Everest Properties to invest over EGP 10bn in two New Cairo office projects

Everest Properties plans to invest more than EGP 10bn in two new office developments in New Cairo, expanding its commercial real estate portfolio as it seeks to strengthen its presence in the Egyptian market.

The company is preparing to begin construction of Bureau 59 and Bureau 57 after obtaining the required licences and regulatory approvals. The two projects will cover a combined area of 38,000 sqm.

The developments will be located in the Fourth Sector of City Center, opposite the American University in Cairo (AUC), within New Cairo’s main business district.

Khaled Abdel Samea, CEO of Everest Properties, said the projects represent a new step in the company’s expansion strategy, adding that they are designed to provide office environments that combine quality design, operational efficiency and flexibility to meet businesses’ evolving requirements.

The company also plans to expand its presence in New Cairo while exploring opportunities in other real estate sectors to diversify its portfolio.

Everest has more than 15 years of experience in developing and managing office and commercial properties. Its construction capabilities are supported by its sister company, Al Shams Contracting and Engineering Works, which has nearly 40 years of experience in the sector. The company’s existing portfolio includes Bureau 175, Bureau 58 and Zia.

Bureau 175, Everest’s first development and current headquarters, was completed in 2015 on South 90th Street. The project spans 15,000 sqm and hosts international and local companies, including Siemens, Mercedes-Benz, Uber, Esri and Adwia.

Bureau 58 comprises three independent office buildings with a combined built-up area of more than 18,000 sqm. Its tenants include AstraZeneca, L’Oréal Paris, Coca-Cola and Siemens Energy.

Everest said its tenant retention rate stands at 100%, attributing this to its focus on long-term tenant relationships and property management services.

Beyond office developments, the company has expanded into retail and entertainment through Zia, which comprises eight standalone units offering restaurants and other services.

Everest is also preparing to enter the logistics sector with a project targeting demand for storage, logistics and distribution facilities.

The company’s business model covers property development, leasing, facilities management and tenant services.