Banque du Caire arranges EGP 670m syndicated loan for Marakez Mall 2nd phase
Banque du Caire has arranged a 670 million Egyptian pounds syndicated loan contract in favour of Marakez company for real estate, a subsidiary of Fawaz Al Hokair Group, to finance the second phase of the company’s Mall of Katameya.
Banque du Caire Chairperson and CEO Tarek Fayed said the financing comes in line with the bank’s continuous support to the real estate sector.
The bank succeeded, in partnership with Banque Misr and the Arab African International Bank (AAIB), in arranging the financing for Markaz’s project. T
he loan aims to finance 50 percent of the total estimated investment cost of the second phase of the Mall, which amounts to about 1.340 billion pounds in total.
Banque du Caire assumes the role of financing agent and the AAIB acts as the guarantor, while Banque Misr is the general coordinator in the financing contract.
The legal advisor to the banks is Sarie ElDin and Partners, and the legal advisor to the borrower is Helmy, Hamza & Co.
The project’s second phase represents about 30% of the Mall’s total area. It is anticipated that the Mall will begin operating in stages starting from 2021.