DEBT WATCH- Sodic subsidiary signs EGP 1 bn medium term facility with CIB: Sodic subsidiary Soreal for Real Estate Development signed a EGP 1 bn medium term facility with CIB to partially finance Sodic’s first non-residential offering in East Cairo EDNC, the company said in a press release (pdf). EDNC is a commercial and retail complex built on a total area of 90k sqm in New Cairo and has been designed in a way that reduces the carbon footprint. “We are very happy to collaborate with CIB again and especially for financing EDNC. The signing is a testament to the strength of the relationship with CIB and the banks trust in the company and its vision for this unique project,” Sodic’s Managing Director Magued Sherif said.

This comes as Sodic has recently signed an escrow contract for its 500-feddan development in New Zayed with the New Urban Communities Authority (NUCA). The first phase of the project is Vye which saw the company sell EGP 1 bn-worth of homes in the neighborhood two days after the sale was launched.