Helmy, Hamza & Partners, Baker McKenzie Cairo office, acted as legal counsel to Banque Misr and Commercial International Bank Egypt ("CIB") as lenders in connection with a real estate financing to Sixth of October Development and Investment Company ("SODIC"), one of Egypt's leading real estate developers. The two banks signed a loan agreement valued at EGP 4.14 billion on 8 September, 2024, specifically for the development of Karmell project, SODIC's second integrated residential community in New Zayed, Cairo.
The financing is structured as a long-term syndicated facility, which will be used to partially cover the remaining development costs, as well as other project-related expenses.
Mostafa Lotayef, Banking and Finance Counsel at Helmy, Hamza & Partners, who led the Baker McKenzie Cairo team on the transaction, said: "We are proud to have supported Banque Misr and CIB in this strategic financing of SODIC's Karmell project, which promises to contribute significantly to the ongoing growth of Egypt's real estate sector. This financing transaction underscores our continued commitment to facilitating key investments in the country's infrastructure, ensuring that our clients can seamlessly navigate complex financial arrangements to achieve their long-term goals."
The Cairo team was led by Counsel Mostafa Lotayef and supported by Senior Associate Milad Fayez (Litigation) and Associates Hania Meshref and Omar Mahmoud (Banking and Finance).
This financing marks another milestone in the development of SODIC's residential projects, reinforcing the importance of collaboration between financial institutions and developers to drive sustainable growth in Egypt's real estate market.