Egypt's Marakez, Internal Trade Development Authority ink agreement for 5-feddan land

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Egyptian mixed-use real estate developer Marakez signed an agreement with the Internal Trade Development Authority (ITDA) to buy 5 additional acres to be added to the integrated commercial, logistics, administrative, and entertainment district in Mansoura, according to an emailed press release on August 22nd.

The new addition will bring up the total area of the project to 51 feddan.

Mall of Mansoura will comprise a 6,000 square-meter (sqm) hypermarket, 10-screen cineplex, and food court, along with dining and entertainment facilities and international fashion brands.

The mall is located on 150,000 sqm and will include 45,000 built-up area and 40,000 sqm gross leasable area (GLA).

“Acquiring these additional 5 acres within the integrated commercial, logistics, administrative, and entertainment zone is part of MARAKEZ's expansion plan to develop shopping destinations that offer a full range of offerings,” Marakez’s CEO Basil Ramzy said.

It is worth noting that the recent project is a part of the EGP 24 billion investment package pledged by MARAKEZ to be injected into Egypt.