SODIC to sell EDNC Building to Beltone Financial for EGP 1.1B

Updated 7/13/2023 10:23:00 AM
SODIC to sell EDNC Building to Beltone Financial for EGP 1.1B

Arab Finance: Sixth of October Development and Investment Company’s (SODIC) ordinary general meeting (OGM) has approved signing a netting contract for the sale of its EDNC Building No.1 at Eastown project in New Cairo to Beltone Financial Holding for EGP 1.113 billion, as per a disclosure on July 13th.

The building is owned by SODIC’s subsidiary Sixth of October for Development and Real Estate Projects (Soreal), and spans a gross floor area of 6,876 square meters.

As per the contract, Beltone shall pay 20% of the deal’s value as down payment, while the remaining amount will be paid over four and a half year in equal quarterly instalments.

Furthermore, a maintenance deposit of EGP 61.884 million shall be paid upon delivery of the 6,876-square-meter building.

Related News