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Monday, 6 June 2016

Magic Dreams will complete EGP 350 mn Merryland renovations in 2Q2017

The Magic Dreams Company is set to complete the Merryland renovations in 2Q2017 at an investment cost of EGP 350 mn, Chairman Nasser Salem told Al Borsa. The company has contracted two UAE-based partners to execute 50% of the project each, he added, noting that 50% of architectural work has been completed at a cost of EGP 60 mn. Magic Dreams is currently negotiating an EGP 70 mn loan from NBE to complete the project, he said. NBE has agreed to the loan on the condition that Heliopolis Housing renew the Magic Dreams lease and reschedule its debts.

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