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Banque Misr and CIB were co-lead arrangers; SODIC will use the facility SODIC to finance its ‘464-Acres’ project Egyptian real estate developer SODIC announced on Monday that it has signed a long-term syndicated facility with the amount of 4.14 billion Egyptian pounds ($86 million) with local banks Banque Misr (BM) and the Commercial International Bank (CIB). The EGX-listed SODIC, which is majority-owned by Abu Dhabi-based developer Aldar Properties, said in a statement that the facility will be used to partially finance the remaining development costs of its ‘464-Acres’ project in New Zayed. 464-Acres, located near the new Sphinx International Airport, will house over 5,000 residential units and is set to be SODIC’s second largest development in West Cairo after SODIC West. SODIC’s bank debt outstanding was recorded at EGP3 billion on 20 June 2024, reflecting a debt-to-equity ratio of 0.32x. Global law firms Baker & McKenzie and White & Case advised on the facility. (1 US Dollar = 48.35 Egyptian Pounds) |
