Orascom Development’s subsidiary inks EGP 6B deal to finance O West project

Updated 11/5/2023 10:15:00 AM
Orascom Development’s subsidiary inks EGP 6B deal to finance O West project

Arab Finance: Orascom for Real Estate (ORE), a subsidiary of Orascom Development Egypt (ODE), has signed a 10-year syndicated loan agreement worth EGP 6 billion to finance its O West residential project in Cairo, a statement showed.

The loan will be used to re-finance the EGP 1.5 billion bridge facility secured by the company last year, in addition to financing and accelerating the construction of the project phases.

The firm is planning to deliver over 1,000 residential units within 2024.

EFG Hermes served as the deal’s sole financial advisor, lead manager, and bookrunner, while the Commercial International Bank (CIB) and Banque Misr acted as mandated lead arrangers.

MHR & Partners, in association with White & Case, was the legal advisor.

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