Savills, the Middle East’s leading real estate services provider, today announced its appointment to manage the famous Arkan project in Sheikh Zayed, West Cairo. This follows the March joint-venture agreement between international real estate consultancy, Savills, and home-grown Egyptian company Sphere to provide integrated services across a range of real estate sectors.
Arkan, a mixed-use office, retail and leisure destination is about to undergo a major expansion, for which Savills will play a key role in its management, agency services and marketing. The new phase will bring the total size of the project to 260,000 square metres and include 210 shops, 67 restaurants, a 178-room hotel, a 900-seat theatre, 47,000 square metres of office space, 4,500 parking spaces, 10-screen cinema, 9,000 square metre department store, a gym and Biologique Recherche Spa. The new phase is on track to be completed in Q2 2020.
With immediate effect Savills will be responsible for the day-to-day management of Arkan Plaza which will include all tenant interaction, rent collection, maintenance and security as well as the leasing and sales of units in the future extension. To head up the new team Savills is bringing an extremely experienced Client Services Director from the UK called James Bailey who has managed 3 of the top 20 shopping malls in the UK and has over 20 years retail experience in the UK.
Catesby Langer-Paget, Head of Savills Egypt said: “We are delighted to be working on such a prestigious and inspiring project. Arkan is a significant addition to the Savills portfolio as we continue to grow across Egypt. Cairo has many exciting real estate projects which require real estate advisory services and Arkan provides us with the perfect opportunity to demonstrate the value that we can add for our clients here.”
Ahmad Badreldin, Managing Director of El Badr for Investments said: “We are very happy that Savills will take on Arkan Plaza as their first major commercial project here in Egypt and we look forward to working with them at this exciting time in Arkan’s development with the new extension opening early next year.”
Following its opening in 2012, Arkan has become West Cairo’s destination of choice for the commercial and social needs of the community. Its location in the heart of Sheikh Zayed City, provides convenience and easy accessibility for a varied range of shops and services, driving its position as a thriving hub of the capital.