Misr Italia, City Edge lining up securitized issuances worth a combined EGP 1.6 bn
Al Taamir for Securitization is gearing up to take to market securitized bonds for Misr Italia and City Edge worth a combined EGP 1.6 bn, Al Taamir Chairman Mazen Hassan tells Hapi Journal. City Edge is on track for an offering of about EGP 600 mn, backed by 200 units the company has sold in its Etapa project in Sheikh Zayed, as early as April. Misr Italia are eyeing a separate EGP 1 bn issuance backed by completed units at its Bosco and Cairo Business Park projects at the new administrative capital, Kai Sokhna development and the La Nova Vista Compound in New Cairo. Misr Italia hasn’t said anything about its timeline. Al Taamir is a special purpose vehicle set up by the New Urban Communities Authority.
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CIB signed a cooperation protocol with City Edge that will see the leader private sector bank provide up to EGP 1 bn for the developer’s mortgage scheme, CIB’s Assistant Vice President of Real Estate Ahmed Samaha told Enterprise. City Edge clients will be offered various mortgage finance options from CIB as part of the Central Bank of Egypt’s (CBE) EGP 50 bn mortgage finance program launched last year, City Edge Chairman Ashraf Salman said.