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CBRE Group values ODE’s undeveloped land bank at USD1.8bn

CBRE Group, an independent valuator, was appointed by Orascom Development Egypt (ODE) to value the company’s assets. The group valued ODE’s 22.9mn-sqm undeveloped land bank at USD1.82bn (EGP32.5bn), compared with its current book value of USD10.7mn (EGP191.4mn), and its 17 hotels in El Gouna at USD303.6mn (EGP5.4bn), compared with their book value of USD39.3mn (EGP703.5mn). (Company press release)
Orascom Development Egypt: EGP4.46 as of 21 Oct. 2018, Rating: Buy, TP: EGP8.00/share, MCap: USD277mn, ORHD EY/ORHD.CA