SOREAL for Real Estate Investment announced, on Sunday, that it has signed a medium-term facility package, worth EGP 2.57bn, with the Arab African International Bank (AAIB), under a developer finance scheme.
SOREAL, a fully-owned subsidiary of SODIC, will ensure the financing provided by the facility is pumped into the development of the company’s signature Villette project in New Cairo. The investments will also go towards the construction and finishing of the project’s sports club, which has been designed according to international standards. The club will be run by SODIC’s own dedicated sports arm, Club S.
Launched in 2014, Villette will cover an area of 301 feddans. SODIC has delivered about 600 units, with delivery of units in the project’s first phases having started in 2018. Villette is comprised of single family homes as well as high end apartment buildings.
Magued Sherif, Managing Director at SODIC, said, “Our strategic long-term relationship with AAIB was a key contributor to the conclusion of a project finance facility of this size.”
Sherif added, “In an exceptionally challenging year, the facility comes as a true testament to SODIC’s credibility as a developer, as well as its consistently strong financial position and the confidence of Egypt’s leading banks in SODIC’s ability to deliver on its commitments.”
Sherif Elwy, Managing Director and Vice Chairperson at the AAIB, said, “The AAIB is a forerunner in financing top notch real-estate developers in the Egyptian market and has notable experience in providing integrated solutions facilitating the liquidity to accelerate implementation of mega projects, magnify investments, complements the needs of investors and real-estate developers to reach their full potential.”