Orascom for Real Estate (ORE), a subsidiary of Orascom Development Egypt, has secured an EGP 6 billion syndicated loan to finance the company’s O West Project and support its plan to accelerate the construction and delivery programme, which started earlier this year.
“The loan will be used to refinance the EGP 1.5 billion bridge facility obtained last year for the O West project and to partially finance the development of O West and accordingly help accelerate the construction of the project phases,” ORE said in a statement.
EFG Hermes acted as the sole financial advisor, lead manager and bookrunner for ORE. Commercial International Bank and Banque Misr are acting as mandated lead arrangers and MHR & Partners in association with White & Case as the legal counsel for ORE.
“The loan will support our plan to accelerate the pace of construction and continue the handover program which we already started earlier this year. The loan tenor fits well with the project’s financial profile and development plan,” said Ashraf Nessim, Orascom Development’s Group CFO.
ORE has already started handing over units of the first development phase since mid-2023 with plans to deliver more than 1,000 units during 2024.
