Bonyan Launches Egypt’s First REOC IPO with New Investment Model

CAIRO, EGYPT – 14 July 2025 - Egypt’s real estate market is entering a transformative phase as Bonyan for Development and Trade prepares to go public with the country’s first Real Estate Operating Company (REOC) on the Egyptian Exchange (EGX). The upcoming IPO represents a fundamental shift in how real estate can be owned, managed, and accessed by investors in the region.

REOC Model: A Strategic Leap for Market Transparency

The REOC structure combines two key components of property investment, capital appreciation and recurring rental income into a single, publicly traded entity. Unlike traditional real estate companies or funds, a REOC focuses on active operational income from commercial properties while also allowing investors to benefit from long-term asset value growth.

Bonyan’s entry onto the EGX is expected to unlock new levels of transparency and accessibility in an asset class historically dominated by private capital and informal markets.

IPO Structure and Market Anticipation

Bonyan’s IPO is set to include a secondary offering of up to 33.33% of the company’s existing shares, currently held by Sky Realty Holding. The company will also raise new capital via a primary share issuance at the same offer price.

Joint global coordinators and bookrunners for the offering include leading financial institutions, with Mubasher Capital appointed as placement agent. Matouk Bassiouny & Hennawy are providing legal counsel. Market observers expect the IPO to complete during the second half of 2025.

Investor Confidence Backed by Solid Financials

Bonyan has built a strong portfolio of income-generating assets, including high-profile commercial properties in Greater Cairo and other urban hubs. The company reportedly holds assets valued around approximately $312.5 million USD (EGP 15 billion) and posted strong earnings growth through 2024.

The new listing is anticipated to attract a mix of institutional and individual investors, particularly those seeking inflation-hedged, income-generating investment opportunities amid ongoing currency fluctuations and shifting monetary conditions in the region.

Executive Vision: Making Real Estate Investment Accessible

Bonyan’s executive leadership has expressed a clear vision to democratize real estate investment in Egypt. By creating a listed vehicle, the company aims to offer more Egyptians, including retail investors access to the traditionally exclusive world of high-value property investment, in a format that emphasizes governance, liquidity, and performance transparency.

The move also aligns with broader efforts by the Egyptian government to revitalize capital markets, attract foreign direct investment, and improve corporate governance across strategic sectors like real estate, infrastructure, and logistics.

A Template for Future Growth

As Bonyan prepares for listing, its REOC model could become a template for other developers and asset managers seeking public listings without the constraints of traditional REIT frameworks. The IPO has sparked interest across regional financial circles as a potential turning point in how Egypt’s real estate industry engages with public capital.

The success of this offering may set the tone for future IPOs in the sector and pave the way for more innovation in real estate investment structures in North Africa and beyond.