Real Estate Investors Shun Egypt As Foreign Firms Retreat

This has prompted many multinational companies to scale down their operations or pull out staff, particularly from central areas of the capital Cairo. Weaker demand means property investors, who had been lured by Cairo’s established business district, could swap what was north Africa’s only viable property investment market for comparatively stable cities in sub-Saharan Africa, property experts said. “The demand for Class A office space has almost disappeared overnight,” said Ahmed Badrawi, managing director of SODIC , one of Egypt’s biggest developers and behind the Eastown scheme in New Cairo, a development property management baltimore of offices, shops and homes twice the size of London’s 97-acre Canary Wharf district. The list of firms that have cut or suspended operations in Egypt, sold off businesses or pulled out staff in recent months includes Apache Corp, Chevron, General Motors , Electrolux, BASF, BG Group and BP.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/09/26/egypt-property-idUSL5N0HE2Z020130926

Cole Real Estate Investments, Inc. Added to S&P and Dow Jones Real Estate Indexes

( COLE ), a market-leading net lease REIT, announced that the company has been added to the S&P Global Property Index, the S&P Global REIT Index and the Dow Jones U.S. Real Estate Index, effective as of market open on September 23, 2013. (Logo: http://photos.prnewswire.com/prnh/20130802/MM58302LOGO ) “We are pleased to be recognized by the S&P and Dow Jones. Inclusion in these indexes is another significant milestone for Cole,” said Marc Nemer, chief executive officer of Cole Real Estate Investments. “The addition of Cole to so many leading real estate indexes recognizes the quality of our net lease portfolio and leadership in the net lease REIT market.” According to S&P, its Global Property Index defines and measures the investable universe of publicly traded property companies. With more than 500 constituents from 36 countries, the index is ideal for a range of investing activities, including benchmarking active funds and setting the foundation for passive funds.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/cole-real-estate-investments-inc-130500696.html

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