EGYPT – The Arab African International Bank “AAIB” has signed a medium-term facility package worth EGP 2.57Bn (about US$171 million), with SOREAL an affiliate of SODIC, with the aim of financing further developments within Villette, a real estate project located in New Cairo
The Villette real estate project which was launched last year offers standalone villas, townhouses and twin- houses with all the prototypes promising to deliver one of the best housing models in Egypt today.
The Facility which has a tenor of up to seven years will also go towards financing the construction and finishing of Villette’s sports club.
The club will contain an Olympic pool, an entertainment pool, tennis courts, football playgrounds, and multi-functional fields, as well as, a special area for food and drink courts.
Under the agreement with SOREAL, AAIB has also undertaken the role of Senior Initial Mandated Lead Arranger “SIMLA”, Facility Underwriter, Facility Agent, Account bank & Security Agent in this transaction.
SODIC said in a statement that the facility with AAIB is a testament to its credibility as one of Egypt’s largest real estate developers, highlighting the strength of its financial position, and confirming its ability to fulfill its obligations seamlessly.
Sherif Elwy, Managing Director & Vice Chairman of Arab African International Bank stated that “AAIB” is a forerunner in financing top notch real-estate developers in the Egyptian market.”
He noted that his bank has notable experience in providing integrated solutions that facilitate the necessary liquidity to accelerate the implementation of mega projects, magnify investments, complement the needs of investors and real-estate developers to reach their full potential.
“”SODIC” is considered one of the leading companies in this sector and we are looking forward to more cooperation together,” Sherif Elwy said.
Commenting on the signing Magued Sherif SODIC’s Managing Director said “Our strategic long-term relationship with AAIB was a key contributor to the conclusion of a project finance facility of this size.
Sodic Company is one of the biggest specialized companies in the field of real estate developing, has more than 20 real estate projects from east to west of the Capital and also at the North Coast.
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