tender\/","url_meta":{"origin":604304,"position":4},"title":"Heliopolis Housing is putting its Heliopark project back out to tender","author":"enterpriseam admin","date":"24 January 2023","format":false,"excerpt":"Mountain View is no longer on board to co-develop Heliopark: Heliopolis Housing has scrapped plans to co-develop its Heliopark project in New Cairo with Mountain View, saying in a statement that \u201ccurrent economic conditions and the remarkable rise in land valuations witnessed by the real estate market\u201d in recent months\u2026","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592581,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/heliopolis-housing-could-this-month-finalize-gulf-partnership\/","url_meta":{"origin":604304,"position":5},"title":"Heliopolis Housing could this month finalize Gulf partnership","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"We\u2019re still waiting to know the identity of HHD\u2019s co-developer","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=604304"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604304\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604305"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604304"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604304"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}