M&A Deal Summary

The Abraaj Group Acquires The 47th

On December 1, 2010, asset manager The Abraaj Group acquired construction company The 47th

Acquisition Highlights
  • This is The Abraaj Group’s 16th transaction in the Construction sector.
  • This is The Abraaj Group’s 5th transaction in Egypt.

M&A Deal Summary
Date 2010-12-01
Target The 47th
Sector Construction
Buyer(s) The Abraaj Group
Deal Type Buyout (LBO, MBO, MBI)

Target

The 47th

New Cairo, Egypt
The 47th is a grade “A” office and retail property of New Cairo, Egypt, which was built in 2009. The Abraaj Group purchased the property in 2010 as part of its strategy to take advantage of growth opportunities emerging across North Africa following regional political changes. The building in the upcoming 5th district has attracted a number of leading multinationals as tenants, including Bristol-Myers Squibb, Fujitsu and GlaxoSmithKline. Despite political uncertainty, the investment has performed in line with expectations, retaining its 2010 value and yielding regular rental income. Our targeted leasing strategy has led to an increase in occupancy rate from 84% to 96% within 12 months.

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Buyer(S) 1

Buyer

The Abraaj Group

Dubai, United Arab Emirates

website

Category Asset Manager
Founded 2002
PE ASSETS 7.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Abraaj Capital Limited is a private equity firm that seeks investments in the Middle East, North Africa, and South Asia. Abraaj looks for stable, mature businesses and uses a 'buy and build' strategy for growth. Areas of interest include aerospace, healthcare, transportation, financial services, leisure, education, energy, and manufacturing. In addition to its buyout and growth capital investments, Abraaj also invests in real estate and infrastructure. Abraaj Capital was formed in 2002 and is based in Dubai.

DEAL STATS #
Overall 100 of 182
Sector (Construction) 16 of 17
Type (Buyout (LBO, MBO, MBI)) 92 of 144
Country (Egypt) 5 of 9
Year (2010) 16 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-01 Condor Travel

Lima, Peru

Condor Travel is an inbound tour operator in Peru. The inbound tourism division involves complex co-ordination, and Condor plays a key role in pulling together the appropriate suppliers to create an integrated experience for visitors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-22 Network International Holdings

Dubai, United Arab Emirates

Network International comprises of a group of companies and is a leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services. Network International was founded in 1994 and is based in Dubai, United Arab Emirates.

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