SODIC subsidiary extends facility with AAIB to EGP 1.4 bn
SODIC subsidiary extends facility with AAIB to EGP 1.4 bn: SODIC’s fully owned subsidiary SOREAL For Real Estate Development and the Arab African International Bank (AAIB) signed an addendum to a medium term facility which would see the loan increase to EGP 1.4 bn, the company said on Thursday (pdf). The original July 2014 facility was extended by some EGP 450 mn to finance the total development cost of Villette under a developer finance scheme, factoring in the inclusion of the Town Center commercial hub of the project. “We continue to leverage our long term relationship with Egypt’s leading financial institutions and their confidence in SODIC. Our prudent approach to managing our balance sheet cements our ability to raise debt at favorable terms supporting our unwavering commitment to deliver to all our stakeholders,” said SODIC CFO Omar El Hamawy. SODIC launched the first phase of Sky Condos, the first apartment building offering in Villette, earlier this year.
This comes as SODIC plans to complete and deliver on its EGP 900 mn Caesar development in the North Coast by August 2018, said company Managing Director Magued Sherif on Thursday. He told the press during a tour of the project that sales from Caesar are expected to reach EGP 1.6 bn. “We look forward to securing more land in that area as well as on Egypt’s Red Sea coast. We are also open to exploring expansion opportunities beyond Egypt,” Sherif said, according to Daily News Egypt. “We are in a very healthy cash position and are continuously exploring land opportunities. We will continue to secure land in the east and west of Cairo either through the government or the secondary market,” he added. Sherif noted that the property market in Egypt remains strong, stating that people view real estate as a sound investment.