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Sunday, 18 October 2020

City Edge to issue EGP 600 mn securitized bonds in 2Q2021

DEBT WATCH- City Edge plans to issue EGP 600 mn in securitized bonds in 2Q2021, CEO Mohamed Makkawy told Al Mal. The securities will be backed by 200 units the company has sold in its Etapa project in Sheikh Zayed, he said, adding that the proceeds from the offering will be used to buy more land plots for new projects. The 77-feddan Etapa compound contains 493 residential units, and the company is seeking almost EGP 1.8 bn in loans to construct a hotel and a number of administrative and commercial projects, Makkawy said.

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