{"id":609482,"date":"2023-11-06T00:00:00","date_gmt":"2023-11-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/06\/orascom-real-estate-lands-egp-6-bn-to-finance-o-west-construction\/"},"modified":"2023-11-06T00:00:00","modified_gmt":"2023-11-06T00:00:00","slug":"orascom-real-estate-lands-egp-6-bn-to-finance-o-west-construction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/06\/orascom-real-estate-lands-egp-6-bn-to-finance-o-west-construction\/","title":{"rendered":"Orascom Real Estate lands EGP 6 bn to finance O West construction"},"content":{"rendered":"

Orascom Real Estate (ORE) has lined up EGP 6 bn to fast-track construction <\/strong>at its O West project in Six October<\/strong>, parent company Orascom Development Egypt said in a filing with the stock exchange (pdf)<\/a>. <\/p>\n

What\u2019s the money for? <\/strong>The property developer will use funds from the 10-year syndicated loan to partially finance the development of O West project and meet its aim of delivering upwards of 1k units in 2024. Part of the proceeds will be used to refinance an EGP 1.5 bn bridge facility ORE took out last year for the project.<\/p>\n

ADVISORS- <\/strong>EFG Hermes (pdf<\/a>)<\/a> acted as ORE\u2019s sole financial advisor, lead manager, and bookrunner. CIB and Banque Misr were mandated lead arrangers. MHR & Partners and White & Case acted as counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

A portion of the loan will be used to refinance a EGP 1.5 bn bridge facility<\/p>\n","protected":false},"author":1,"featured_media":609483,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[130,88,84,72,1838,363,256,2925,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-construction","tag-debt-watch","tag-efg-hermes","tag-enterpriseam","tag-o-west","tag-orascom-construction","tag-orascom-development-egypt","tag-orascom-for-real-estate","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"fbf433a3-7f99-4a9c-87b2-62ea1fdebdbe","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/242.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Real Estate secures EGP 6 bn loan for O West construction","related_issue":[609473],"teaser":"A portion of the loan will be used to refinance a EGP 1.5 bn bridge facility","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.8cda3b43-fade-4e8e-9cfd-6ac68c98e0c0.mp3"},"yoast_head":"\nOrascom Real Estate lands EGP 6 bn to finance O West construction - 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ODE will use USD 215 mn to refinance outstanding debts and the remaining USD 50 mn to fund growth plans over a two-year period. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570739,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/earnings-watch-orascom-development-egypt-amer-group-report-2019-results\/","url_meta":{"origin":609482,"position":2},"title":"Earnings watch: Orascom Development Egypt, Amer Group report 2019 results","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Development Egypt\u2019s (ODE) profits rose 41.1% y-o-y to EGP 705.6 mn in 2019, according to the company's earnings release (pdf). ODE\u2019s consolidated revenue rose 38.8% last year to EGP 4.7 bn up from EGP 3.3 bn in 2018 on the back of real estate sales soaring 202.5%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550399,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn\/","url_meta":{"origin":609482,"position":3},"title":"SODIC offers to buy O West developer ORE for EGP 2.46 bn","author":"enterpriseam admin","date":"26 October 2022","format":false,"excerpt":"SODIC is making a bid to acquire Orascom for Real Estate (ORE). The upmarket real estate developer has submitted a preliminary, non-binding offer to acquire 100% of Orascom Development Egypt (ODE) subsidiary Orascom for Real Estate (ORE), the companies said in separate exchange filings (here, pdf | here, pdf) yesterday.SODIC\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584043,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/sodic-ode-end-talks-for-orascom-real-estate\/","url_meta":{"origin":609482,"position":4},"title":"SODIC, ODE end talks for Orascom Real Estate","author":"enterpriseam admin","date":"26 March 2023","format":false,"excerpt":"SODIC submitted a non-binding offer for the firm in October","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571573,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/ora-developers-signs-egp-1-bn-loan-with-banque-misr-to-build-zed-sheikh-zayed-with-orascom-construction\/","url_meta":{"origin":609482,"position":5},"title":"Ora Developers signs EGP 1 bn loan with Banque Misr to build ZED Sheikh Zayed with Orascom Construction","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Orascom Construction has signed an agreement to build the first phase of ZED Sheikh Zayed with Ora Developers, who secured a EGP 1 bn loan Banque Misr for the project, according to a disclosure to the EGX (pdf). 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