Cairo-based real estate developer Sixth of October Development and Investment Company (SODIC) signs a new contract with Arab African International Bank (AAIB) to increase its credit facility amount, Invest-Gate reports.

The Sorrel for Real Estate Investment, a subsidiary owned by SODIC, signs the agreement with AAIB to increase the credit facility amount to EGP 1.4 bn from EGP 950 mn, according to bourse data.

Managing Director Magued Sherif says: “We look forward to the second half of the year that will mark the launch of SODIC East, kick-starting our revenue share development in New Heliopolis. We reiterate our targets for the year with confidence in the depth of the real estate market and in the strength of our company to deliver exceptional value to all its stakeholders.”

Meanwhile, the company announced that it delivered 614 units across eight projects in the first half of the year, more than double the 302 units delivered during the same period last year.

Deliveries witnessed an increase of 103% y-o-y, with Eastown Residences and Westown Residences constituting 63% and 30% of the delivered units, respectively.