Egypt-based real estate company Sixth of October Development and Investment Company (SODIC) plans to buy new land plots worth EGP 600 mn in north and west Cairo, Invest-Gate reports.
The company is working on more than ten residential projects and is planning to complete procedures to annex 300 acres in western Cairo this year. It also plans to “launch a project encompassing villas in 2018,” SODIC Managing Director Magued Sherif says, according to Reuters.
Additionally, SODIC is in the process of legalizing the situation of 85 acres in the North Coast to launch a project by the summer of 2018.
The real estate developer is in negotiations with a local bank to receive a credit facility “worth less than EGP 500 mn before the end of Q3 of 2017 to finance projects,” Sherif notes.
Meanwhile, Rimco EGT Investment is increasing its stake in Sixth of October for Development and Investment (SODIC) to 7.44% from 2.89%.
Rimco EGT Investment bought 15.58 mn shares for EGP 230.37 mn, equivalent to EGP 14.87 per share, according to an EGX statement carried by Reuters.