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Wednesday, 30 June 2021

Hassan Allam Properties unit borrows EGP 4.16 bn for Swan Lake project

Al Alamia For Real Estate Investment, a unit of Hassan Allam Properties, has signed an EGP 4.16 bn financing agreement with a syndicate of local banks for the development of its Swan Lake Residences project in New Cairo, Hapi Journal reported. The Arab African International Bank (AAIB) and Banque Misr will each provide EGP 2.08 bn to the real estate developer. CEO Mohamed Allam said the development will create c. 200k direct and indirect jobs and be home to some 6.6k families.

Advisors: ALC Alieldean Weshahi & Partners acted as counsel for Hassan Allam, while Helmy, Hamza, & Partners was counsel to the lenders.

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