New Avenue Real Estate and Premier Financial Advisers signed a cooperation protocol for to implement and manage joint venture projects and form strategic partnerships with investors and developers during the coming period.
New Avenue chairperson, Ahmed El-Dessouky, said that the cooperation with Premier as its financial and advisory arm is a positive and important step that will accelerate the achievement of the company’s expansion plans in the short term. Additionally, this will transform the company from a marketer to a developer so as to implement major projects.
This cooperation protocol aims for coordination between the two companies in managing real estate investment and forming partnerships with companies with land to invest, the chairperson said. Further, this partnership will make use of the advisory and financial expertise of both Premier and New Avenue in the field of real estate marketing.
El-Dessouky pointed out that the role of the two companies is not limited to solely providing consulting and marketing for real estate projects, but they will also review feasibility studies submitted by investors to determine the optimal use of the land.
“There are several offers from companies to join the partnership between Premier and New Avenue for the implementation of medical, hotel, and residential projects, and they are currently under consideration,” El-Dessouky said.
The cooperation protocol is valid for two years, managing director of Premier Financial Advisers and board member of Premier Holdings Ahmed Abdel Moghny said.
Abdel Moghny added that Premier has vast experience when it comes to major projects that the company manages, besides promoting government projects. The company is a consultant for various national projects for governmental ministries.
“Premier is currently implementing a strategic partnership between a land owner [the real estate developer], contractor, engineering consulting office, and marketing and consultant company to use 158 acres in New Cairo. The company manages the investment of the financial terms, in addition to managing the project from the beginning of the study phase, through implementation, and to the sales phases,” said Abdel Moghny. “The coming period will witness acquisitions and mergers in the real estate market. Merges are important for diversifying the portfolio of real estate companies and facilitating its expansion in the market.”