Real estate developers are continuing to look to banks — both private and public — to fund ongoing projects, with Ora and SODIC being the latest to ink multi bn loan agreements.

ORA LOOKS TO LOCAL BANKS TO FUND ZED EAST PROJECT-

Ora Developers secures EGP 7 bn in financing from banking consortium: Sawiris-owned Ora Developers has been granted financing from a consortium of four Egyptian banks led by CIB, according to statements from CIB (pdf) and Al Baraka Bank (pdf). We are yet to find out who the other two other local banks in the consortium are.

What we know so far: While the structure of the financing is still fuzzy, we know that CIB contributed EGP 4 billion and Al Baraka Bank EGP 1 bn. The remaining EGP 3 bn is split between the two other still unknown banks.

Where the money is going: The funds will be used to cover part of the cost of Ora’s ZED East project, a mostly residential mixed-use project spanning 334 acres in New Cairo.

Advisors: CIB acted as the lead arranger, marketer, financing agent, and account bank for the transaction. Matouk Bassiouny & Hennawy provided legal counsel for the lenders, while MHR & Partners in association with White & Case provided counsel for the borrowers.

SODIC INKS LOAN TO FINANCE NEW ZAYED PROJECT-

SODIC signs EGP 4.1 bn syndicated loan agreement with two banks: Real estate developer SODIC has signed an agreement with Banque Misr and CIB for a long-term syndicated loan of just over EGP 4.1 bn, the company announced in a press release (pdf).

What’s the money for? The company will use the funds to partially finance the remaining costs related to its 464-acre project in New Zayed, which includes its Karmell and Vye developments.

What they said: “The signing of this facility comes as a testament to SODIC’s solid financial performance, strong cash flows, and liquid balance sheet as well as the strength of SODIC’s long-term relationships with Egypt’s leading banks, facilitating the company’s access to the debt market, and supporting SODIC’s growth endeavors,” SODIC General Manager Ayman Amer said.

Advisors:Baker McKenzie and White & Case were thanked in the statement, however their role in the transaction was not specified.

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