May 7, 2014 / 11:25 AM / 4 years ago

Ripplewood affiliate takes stake in Egyptian developer Palm Hills

CAIRO, May 7 (Reuters) - An affliate of U.S investment group Ripplewood has acquired a 2.3 percent stake in Egyptian developer Palm Hills, the firm said in an emailed statement on Wednesday, adding that it hopes to increase its stake over time.

“We believe Palm Hills is well-positioned as one of Egypt’s leading real estate developers and hope that we can help enhance the company’s efforts in its development of new projects,” said Timothy C. Collins, Ripplewood’s founder and CEO.

“We are also confident in the future prospects of the company as we expect to increase our stake over time after this initial investment,” he said.

Reporting by Asma Alsharif; editing by Jason Neely

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