SODIC has announced that SOREAL, SODIC’s fully owned subsidiary, has signed a medium term facility with the Commercial International Bank (CIB) for a total amount of EGP 1bn. The facility is to partially finance the investment cost of EDNC, SODIC’s first non-residential offering in East Cairo.
EDNC is the commercial component of Eastown, SODIC’s mixed-use development strategically located directly on road 90, the main street and central axis of New Cairo, and adjacent to the American University in Cairo (AUC). EDNC brings 90,000 square metres of commercial and retail space and will be the cornerstone of SODIC’s recurring income portfolio.
EDNC is designed as an office and retail complex and is developed with a focus on sustainability where the buildings’ form and facade are proportioned to provide ideal day-lighting through the optimum organisation of office space to encourage a healthier and productive environment by reducing its carbon footprint.