Egypt’s real estate developer SODIC announces that it has signed a medium term facility package worth EGP 1.3 bn with the Arab African International Bank to expedite construction works at its mixed-use development in Sheikh Zayed SODIC West, Invest-Gate reports.
“Our strategic long-term relationship with AAIB was a key contributor to the speedy turnaround of this deal. This facility will expedite the development of SODIC West’s diversified projects, building on SODIC West’s existing offering and enabling it to reach its potential as a fully integrated world-class city,” SODIC’s CFO Omar El-hamawy says.
The package will fund SODIC West project through consolidating the existing indebtedness under the EGP 900 mn syndicated facility previously signed in 2013 together with financing the expanded development plans of the Project.
It is directed to projects like Allegria, Forty West, The Polygon, Westown Hub, Westown Residences, The Courtyards, Westown Medical Center, The Strip and other lands located in SODIC West.
The real estate developer has delivered over 5,800 units across eight projects in SODIC West. This facility will enable the company to further expedite the completion of several commercial, retail and medical projects, strengthening SODIC West’s offering and growing the company’s recurring income portfolio while preserving its balance sheet liquidity to pursue new business ventures.