Orascom signs $196mln syndicated loan to fund O West project in Cairo

Orascom signs $196mln syndicated loan to fund O West project in Cairo

Real estate developer Orascom Development Egypt said its subsidiary Orascom for Real Estate (ORE) has signed a syndicated loan agreement of 6 billion Egyptian pounds ($195.83 million) to finance its "O West" project in Cairo.

The 10-year loan will be used to refinance the EGP1.5 billion bridge facility obtained last year to accelerate the pace of the construction of the project, the developer said in a statement.

EFG Hermes has acted as the sole financial advisor, lead manager and bookrunner for ORE. Commercial International Bank (CIB) and Banque Misr were mandated lead arrangers and MHR & Partners in association with White & Case was the legal counsel for ORE.

ORE began handing over units of the first development phase in mid-2023 and plans to deliver more than 1,000 units in 2024.

(Writing by P Deol; Editing by Anoop Menon)

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