City Edge plans EGP600mn securitized bonds during Q2 of 2021

City Edge is planning to issue 600 million Egyptian pounds in securitized bonds during the second quarter of 2021, CEO Mohamed Makkawy told local press.

The securities will be backed by 200 units the company has sold in its Etapa project in Sheikh Zayed, he said, adding that the proceeds from the offering will be used to buy more land plots for new projects.

The 77-feddan Etapa compound contains 493 residential units, and the company is seeking almost 1.8 billion pounds in loans to construct a hotel and a number of administrative and commercial projects, Makkawy said