Experience Bonyan

  • Our Assets

  • Our Investment Model

  • Our Leadership Team

  • FAQs

Attractive Industry

Long Term Exposure to Real Estate Ownership

We deliver long-term, sustainable value through ownership of its sizeable real estate portfolio, benefitting from consistent rental income and asset appreciation.

Inflation & Currency Hedge

Real estate has proven to be a reliable inflation and FX hedge, with property values and rent adjusting in response to market dynamics.

Unique Business Model

Premium Tenant Base

Our tenants consists mainly of multinationals paired with reputable Egyptian companies, ensuring reliable occupancy and growth.

Strategic Acquisitions

Leveraging our bargaining power through wholesale acquisitions, Bonyan is able to optimize value and enhance returns.

Reliable Revenue Streams

Our portfolio focuses on fully-leased properties under long-term contracts a portion of which are FX linked, providing dependable, robust cash flows.

Diversified Portfolio

Our holdings are strategically diversified across prime locations in East and West Cairo with a mix of retail and commercial properties.

Risk Mitigation

By focusing on built, fully-leased properties in prime locations, we avoid the risks associated with development projects.

Flexible Investment Size

Investors can enter the market and scale their holdings with ease to align with their evolving financial goals.

Liquid Access

By offering shares instead of direct property ownership, we provide flexibility to buy or sell shares seamlessly.

Specialized Management Team

Professionally Managed Portfolio

Our assets are expertly managed by real estate and operations specialists, ensuring active facility and property management to enhance individual and portfolio performance.
Shamel Aboul Fadl

Shamel Aboul Fadl

Executive Board Member & Executive Chairman
Shamel Aboul Fadl has been the Executive Chairman of Bonyan since acquiring the company in 2018, playing a pivotal role in transforming Bonyan from a single asset into a diversified portfolio of commercial assets. In 2010, Mr. Aboul Fadl founded Compass Capital, a leading alternative asset management firm based in Egypt, where he remains Chairman. Prior to that, he was the Managing Partner at Pharos Holding. His entrepreneurial journey began in 2005 when he established Paragon Asset Management, a regulated independent asset management firm headquartered in Geneva. Earlier in his career, he held the position of Vice President at Citigroup in Geneva. Mr. Aboul Fadl holds a B.Sc. in Construction Engineering from the American University in Cairo and an MBA from the Wharton School of the University of Pennsylvania.
Tarek Abdel Rahman

Tarek Abdel Rahman

Executive Board Member & CEO
Tarek Abdel Rahman has served as Chief Executive Officer of Bonyan since 2018, leveraging his extensive sector expertise to position the company as a leading real estate investment firm. With over 29 years of experience in the financial sector, Mr. Abdel Rahman was most recently the CEO of Compass Capital, a prominent alternative asset manager. Before his tenure at Compass Capital, he served as CEO of Palm Hills Development, one of Egypt’s leading publicly listed real estate developers for 5 years. Prior to that Mr. Abdel Rahman was a founding partner and Managing Director at Akanar Partners, a specialized M&A advisory firm. He also held leadership roles as Co-Head of Beltone Investment Banking and as an Associate in Citigroup’s infrastructure investment banking team in London and the private equity department of EFG-Hermes. He began his career at HSBC corporate banking division. He holds a B.A. in Business Administration from the American University in Cairo and an MBA from London Business School.
Fady Raafat

Fady Raafat

Executive Board Member & CFO
Fady Raafat is the Chief Financial Officer at Bonyan. Mr. Raafat previously served as Chief Investment Officer, responsible for originating and executing investment opportunities. Previously, Mr. Raafat was Vice President at Compass Capital, focusing on M&A advisory where he led transactions across multiple sectors. Prior to that, he worked at CI Capital, a leading full-fledged investment bank in the M&A and Equity Capital Markets groups. Mr. Raafat earned a B.Sc. in Finance, Accounting, and Management from the University of Nottingham, followed by an M.Sc. in Finance.
Mohamed Helmy

Mohamed Helmy

Head of Investor Relations
Mohamed Helmy is Head of Investor Relations at Bonyan. He is a seasoned financier with over 20 years’ experience in financial services across the region, leveraging his extensive knowledge and experience in his role. Before joining Bonyan, Mr. Helmy held the position of Head of Equity Syndication and Investor Solutions where he was focused on relationship management and advising for private clients, Institutions and family offices. ​Prior to that, Mr. Helmy was a VP at Credit Suisse and Deputy GM at BM off-shore UAE arm. Previously he was managing the sell-side foreign business desk at HCSI, Business Development Manager for GCC clients at EFG-Hermes and previously to that Head Trader of the International Equities Desk at EFG-Hermes.​ Mr. Helmy holds an MBA in Finance and Banking from Maastricht School of Management, and a B.A. in marketing and communications from AUC.
Eman Fahmy

Eman Fahmy

Marketing Director
Eman Fahmy is the Marketing Director at Bonyan where she oversees marketing initiatives and event coordination. Mrs. Fahmy plays a pivotal role in enhancing Bonyan’s brand visibility, engaging key audiences, and driving impactful campaigns across multiple platforms. Before stepping into her current role as Marketing Director, Mrs. Fahmy served as the Events Director, where she created the Walk of Cairo’s signature Christmas event. Mrs. Fahmy holds a B.A. in Mass Communication from the American University in Cairo
Amr El Shafei

Amr El Shafei

Chairman of the Board
Amr El Shafei has been the Chairman of the Board of Bonyan since 2024, bringing a wealth of strategic and managerial expertise to the team. Mr. El Shafei is currently the Chief Executive Officer and Managing Director of Emirates NBD Egypt. Previously, he held the position of Executive Vice Chairman at Banque du Caire. Prior to that, Mr. El Shafei was Group Head of Corporate Banking, Debt & Structured Finance at The National Bank of Egypt, in addition to serving as a Board Member for both Al Ahly Capital Holding and Al Ahly Leasing Company. Previous positions include serving as Regional Head of Corporate Banking & Corporate Products at Barclays as well as Vice President of Corporate Finance at Citigroup UAE, among other notable positions. Mr. El Shafei holds a B.Sc. in Economics & Political Science from Cairo University.
Mohamed Farouk

Mohamed Farouk

Non-Executive Board Member
Dr. Mohamed Farouk has served as a non-executive board member at Bonyan since 2018, contributing a wealth of expertise and strategic insight to the company. In addition to his role at Bonyan, Dr. Farouk is the Chief Executive Officer of ADES, a leading regional oil services company listed on Tadawul. His leadership has been instrumental in driving ADES’ success in the energy sector. Prior to this, he held a senior leadership position at Invensys Operations Management (IOM), a FTSE 100 company, where he served as Senior Vice President for Global Delivery and Operations, overseeing critical projects from the company’s Texas headquarters. Dr. Farouk began his career in 1991 as a Project Engineer at Conisys Egypt as a provider of control and instrumentation systems technology. He holds both a B.Sc. and a Master’s degree in Electrical Engineering from Cairo University and earned his Ph.D. in Systems Engineering and Control from Case Western Reserve University.
Karim Zahran

Karim Zahran

Non-Executive Board Member
Karim Zahran has been a non-executive board member at Bonyan since 2018, contributing his extensive and varied industry expertise to the company. Mr. Zahran previously served as the Chief Executive Officer of Zahran Market, a prominent supermarket retail chain. Prior to leading ZM’s turnaround, he was a Deputy Manager at Groupe Seb’s Iberica office in Barcelona. He started his career at HSBC Securities in New York on the Emerging Markets desk, and later joined Compass Capital in Egypt, leading its asset management division. He also held roles at ACE Group and Citigroup Private Bank in Geneva. Mr. Zahran holds a dual bachelor degree in Economics and Finance, and completed an Advanced Management Program at MIT Sloan.
Sarah El Shahed

Sarah El Shahed

Non-Executive Board Member
Sarah El Shahed has served on the Bonyan board as a non-executive member since 2024, bringing on a wealth of financial analysis expertise. Mrs. El Shahed is a Director at Compass Capital where she was instrumental in advising on numerous sell-side and buy-side transactions, demonstrating her expertise in navigating complex financial deals. Mrs. El Shahed led Compass’ first acquisition and later EGX listing of Rameda, a milestone transaction that highlighted her strategic insight and execution capabilities. Prior to joining Compass, Mrs. El Shahed worked at Pharos Holding, where she played a key role in setting up the asset management division. Mrs. El Shahed holds a B.Sc. in Chemistry from the American University in Cairo.
Mahmoud Fayek

Mahmoud Fayek

Non-Executive Board Member
Mahmoud Fayek has contributed his financial and operational expertise to Bonyan as a non-executive member since 2018. Mr. Fayek currently serves as the Chief Operating Officer at Rameda. Prior to that, he played a key role at Compass Capital from its inception, contributing to the successful completion of numerous transactions across the pharmaceutical, financial services, and real estate sectors. Earlier in his career, he held several senior positions in the manufacturing industry, including CFO and Business Development Director. Mr. Fayek is a CFA charterholder and holds a B.Sc. in Business Administration from the Arab Academy for Science, Technology and Maritime Transport.
Menatalla Sadek

Menatalla Sadek

Independent Board Member
With a career spanning more than two decades, Menatalla Sadek serves as an independent board member at Bonyan, contributing her extensive expertise in investments and management. Mrs. Sadek is currently an independent Senior Advisor to African Infrastructure Investment Managers, a member of Old Mutual Alternative Investments with a current AUM of more than $4bn. Prior to that, she was Chief Executive Officer and Co-Founder of Hassan Allam Utilities, as well as Managing Director of Lightsource BP JV Co in Egypt. Mrs. Sadek was Chief Investment Officer of one of the region’s largest automotive and non-bank financial institutions, GB Auto. Ms. Sadek also co-founded Halan, Egypt’s first fintech unicorn. Ms. Sadek holds a B.A. in Business Administration from the American University in Cairo and an Executive Education in Banking, Finance, and Securities Law from Stanford University. She is a CFA Charterholder.
Hatem Soliman

Hatem Soliman

Non-Executive Board Member
Hatem Soliman has been a non-executive board member at Bonyan since 2024, bringing over 40 years of engineering and corporate management experience. Mr. Soliman currently serves as Vice Chairman and Chief Executive Officer at Intro Group in Egypt. Prior to that, he spent 37 years with Schlumberger globally, serving most recently as Strategic Advisor to the Global CEO and Executive President for the Middle East and Latin America. Owing to his expertise, Mr. Soliman was recognized as one of the Middle East’s Top 100 Executives by Forbes Middle East in 2016 and 2017. Mr. Soliman holds a B.Sc. in Electrical Engineering from Helwan University.
Ahmed Hassanein

Ahmed Hassanein

Chief Operations Officer
Ahmad Hassanein is the Chief Operations Officer at Bonyan. With extensive experience in the real estate sector, Mr. Hassanein has brought a wealth of operational expertise to the company. Before joining Bonyan, he served as the Head of Operations at LMD, and prior to that Mr. Hassanein was Head of Commercial at Palm Hills, a leading real estate developer. Prior to joining Palm Hills, Mr. Hassanein co-founded and managed companies across various industries, including The Brand Company, a regional branding and strategy agency, and TotalFix Solutions, a facility management company catering to both residential and corporate clients. Mr. Hassanein holds a B.A. from the American University in Cairo, a Master’s degree in Design from the College of Fine Arts at UNSW in Sydney, and an Executive Master’s in Corporate & Business Management from SDA Bocconi.
Ahmed Emad

Ahmed Emad

Investment Manager
Ahmed Emad is an investment manager at Bonyan. Mr. Emad has been a key driving force in realizing real estate opportunities. Previously, Mr. Emad held the position of Associate at Compass Capital, where he worked on several private equity and M&A transactions. Prior to his post at Compass Capital, he was Business Development manager at Redcon Construction, where he was the Strategic Advisor to the Board. Mr. Emad holds a B.Sc. in Construction Management from the American University in Cairo and has also earned a Private Equity Diploma from the same institution.
Howaida Abdel Wahab

Howaida Abdel Wahab

Customer Excellence Director

Howaida Abdel Wahab is Bonyan’s Customer Excellence Director. Her role focuses on customer loyalty and retention through enhancing the overall workspace experience and curating Bonyan’s unique signature in the industry.

Ms. Abdel Wahab most recently worked as Chief Operating Officer of Al Sagheer Group, prior to which she spent 18 years with Schlumberger. Her multi-disciplinary expertise encompasses quality compliance and processes enhancement, project management, training and development, and customer services.

Ms. Abdel Wahab graduated with a B.Sc. in Business Administration from Cairo University and holds certifications of Quality Lean & Continuous Improvement, and Project Management.

Amr El Sherbini

Amr El Sherbini

Chief Legal Officer

Amr El Sherbini serves as the Chief Legal Officer at Bonyan, where his extensive legal expertise and strategic insight play a critical role in steering the company through complex regulatory and legal frameworks.

Before joining Bonyan, Mr. El Sherbini was the Legal Director at Orascom Social Housing, overseeing all legal aspects of unit sales and providing key legal support to the organization’s operations. Prior to this role, he spent most of his professional career at Baker McKenzie, where he advised some of the largest Egyptian and regional clients, handling legal matters and transactions.

Mr. El Sherbini holds a Bachelor of Law from Cairo University and is a member of the Egyptian Bar Association.

Hesham Metwally

Hesham Metwally

Chief Engineer

Hesham Metwally has been at Bonyan for over 17 years, currently acting as the company’s Chief Engineer and contributing decades of technical expertise and industry knowledge.

Mr. Metwally has led multiple projects through to completion, most notably the Walk of Cairo. His expertise encompasses the commercial, retail, and administrative spaces and allows him to deliver high-quality outcomes across all phases of development and execution. Previously, Mr. Metwally has held engineering and construction roles at SODIC, Cilantro, and Talaat Moustafa.

Mr. Metwally holds a B.Sc. in Civil Engineering from Zagazig University.

Hassan Samy

Hassan Samy

Head of Leasing

Hassan Samy serves as Head of Leasing at Bonyan. He is tasked with overseeing all sales and leasing operations and leading high-value negotiations.

Previously, Mr. Samy co-founded Attic Mortgage Solutions, facilitating property-backed mortgage models, and was Operations Manager at Skop Group where he led the launch of Dinner in the Sky Egypt and expanded it regionally in his capacity as Managing Partner.

Mr. Samy holds a B.A. in Business Administration from the American University in Cairo.

Hassan Samy

Ahmed Sayed

Finance Director

With over 20 years of experience in financial management and accounting, Ahmed Sayed is a seasoned finance professional specializing in strategic planning, cash flow management, and business expansion. As the Finance Director, Mr. Sayed oversees financial strategy, risk management, and operational efficiency to drive sustainable growth.

Throughout his career, Mr. Sayed has held key financial leadership roles at Bitunil, Sky Supplies Group, Telecom Egypt (we), The Egyptian Telephone Company (QuickTel), and Unifood, where he successfully led financial restructuring, ERP system implementation (Oracle), and international market expansion.

Mr. Sayed holds a bachelor’s degree in accounting from Cairo University and an MBA in Financial Management from the Arab Academy for Banking & Financial Science.

AR
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A Simpler Path to
Stronger Returns

A leading independent investment firm in Egypt, with a multi-asset commercial real estate portfolio spanning East and West Cairo, carrying an overarching mission to democratize real estate investing.

About Bonyan

With a growing portfolio currently standing at ten commercial real estate assets across East and West Cairo, Bonyan focuses on acquiring operational, income-generating properties providing immediate returns on investment.

Bonyan enables both institutional and individual investors to make flexible real estate investments that are aligned with their financial objectives. With a diverse portfolio of grade A commercial assets in prime locations supported by leading multinational tenants, Bonyan targets rental yield and continuous asset appreciation. Our portfolio is managed by industry experts who approach every opportunity with an owner-operator mindset.

Our Investment Philosophy

Our investment philosophy serves as the foundation, guiding every opportunity we pursue.
01

Enduring Value of Real Estate

With assets that consistently hold or appreciate in value, real estate offers enduring financial security. Our approach centers on sustainable growth, recognizing real estate as a trusted and proven asset class that appreciates beyond inflation, building generational wealth.

02

Diversity of Our Portfolio

Our portfolio encompasses diversified asset types, geographies, and tenant profiles, reducing risk through balanced exposure. With operational properties across East and West Cairo leased to multinationals and leading Egyptian corporates, we provide stability through varied income streams.

03

Focused Asset Acquisition Strategy

By focusing on acquiring existing properties, Bonyan reduces construction-related risks and preserves investment margins by avoiding cost overruns. This approach enables us to deliver returns for investors by focusing on assets that generate immediate stable income.

04

Strength of Expertise and Insight

Our real estate asset management expertise is complemented by a specialized asset acquisition team. With a deep understanding of strategic management , financial analysis and comprehensive market data, our team leverages data-driven insights to align each investment opportunity with our overarching objectives, maximizing value.

05

Ability to Weather Macroeconomic Uncertainty

We recognize the critical importance of agility in execution. Our investment strategy is intentionally dynamic, enabling us to swiftly adapt to shifting macroeconomic conditions and capitalize on emerging opportunities.

06

Swift Execution

In a market where timing defines success, we operate with speed and precision. Our approach is streamlined to quickly identify valuable opportunities, conduct swift due diligence on the asset, apply our negotiation expertise, and secure the optimal price and capital structure.

Our Assets

Unit 1604
B. E
A5
B. 15
B. 44
B. 75
B. 106 A
B. 106 B
B. 250
WOC
Building 44 New Cairo, East Cairo
Building 15 New Cairo, East Cairo
Building 75 New Cairo, East Cairo
Building 106 A Nasr City, East Cairo
Building 106 B Nasr City, East Cairo
Building 250 New Cairo, East Cairo
A5 Golden Gate, New Cairo East Cairo
Building E Park Street Edition, New Cairo, East Cairo
Walk of Cairo (WOC) Sheikh Zayed, West Cairo
Unit 1604 Park Street, Sheikh Zayed, West Cairo

Our Tenants

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Our Investment Model

Attractive Industry

Operating in a sector renowned for its stability, growth and resilience, Bonyan grants exposure to a reliable asset class with innate protections against macroeconomic volatility.

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Unique Business Model

Bonyan’s model is tailored to provide stable returns through carefully selected, income-generating assets. Through this, investors can access the benefits of commercial real estate while maintaining liquidity and flexibility.

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Specialized Management Team

Bonyan’s leadership ensures a seamless investment experience without the complexities of direct property oversight – blending industry expertise with strategic foresight.

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Our Investment Strategy

At Bonyan, every project is a testament to our unwavering pursuit of shareholder returns. Our investment approach focuses mainly on leasing assets while maintaining agility for opportunistic sale of select assets, organized through the following 4 strategies:

Core Plus

Our primary strategy focuses on acquiring high-quality, fully leased properties in prime locations. These assets have proven to consistently generate stable cash flows, providing our investors with reliable returns and long-term value.

Core

Our strategy also includes investing in properties that are partially leased with medium-to-long-term value creation opportunities. These stable assets present the potential for enhancements that deliver increased returns within a shorter timeframe.

Value Add

To diversify our portfolio, we invest in properties that require asset repositioning, active management, and, implementing operational strategies to unlock and grow their the assets’ long-term value.

Opportunistic

In select cases, we pursue assets that call for extensive redevelopment and active management, focusing on major renovations and strategic repositioning to maximize potential.

Our Leadership Team

Guided by years of experience, our management team harbors deep sector knowledge, proven execution, and value creation capabilities.
Management Board

Shamel Aboul Fadl

Executive Chairman

Tarek Abdel Rahman

Chief Executive Officer

Fady Raafat

Chief Financial Officer

Ahmed Hassanein

Chief Operating Officer

Mohamed Helmy

Head of Investor Relations

Ahmed Emad

Investment Manager

Howaida Abdel Wahab

Customer Excellence Director

Ahmed Sayed

Finance Director

Eman Fahmy

Marketing Director

Amr El Sherbini

Chief Legal Officer

Hesham Metwally

Chief Engineer

Hassan Samy

Head of Leasing

Amr El Shafei

Chairman of the Board

Shamel Aboul Fadl

Executive Board Member & Executive Chairman

Tarek Abdel Rahman

Executive Board Member & CEO

Fady Raafat

Executive Board Member & CFO

Dr. Mohamed Farouk

Non-Executive Board Member

Karim Zahran

Non-Executive Board Member

Sarah El Shahed

Non-Executive Board Member

Mahmoud Fayek

Non-Executive Board Member

Menatalla Sadek

Independent Board Member

Hatem Soliman

Independent Board Member
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What’s on?

News Press
January 2025

Bloomberg El Sharq livestream with Tarek Abdel Rahman

Bonyan CEO discussed portfolio growth they are planning for post listing
January 2025

Bonyan Secures Approval To List On The Egyptian Exchange, Plans IPO In First Half Of 2025

Egyptian real estate investment company Bonyan has received approval to list on the Egyptian Exchange (EGX) under the ticker symbol "BONY.CA,"...
January 2025

Egypt-based real estate investment firm Bonyan receives approval for EGX listing

Egypt-based real estate investment company Bonyan said on Tuesday that it has obtained approval to list on the Egyptian Stock Exchange (EGX).
January 2025

Bonyan’s CEO Tarek Abdel Rahman sits down with ElPodcasters

He explains the Bonyan model and how investors invest in real estate in Egypt through shares
January 2025

Rumble Connects interviews Bonyan CEO Tarek Abdelrahman

Tarek Abdel Rahman joins Thndr’s founder and CEO Ahmed Hammouda to discuss Bonyan, the state of Egyptian real estate and the future of the company
January 2025

Economy Plus discusses Bonyan with Tarek Abdel Rahman

Bonyan CEO Tarek Abdel Rahman sits with Economy Plus to discuss Bonyan’s model and track record
January 2025

Bonyan acquires Grade A office building in New Cairo The acquisition.

finalized in December 2024, is part of the company’s plan to grow its portfolio of commercial real estate assets in key locations
January 2025

Bonyan expands portfolio with acquisition of Grade A office building in New Cairo

Bonyan a leading independent real estate investment company, has successfully acquired an 8,178 sqm Grade A office building at Park Street Edition in New Cairo.
December 2024

Bonyan’s Executive Chairman, Shamel Aboul Fadl sits down with Business Bel Araby’s Ahmed Rashad

Discussing his professional growth journey to helping build a leading real estate investment company in Egypt.
December 2024

Bonyan’s Tarek Abdel Rahman takes part in Hapi Journal Forum 6th Edition panel

The panel centered on innovative strategies to attract Foreign Direct Investment (FDI) in various sectors, including real estate.
November 2024

Bonyan Acquires Primes Offices In Park Street West Bringing Its Acquisition of Grade A Offices In The Last 12 Months To 8,258 sqm

November 2024

Bonyan completes EGP 416mln capital increase to accelerate growth

The transaction gives the company’s ability to execute additional value-accretive acquisition opportunities
September 2024

Bonyan CEO Tarek Abdel Rahman attends Al Mal Newspaper’s “8th Real Estate Debate

He shared his views on the development of the real estate landscape alongside his esteemed panellists.
May 2024

Bonyan to raise capital to EGP 1.6B for expansion projects

Bonyan is planning to raise its capital by EGP 416 million to EGP 1.6 billion for new expansions
Feb 2024

Bonyan adds Grade A office building to its portfolio in REDCON Properties’ Golden Gate project

Bonyan completes its eight asset acquisition located in Redcon’s Golden Gate project as part of it expansion strategy
Feb 2024

Bonyan Adds Eighth Asset to Portfolio with Acquisition in REDCON’s ‘Golden Gate’

Bonyan has achieved another milestone in its expansion strategy with the completion of its eighth asset acquisition
October 2022

Bonyan looking to inject EGP 600mn in investments before year-end 2022

Bonyan continues to grow its portfolio of assets, cementing its position as a key real estate player in Egypt.
March 2022

Bonyan plans to invest $82mln to purchase new administrative buildings in Cairo

The company already owns about six administrative buildings in east Cairo in addition to Walk of Cairo in the West
March 2022

Bonyan plans to invest EGP 1.5bn to purchase new administrative buildings

Bonyan is currently studying the purchase of several new administrative buildings in East Cairo to add to it growing portfolio which already includes six administrative buildings in East Cairo
Feb 2022

Bonyan acquires 6 administrative buildings and brings the value of its assets under management up to EGP 5.5bn

Bonyan has completed the acquisition of 6 separate Grade A Office Buildings in East Cairo, adding 74,277 sqm to their portfolio
March 2019

Walk of Cairo - Shamel Aboul Fadl Revamps West Cairo

An exclusive Enigma interview with Bonyan’s Shamel Aboul Fadl
Jan 2019

Compass’ Bonyan Uncovers WOC in West Cairo

WOC is set to encompass over 100 local and international retailers
Jan 2019

Bonyan launches “the Walk of Cairo” West Cairo’s newest outdoor lifestyle destination

Spread over 116,000 square meters with 900 meters of prime frontage, the Walk of Cairo is set to have over 100 local and international retailers
September 2018

Compass announces capital increase completion of EGP 380m for portfolio company Bonyan

Bonyan has successfully increased its capital from EGP 275m to EGP 654m to deliver on planned growth plans
May 2025

Bonyan for Development and Trade announces its intention to float on the Egyptian Exchange

January 2025

Bonyan receives approval to list on the EGX under the ticker symbol “BONY.CA”

January 2025

Bonyan Continues to Expand its Portfolio with Latest Strategic Acquisition

November 2024

Bonyan acquires prime offices in Park Street – West, bringing its acquisitions of grade A offices in the last 12 months to 8,258 sqm.

February 2024

Bonyan for Development and Trade Successfully Acquires its Eighth Commercial Real Estate Asset growing its portfolio’s Asset Value.

February 2022

Bonyan Completes Acquisition of 6 Separate Grade A Office Buildings in East Cairo

November 2024

Bonyan completes EGP 416 million capital increase to accelerate growth

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Frequently asked questions

Are you a developer?

Bonyan is not a property developer. Bonyan is a Real Estate Operating Company (“REOC”). We are an independent real estate investment company specialized in acquiring high-quality commercial assets that offer strong potential for primarily capital appreciation and rental yield. We typically target fully constructed assets to allow for immediate income generation.

Our expertise lies in identifying, acquiring, and optimizing real estate investments rather than engaging in construction or property development. The assets we acquire are either primary assets from developers, or in the secondary market from existing homeowners.

What is the difference between investing in a listed real estate developer vs investing in Bonyan?

Traditional property developers generally operate on a "build-to-sell" model, focusing on constructing properties for immediate sale, resulting in limited exposure to long-term real estate price appreciation that is associated with asset ownership. Their sales are often off-plan units at a fixed price and over a period of time (typically between 6 to 12 years). With fluctuating construction costs, this leaves developers susceptible to margin compression throughout the life of the project. Essentially, they sell at fixed price today while construction cost is variable over the life of construction of the sold unit.

Bonyan contrastingly, does not build or develop. We buy the assets at a fixed price thus fixing our cost and hedging against any macroeconomic headwinds. Bonyan primarily operates under an "own-to-lease" model. This focuses on acquiring fully constructed and, in most cases, income-generating assets, offering distinct benefits for investors seeking stable and long-term exposure to the real estate market. This approach eliminates the significant construction and development risks associated with real estate development projects in Egypt.

The weakness that is present in the developer model is a strength in the Bonyan model. Where inflation causes margins to compress for developers, for Bonyan as an asset owner, it translates to asset appreciation, as the value of owned assets increases.

What is the benefit in investing in Bonyan over direct ownership of property?

Bonyan offers a hassle-free alternative to physical property ownership, while providing the same exposure. By investing in Bonyan you hold a share of its vast portfolio of underlying assets and benefit from its institutionalized approach to real estate investing. The key benefits over direct ownership are:

1- Attractive Pricing

With a dedicated and experienced investments team, Bonyan screens the entire market for new attractive opportunities and transacts with speed and precision. Additionally, Bonyan focuses on large scale acquisitions, allowing for bargaining power in negotiations with sellers who offer wholesale discounts on purchase price per meter, thus securing attractive pricing for its shareholders.

2- Portfolio Diversification

Bonyan benefits from diversification on multiple levels; the portfolio is diversified in terms of asset type (office and retail), geographically (East and West Cairo) and finally the large number of tenants allow for revenue diversification, reducing concentration risk in the portfolio.

3- Professional Management

Bonyan has an experienced and agile investment team responsible for unlocking value and growing the portfolio, coupled with a specialized operations team that manages the assets to enhance value.

4- Flexibility

Bonyan offers flexibility for investors to adjust investment size, and enter and exit positions with ease depending on their evolving financial needs. Investors can gain exposure to a professionally curated, diversified real estate portfolio without the need for large capital outlays.

5- Depth and Liquidity of the Secondary Market

Bonyan provides a much more streamlined, transparent process for secondary trading compared to direct ownership where the owner wanting to sell the asset is responsible for finding a replacement buyer for a specific asset. Bonyan offers secondary market depth allowing for immediate liquidity providing flexibility for investors to exit their holding.

6- Capital Structure

Bonyan’s primary focus on the “Core” and “Core Plus” strategy means it targets cash flow-generating assets for immediate delivery, allowing Bonyan to take leverage at the portfolio level to further enhance returns.

What is the benefit in investing in Bonyan over fractional ownership of property?

Fractional ownership and Bonyan model both offer investors exposure to the attractive real estate market without the need for large capital outlays. However, there are key differences between the two models:

Depth and Liquidity of the Secondary Market

Bonyan offers distinct advantages to fractional property ownership by providing a streamlined and structured investment approach. Unlike the fractional ownership model which lacks a robust secondary market (where it is the seller’s responsibility to find a replacement buyer for a specific asset), Bonyan offers market depth and immediate liquidity, providing flexibility for investors to enter and exit positions.

Transparency

As a listed entity the company is covered by multiple specialized research houses that allows for transparency on the company valuation and its activities.

Regulated

As an EGX traded stock, Bonyan offers a regulated and highly liquid form of fractional ownership. With Bonyan you have greater flexibility to manage your investment as your financial needs develop.

Professionally managed

Bonyan alleviates the investor from the extensive market screening process needed to be able to make the optimal investment decision. Through the Bonyan, investors are buying into an existing portfolio of diversified assets, carefully curated and managed by a highly experienced investments team.

Diversification

Bonyan's diversified portfolio of high-quality commercial real estate minimizes risks associated with owning a single property. Their investment team employs a rapid market screening process, ensuring efficient and strategic investment decisions. By focusing on trophy assets in prime locations, Bonyan enables investors to access top-tier real estate without the management challenges, instead these assets are managed by seasoned professionals, attracting multinational and large local corporates as tenants, providing sustainable and consistent returns.

Pricing

Bonyan buys entire buildings, hence it is able to obtain attractive wholesale pricing from sellers in contrast with the typically smaller scale acquisition of fractional ownership.

Does Bonyan only invest in commercial real estate?

While Bonyan currently focuses on fully constructed Grade A commercial real estate assets, our investment strategy is not confined solely to this asset class. At present, we find commercial real estate and specifically offices to offer the most attractive returns, making it a primary area of focus. However, Bonyan remains flexible and adaptive, continuously evaluating market conditions and opportunities. Should other real estate asset classes present superior return potential, we are prepared to adjust our investment strategy accordingly to maximize value for our shareholders.

Do you operate your assets?

The Asset Management scope is performed entirely in-house. We work to enhance and optimize the value of individual assets as well as our overall portfolio in terms of both asset acquisition portfolio management and capital structure.

The Property Management component is a mix of both in-house and outsourced. Bonyan embraces a flexible model depending on the asset and its needs. For some assets we perform the property management function of tenant management, collections, marketing and leasing functions, while for other assets the function is outsourced to an independent third party.

The Facility Management that includes cleaning, housekeeping, maintenance, health, and safety, it is mainly outsourced to an independent third party.

Walk me though the investment process at Bonyan.

At Bonyan, our primary objective is delivering value to our shareholders through a strategic and methodical investment process. Our experienced team leverages in-depth market knowledge to identify and seizes the best opportunities with precision.

Our process begins with a rigorous initial screening where we assess potential investments based on key factor such as prime location, asset appeal, and minimized risk. Next, we conduct comprehensive commercial, structural, and legal due diligence to ensure assets meet the needs of high-caliber tenants.

During the execution phase, Bonyan leverages strong position, reputation, and market relationships to secure top-tier assets at competitive prices and optimal capital structure.

Post acquisition, we focus on maximizing asset performance to drive shareholder returns through increasing occupancy rates, tenant mix and continuously optimizing our portfolio through opportunistic acquisitions and strategic divestments.

If I want to exit, are there any limitations?

There are no exit restrictions on buyers of shares. Bonyan’s investment format provides its investors with immediate liquidity to sell shares as needed which is one of the main benefits of investing in a listed investment company. Bonyan is covered by multiple independent research houses that provide valuation expectations on the underlying assets and in turn stock price. As such, an investor in Bonyan does not have the burden of selling the underlying asset to realize the investment value, as the asset value would be reflected in the share price of Bonyan.

Does Bonyan sell or lease assets?

Bonyan primarily follows an “own-to-lease” model. We are typically long-term real estate holders which is required to be able to lease to reputable tenants and benefit from asset appreciation. However, depending on the economic and strategic benefit to shareholders, Bonyan may decide to sell certain assets and adjust the portfolio asset allocation.

What is new about Bonyan’s model?

Real estate investing has long been the asset class of choice for wealth generation, however globally it is most prevalent in share format (i.e. paper format) as opposed to physical format. For context, as at 2023, the global real estate market was worth $13.2tn, of which $10.2tn was managed through real estate investment companies and investment funds and only $3tn through directly owned or other (Source: MSCI Real Estate Market Report).

Egypt currently has no listed real estate investment companies, which contrasts with their popularity on regional and global exchanges. For the first time in the Egyptian market, Bonyan offers real estate investments as per global best practice in the form of a Real Estate Operating Company (“REOC”), maintaining a more flexible form of real estate exposure, without the investment and operational pain points.

Bonyan is a pioneering, independent real estate investment firm dedicated to creating value through the strategic acquisition and active management of commercial assets.
Palm Hills, Road, First 6th of October, Giza Governorate 3295501, Egypt Get Directions
(+202) 38861271
info@bonyanegypt.com
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