FABMISR leads EGP 4.2bn loan for Redcon's Golden Gate project in Egypt
First Abu Dhabi Bank Misr (FABMISR) is leading an EGP 4.2bn syndicated loan for Redcon Properties to finance its 'Golden Gate' commercial and administrative project in New Cairo, the bank announced on Monday.
FABMISR was initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank. The syndicate includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, with Arab Bank and Emirates NBD Egypt as lead arrangers. Matouk Bassiouny & Hennawy served as legal counsel.
The financing was 1.2 times oversubscribed, increasing the facility from EGP 3.5bn to EGP 4.2bn via a greenshoe option.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: 'We are proud to lead this financing alliance… The EGP 4.2bn facility… will partially fund the investment cost of Golden Gate. This collaboration reflects our growing confidence in the Egyptian market.'
Tarek ElGamal, Chairperson of Redcon Properties, stated: 'We deeply value this financial partnership… This financing marks a significant boost toward accelerating the implementation of Golden Gate's phases… For us, Golden Gate is… a meaningful contribution to Egypt's urban development journey.'
Ahmad Touni, CEO of Redcon Properties, added: 'Golden Gate represents a paradigm shift in urban development. We aim to deliver an integrated experience… with a strong focus on environmental sustainability… The financing will cover part of the first phase's investment cost of approximately EGP 24.3bn.'
Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank Egypt, stated: 'Our involvement in this joint financing deal aligns with our strategy to support the real estate sector and actively drive Egypt's urban development momentum.'
Ehab El Sewerky, CEO and Managing Director of Abu Dhabi Commercial Bank Egypt, commented: 'Our participation in this syndicated loan reaffirms our strong commitment to Egypt's economic development and reflects our strategic focus on actively contributing to vital sectors like real estate development.'
Ahmed Ismail, Area Manager of Arab Bank, said: 'Arab Bank is committed to offering financial solutions that back strategic projects and contribute to the development of key sectors and sustainable economic growth.'
Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, remarked: 'Such impactful and successful deals align with our strategic objectives… and showcases our commitment to driving economic and urban development in Egypt.'
The Golden Gate project is in New Cairo, with a 1.2-kilometre frontage on South 90 Street opposite the American University in Cairo (AUC), and 400 metres from a monorail station.
The development will offer retail and leisure, and includes a 250,000 square metre, two-level underground car park. Redcon states the project aims for high sustainability standards, reducing service costs by 40%, and is the country's largest green, mixed-use development, partnering with firms for smart, clean energy solutions.
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