Six of October Development and Investment Co. (SODIC), an Egypt-based real estate developer, has agreed to sell EDNC Building No 1 at Eastown Project in New Cairo for 1.11 billion Egyptian pounds ($35.9 million). SODIC's unit, Development and Real Estate Projects (Soreal), will sell the 6,876 square meters building to Beltone Financial Holding or one of its subsidiaries.
The sale agreement includes an initial payment of 20 percent of the total value, with the remaining amount to be paid over four and a half years in quarterly equal installments. $2 million will be paid upon delivery. SODIC reported consolidated net profits of $6 million for the first three months of 2023.