Eco-Bos Development, a subsidiary of Egypt’s Orascom Development Holding (ODH), has secured a peak debt funding facility of EUR 18 mn to support the building of phase I of West Carclaze Garden Village in Cornwall, UK, Invest-Gate reports

Shawbrook Bank, a specialist SME lender in the UK, will help finance the execution of 296 eco-friendly properties adjoining two lakes, coming as part of the Garden Village project, which involves the establishment of 1,500 homes in total, ODH said in a press release on May 20.

Developed over 196,604 square meters of the total land bank, which marks over 6.5 mn square meters, the green project’s first phase will also feature a 210-place primary school, community facilities, and four miles of trails.

“Residential sales for the project will commence in June 2020 and commercial sales will take place in February 2021. This phase is planned to be delivered during Q3 2024, with expected total sales of almost EUR 82 mn,” read the statement.

“The project, as previously announced, will be cash flow positive in 2020 and profitable in 2022. Estimated cumulative losses before turning into profits are within the range of about EUR 2-3 mn until 2022,” it added.

Likewise, UK-based Eco-Bos has earlier awarded “Moor Manage” the construction works of the Garden Village project. Meanwhile, “Morcom Construction, the groundworks contractor, started on-site in February, with ‘official’ groundbreaking in March 2020,” the company revealed.

Last November, ODH had released the UK-based project and highlighted that its extensive land area “allows planning the development of a multitude of projects over the next two decades, strongly helping to achieve ODH’s strategic objective to diversify into the relatively stable and attractive market for European first homes while having positive cash flows and consolidated profits from an early stage,” according to an earlier statement.