​EFG Hermes, the leading investment bank in the Arab world, announced today that it has acted as sole buy-side advisor to top Egyptian real estate developer, Sixth of October Development & Investment Company (“SODIC”) on its acquisition of a 50% stake in Syria’s Palmyra Real Estate Development Company (“Palmyra”), a USD 40.5 million transaction. The Palmyra stake acquisition is one of the first transactions of its kind in Syria and is the first Syrian deal on which EFG Hermes Investment Banking has advised since the firm opened its Damascus office in March 2010. That same month the firm also announced the launch of the EFG Hermes Syria Fund, a USD 250-300 million private equity fund targeting opportunities in the Syrian market. The transaction was executed through a direct acquisition by SODIC of 40% of Palmyra’s outstanding capital, and a capital increase of USD 15.2 million for the remaining 10%, bringing Palmyra’s total paid in capital to approximately USD 32.0 million. The deal will entitle SODIC to full management control of Palmyra. Palmyra, a subsidiary of MAS Economic Group (“MAS”), is Syria’s leading real estate developer with a land bank of approximately 2.6 million square meters of prime real estate in Syria’s major cities and tourist destinations, namely Damascus, Aleppo, and Lattakia. “Despite challenging conditions globally and in the Arab world, EFG Hermes continues to grow its cross-border M&A franchise as we help national companies execute important transactions regionally and beyond,” said Head of EFG Hermes Investment Banking, Karim Awad. “It is particularly gratifying that our first significant cross border deal of the year has come out of our newest direct market.” EFG Hermes Syria is 70% owned by EFG Hermes and 30% by Syrian businessman, Firas Tlass. “To close a cross-border transaction as our first M&A deal in this exciting market is an important achievement just after opening,” said Hazem Badran, Chief Executive Officer of EFG Hermes Syria. “We look forward to more milestones as we roll out additional services in the high-growth Syrian market and the Levant region at large.”