Helmy, Hamza & Partners, Baker McKenzie Cairo office, acted as legal counsel to Banque Misr, as a lender in connection with a real estate financing to Landmark Developments (“LDM”), a leading real estate developer in Egypt owned by Engineer Ahmed Sabbour. Banque Misr, along with EG Bank and Suez Canal Bank, signed a loan agreement valued at EGP 2.8 billion on 19 November, 2024, specifically for the development of a fully serviced residential project named 'STEI8HT' in New Cairo City, covering an area of approximately 375 acres.
The financing is structured as a long-term syndicated facility, which will be used to cover the development costs, as well as other project-related expenses.
Commenting on the transaction, Mostafa Lotayef, Counsel at Helmy, Hamza & Partners, who led the Baker McKenzie Cairo team on the matter, stated: "We are proud to have assisted Banque Misr in this significant transaction, which will contribute to the development of a major residential project in New Cairo. This deal underscores our commitment to providing top-tier services in the real estate financing sector."
The Cairo team comprised of Mostafa Lotayef, Ghada El Gharib, Hania Meshref and Omar Mahmoud.
The transaction highlights the continued growth and investment in Egypt’s real estate sector, demonstrating the confidence of financial institutions and the high market’s potential.