Sixth of October for Development and Investment Company’s (SODIC) subsidiary, Sixth of October Development and Real Estate Projects (SOREL), has signed an EGP 2.57 bn medium-term credit facility with the Arab African International Bank (AAIB), Invest-Gate reports.
The facility is geared toward financing the development of SODIC’s signature project “Villette” in New Cairo, including the construction and finishing of the compound’s sporting club, according to the company’s press release on September 20.
In 2018, SODIC has delivered almost 600 residential units of the 301-acre project’s first phase, varying between single-family homes, high-end apartment buildings. It is also planned to boast a sports club, which is designed with international standards and to be run by SODIC’s own dedicated sports arm, “Club S.”
“Our strategic long-term relationship with AAIB was a key contributor to the conclusion of a project finance facility of this size. In an exceptionally challenging year, the facility comes as a true testament to SODIC’s credibility as a developer, as well as, its consistently strong financial position and the confidence of Egypt’s leading banks in SODIC’s ability to deliver on its commitments,” SODIC’s Managing Director Magued Sherif was quoted as saying.
On his part, Sherif Elwy, managing director and vice chairman of AAIB, stated, “AAIB is a forerunner in financing top-notch real-estate developers in the Egyptian market and has notable experience in providing integrated solutions that facilitate the necessary liquidity to accelerate the implementation of mega projects, magnify investments, and complements the needs of investors and real-estate developers to reach their full potential.”