Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Arab African International Bank (“AAIB”), in the financing to SOREAL Real Estate Development, a subsidiary of Sixth of October Development and Investment Company (“SODIC”), a leading Egyptian real estate development company, for its Villette real estate project in New Cairo (“the Project”). The Project will cover an area of 301 feddans, comprised of single-family homes as well as high-end apartment buildings and a full-fledged Club house.
The medium-term facility package is valued at EGP 2.57 billion, and the transaction documents were signed successfully on Sunday, 20 September 2020.The loan has been extended to refinance the total development cost of the Project under a developer finance scheme.
The MBH team assisting on the transaction was led by Mahmoud Bassiouny (Regional Managing Partner and Head of Finance & Projects) and Nadia Abdallah (Senior Associate) and included Nourhane Hegazy (Associate).
MBH advised AAIB. White & Case advised SODIC.