Egypt’s SODIC unit secures CIB medium-term loan facility

Egyptian property developer SODIC said on Sunday its subsidiary SOREAL signed a medium-term loan facility agreement worth 1 billion Egyptian pounds ($62.3 million) with the Commercial International Bank (CIB).

The facility will partially finance the investment cost of EDNC, SODIC’s non-residential debut project in east Cairo.

EDNC is the commercial component of Eastown, SODIC’s mixed-use development which is located on road 90, the main street and central axis of New Cairo, and immediately adjacent to the American University in Cairo (AUC).

The project brings 90,000 square metres of prime commercial and retail space and will be the cornerstone of SODIC’s recurring income portfolio, the company added in a statement.

EDNC is designed as an office and retail complex, of which SODIC seeks to mark an important transition between urban space and landscape. The project is developed with a focus on sustainability with buildings’ form and facade proportioned to provide ideal day-lighting through optimum organisation of office space to encourage a healthier and productive environment with a reduced carbon footprint, SODIC said.