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Wednesday, 5 July 2017

Heliopolis Housing signs two contracts with Magic Dreams over Merryland Park

The Heliopolis Company for Housing and Development (HCHD) resolved its dispute with Magic Dreams and signed two new leasing agreements with the company for Merryland Park that extend to February 2032, HCHD said in an EGX filing. Magic Dreams has settled debts worth EGP 5 mn with HCHD and will pay another EGP 7 mn on 1 September, while the rest will be repaid at a 7% interest rate over the course of four years starting 1 October. The companies had reached a preliminary agreement over the park in February that would see Magic Dreams complete the development of the Merryland Park by the end of August, with the Defense Ministry acting as financial guarantor.

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