EFG Hermes plans RE fund for 2020

Real_estate_fundEgypt-based investment bank and asset manager EFG Hermes is reportedly planning to launch a fund in 2020 to focus on the real estate sector. The head of equity management at EFG Hermes, Karim Moussa, told Daily News Egypt that the firm is considering working with a major real estate developer to establish the fund and is currently undergoing feasibility studies. Moussa also elaborated on the firm’s plans for its education fund, launched last year in partnership with Dubai-based GEMS Education and currently worth $133 million. He said that the firm, via its education fund, is expecting to acquire a number of schools in Cairo and Alexandria in the coming weeks and announce two or three new deals before the end of the year, which Moussa predicted will raise Hermes’ shares in the fund’s investments to between $35 and $40 million. Moussa also said that the company, which has $4 billion of assets under management – $1billion of which is through direct investment – is planning its first direct investment in the healthcare sector and expects to conclude the acquisition of a UK-based pharmaceutical firm for around $435 million in the coming weeks. ©2019 funds global mena

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