Palm Hills and Sarwa Capital have closed a EGP 776 mn securitized bond backed by a portfolio of 582 delivered units at 11 of the real estate company’s developments, Sarwa said in a statement (pdf). This brings Palm Hills’ total issuances to EGP 2.4 bn. The bond was issued by Sarwa Securitization Company, while Sarwa Promotion & Underwriting acted as structuring advisor, and the lead manager and arranger of the transaction. The issuance was underwritten and co-arranged by Banque Misr, Arab African International Bank and Ahli United Bank, while our friends at ALC acted as legal advisors.

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