Cairo-based investment bank Multiples Group is in advanced talks to secure 1 billion Egyptian pound-financing ($55 million) for Abraj Misr’s residential, administrative, smart and eco-friendly project, The Gate.
Multiples Group acts as the financial advisor to provide the financing needed to complete The Gate project, Multiples’ managing director Omar El-Shenety told Amwal Al Ghad on Wednesday.
“We expect to complete the series of negotiations with a strategic investor and a local lender before the end of this year,” El-Shenety said.
The negotiations are based on securing two-thirds of the needed financing by one of the local banks; while a strategic investor would cover the remaining share in return of having a stake in the project, he added.
The Gate project is with total investments worth around 4.5 billion pounds, El-Shenety said.
The anticipated eco-friendly project will be powered by solar water heating, wind turbines, green areas, and roof terraces. It will have unique features such as an archi-green building, passive geothermal cooling, solar photocells, green walls, rooftop community gardens, HVAC control Communication Systems, and smart home user interface facilities.
The Gate is designed by the renowned Belgian architect Vincent Callebaut, famous for creating an edge in building concepts in Cairo.
Multiples Group is a boutique investment bank with private equity and investment banking business lines, based out of Dubai (DIFC) and Cairo.