Empire State contracts with CBRE International to manage the Alcentro project in the Administrative Capital

The Empire State Investment and Urban Development Company has contracted with the international company CBRE to provide consultancy for the management of facilities and buildings in the “Alcentro” project in the New Administrative Capital.

The contract was signed by Engineer Mahmoud Al-Sarraj, Chairman of the Board of Directors of Empire State Investment and Urban Development, and Kieran Lynch, Director of Real Estate Facilities Management for CBRE International, in a signing ceremony that included a number of officials from both companies, and a number of media and journalists.

He explained that the global company CBRE will be responsible for providing Property Management and Facility Management consultancy for the “Alcentro” project, and the company was chosen for being the first in the world in this field, stressing that the Empire State Investment and Urban Development Company is looking for a partner with global experience in the field of real estate facilities management to benefit from From previous experiences and the weight of his brand.

He pointed out that the “Alcentro” project is located on an area of ​​24 thousand square meters and consists of 15 floors, with a total investment of 750 million pounds. It is a commercial mall with a height of 3 floors, medical and administrative floors and a hotel part managed by Safir International Group. Smart Parking System, indicating that the project has a panoramic view of the central park in the middle of the Administrative Capital.

He added that the implementation of the project began at the beginning of this month, and the entire project is planned to be delivered during the last quarter of 2024, and the project’s target sales amount to 1.2 billion pounds, as the Muharram Bakhoum International Office will assume the role of the engineering consultant for the project, and the Empire Construction Company and Al-Hamad Contracting Company, And the Nile Contracting Company to implement the project.

He explained that the price per square meter in the administrative part of the project starts from 23,000 pounds, and the area starts from 30 meters, and the company offers payment systems for a period of 20 years.

He pointed out that the company relies, in its competition in the New Administrative Capital, on providing an innovative and unique real estate product, choosing a distinctive location for its project, flexible payment systems that suit the needs of many customers, providing all services and facilities in the project, choosing a distinctive management to ensure the quality of the project, and contracting with prominent specialists. In all disciplines within the project, as well as presenting a project with a unique and modern design inspired by the Spanish style.

He stated that the sales target to be achieved by the end of this year is about 600 million pounds, as the company succeeded in achieving 250 million pounds from the beginning of the year until the end of last September, and the company plans to pump 150 million pounds into the construction of the “Alcentro” project during the last quarter of this year.
He pointed out that the total investments of the Empire State Investment and Urban Development Company amounted to about two billion pounds, mainly with self-financing, with the use of bank financing in the contracting activity, which is one of the company’s activities.

As for the company’s expansion plan, it plans to expand its investments in the Downtown area of ​​the New Administrative Capital, and studies related to the market are being completed in preparation for launching new projects soon. The company is still studying investing in a residential project, specifically in the R8 area of ​​the New Administrative Capital.

He stressed that the real estate market is witnessing strong competition due to the increase in the volume of diversity, and this competition imposes on each developer the elements of innovation and flexibility in all stages of the project, starting from choosing its location, and in cooperating with distinguished entities to implement a unique project.

Kieran Lynch, director of real estate facilities management for CBRE International, explained that cooperation with the Empire State Investment and Urban Development Company is the company’s second contract in Egypt, as the company chooses projects very carefully and in accordance with specific standards of the company, noting that the first contract was made with the responsible Chinese company CSCEC. About the implementation of the iconic tower and the central business district in the new administrative capital.

He pointed out that the global CBRE group was established since 1906 in San Francisco, and in 2011 CBRE assumed a leadership position in another major commercial sector by acquiring the largest share in the real estate investment management business, and the company continued its continuous progress of achievements until 2021 by acquiring a subsidiary stake Of interest in Industries Corporation, which provides flexible solutions for the workplace.

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© Press Release 2021

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