Egyptian developer Palm Hills in three deals worth $63 mn

Palm Hills, Egypt's second-biggest listed property developer, said on Monday it had reached two land sale agreements and one land purchase agreement in Egyptian deals with a net value of 481 million Egyptian pounds ($63 million).

The firm said in a statement the deals were part of a strategy to exit untapped real estate investments and unutilised sites that are not part of its plans while increasing cashflow in existing projects.