Egypt’s Sixth of October for Development and Investment Company (SODIC) has announced that its wholly-owned subsidiary, SOREAL, signed a medium-term facility worth EGP 1 bn with Commercial International Bank (CIB) to partially finance a non-residential project in East Cairo, Invest-Gate reports.

Slated to be the cornerstone of SODIC’s recurring income portfolio, EDNC is the commercial component of the developer’s mixed-use development, Eastown, which is strategically located on 90 Road in New Cairo and adjacent to the American University in Cairo (AUC).

Commenting on the signing, Magued Sherif SODIC’s Managing Director said, “We are very happy to collaborate with CIB again and especially for financing EDNC. The signing is a testament to the strength of the relationship with CIB and the bank’s trust in the company and its vision for this unique project.”

Launched earlier last year, EDNC is designed as a dynamic office and retail complex that offers 90,000 square meters of prime commercial and retail space, marking “an important transition between urban space and landscape,” according to the developer.

“The project is developed with a focus on sustainability with buildings’ form and facade proportioned to provide ideal day-lighting through the optimum organization of office space to encourage a healthier and productive environment with a reduced carbon footprint,” SODIC added.

Last October, SODIC announced awarding construction contracts worth over EGP 300 mn for its SODIC East up to date, the company’s largest development in east Cairo.