AAIB signs a syndicated loan for a new mall by Marakez
Arab African International Bank along with Banque Misr and Banque Du Caire have arranged a Syndicated Long Term Loan to finance up to 50 percent of the investment cost of constructing a commercial mall on Cairo Sokhna road owned by Marakez El Sokhna for Real Estate Projects.
With an amount of up to 1.5 Billion Egyptian Pounds, AAIB has played the role of Initial Mandated Lead Arranger, Book Runner and Security Agent in the transaction.
The signing took place in Marakez headquarters on the 26th of August and the signatories were Arab African International Bank, Banque Misr and Banque Du Caire as initial mandated lead arrangers of the deal, as well as Misr Iran Development Bank and Arab International Bank as arrangers, and Marakez El Sokhna for real estate projects as the borrower.
It also worth mentioning that Sarie Eldin & Partners acted as Lenders’ legal advisors and Helmy Hamza & Partners acted as Borrower’s legal advisor.
Amany Samir, General Manager at AAIB’s Corporate & Institutional Banking, has declared that said transaction is great collaboration between AAIB, Marakez Group (a member of Saudi Al Hokair Group), Banque Misr and Banque Du Caire.
This transaction has witnessed a great level of efforts in coordination in order to overcome the time challenge faced, as the work had already been commenced at the project’s site. The project is expected to be completed after 30 months from the facility’s first drawdown date.
