Savills has signed a joint venture (JV) agreement with Egypt-based Sphere. The new partnership will trade as ‘Savills’ and combines local knowledge with international best practice, said senior officials while announcing the deal at MIPIM 2019.
The ceremony was attended by several key executives including Steve Morgan, CEO of Savills Middle East, Catesby Langer-Paget, head of Savills Egypt, James Sparrow, CEO of Savills UK & EMEA, Philip Ingleby, COO of Savills UK & EMEA and Sherine Badreldine, CEO of Sphere.
“The Savills journey in Egypt to date has been a great success. We launched our operations in Egypt only in December 2018 and recently announced the launch of our first residential project, One Zamalek, the much-anticipated waterfront address in Cairo,” said Langer-Paget.
According to a statement, the deal will see the JV company take responsibility for the management, agency and marketing of the mixed-use Arkan development in West Cairo. Arkan opened in 2012 and is said to be a prime location for business, retail and leisure for Sheikh Zayed City and beyond.
Arkan is undergoing expansion with construction on track to be completed in Q1 2020, said Savills. The expanded project will span over a total built-up area of 260,000sqm and will feature 210 shops, 67 restaurants, 185 room hotel, 600 seat theatre, 47,000sqm of office space, 4,500 parking spaces and other key developments.
“These rapid developments allowed us to grow considerably in a market that shows promising signs of expansion. We are now achieving another milestone through our strategic JV with Sphere, and the subsequent management of Arkan. This key development is set to become one of the most sought-after destinations in the Egyptian capital. Thus we are bringing on board world-class expertise to set a new benchmark in the market,” Langer-Paget added.
Savills appointed James Bailey as Client Services director, who is said to boast over 20 years of experience in delivering and managing key commercial assets.
Badreldin concluded, “We have managed Arkan since its inception and were able to provide one of the first real mixed-use schemes in Cairo. Accordingly, we have been approached by other clients for property management, marketing and leasing mandates. There is a strong demand for high-end real estate services in Egypt, given the growing number of developments.”