Tuesday 19/November/2024 – 07:58 PM
A banking alliance led by… Bank of Egypt In its capacity as the initial main arranger, financing marketer, financing agent, security agent, account bank and lender, with the participation of EG Bank – Egyptian Gulf Bank and Suez Canal Bank in their capacity as lenders, by granting joint financing in the amount of 2.8 billion Egyptian pounds to Landmark Development and Construction Company, for the purpose of financing part of the investment cost. For a full-service residential project called “STEI8HT” in New Cairo on an area of about 375 acres.
The project is located in a strategic location near Al-Rehab City and Cairo Airport, close to important vital sites, and 35 minutes from the New Administrative Capital. Baker & Mckenzie acted as legal advisor to the banks.
The signing took place in the presence of Hisham Okasha, CEO of Banque Misr, Akef El-Maghrabi, CEO and Managing Director of Suez Canal Bank, Mounia Madkour, Assistant Managing Director of the Treasury and Large Corporate Finance Sectors of EG Bank – Egyptian Gulf Bank, and Ahmed Hussein Sabour, Managing Director of Landmark Company. For Development and Construction, Amr Sultan, Chairman of the Board of Directors of Landmark Development and Construction Company, Hossam El-Din Abdel Wahab, Executive Vice President of Banque Misr, Mohamed Abdel Moneim, Member of the Board of Directors of Landmark Development and Construction Company and CEO of Financial Affairs, and a group of bank and company leaders.
Banque Misr leads a banking alliance to grant joint financing in the amount of 2.8 billion pounds to Landmark Development and Construction Company
Hisham Okasha, CEO of Banque Misr, said: Banque Misr’s participation in this financing is a continuation of its pioneering role in supporting the Egyptian economy, and in line with the state’s plan for urban development within Egypt’s Vision 2030. The bank attaches special importance to supporting real estate development companies and is keen to support and support real estate developers. This financing comes as an extension of projects in the real estate sector, which is one of the most important sectors affecting the Egyptian economy, and its advancement is reflected in all other economic sectors. Because it is linked to a large group of industries and activities, as well as intermediate industries, which the Bank is keen to finance within the framework of its strategy to support various economic sectors to provide more job opportunities in various specializations in a way that practically serves sustainable development plans.
Hisham Okasha praised the role of the work team at the Bank of Egypt and the cooperation with the work teams of the participating banks, which resulted in the successful completion of the financing, noting that the Bank of Egypt always seeks to provide multiple financing methods in the field of real estate financing, whether for individuals through financing housing units, or for real estate developers, including… It suits their different needs, especially in the cities of new urban communities to alleviate population congestion.
While Engineer Ahmed Hussein Sabour, Chairman of the Board of Directors of LMD Group, said: We are proud of the strategic partnership with a distinguished banking alliance led by Banque Misr, which represents a milestone in our journey towards developing integrated residential projects with services that reflect the aspirations of our customers and contribute to enhancing urban development in Egypt, and we appreciate the role The banking alliance played a major role in supporting our vision, and we look forward to more strategic partnerships that contribute to achieving national development goals in line with Egypt’s Vision 2030.
He added: The project represents a strong boost to the Egyptian real estate development sector, as it contributes to creating thousands of direct and indirect job opportunities during the construction and operation period, and enhances the demand for related industries such as building materials, finishing and equipment.
For his part, Engineer Amr Sultan, Chairman of the Board of Directors of Landmark Development and Construction Company (LMD), said: This joint financing comes as an important step that enhances our ability to achieve our ambitions in creating distinguished projects that add a clear imprint on the map of urban development in Egypt, and the STEI8HT project reflects the essence of our vision in the company. Landmark, which is based on providing high quality in planning and implementation, taking into account the importance of sustainability and meeting market needs.
He explained that the STEI8HT project is not just a residential project, but rather a vision for the future that combines innovation, strategic location, and integrated services to meet the needs of our evolving society, adding: We are happy with the trust they have placed in us, and we look forward to presenting a unique model that reflects Landmark Company (LMD)’s commitment to development. Sustainable and providing added value to the Egyptian real estate market.
The STEI8HT project represents a direct response to the growing demand for luxury residential projects designated for villas only, as the project occupies an exceptional location as it is being built on the last and most distinguished plot of land available in the heart of New Cairo, which makes it a rare and unrepeatable investment opportunity, and this strategy reflects the vision of Landmark Company. For Development and Development (LMD) in providing sophisticated and integrated residential solutions that meet the aspirations of customers inside and outside Egypt, especially expatriate Egyptians who wish to invest in distinguished real estate in their homeland.
STEI8HT is a huge investment project with a total investment cost estimated at approximately 15 billion Egyptian pounds. The project has a strong investment position supported by a large volume of sales achieved so far, which reflects the great demand from customers for this type of residential projects, and this demand confirms the success of the project in meeting the needs of… The local and international market, especially with its unique design that combines privacy, luxury and integrated services.
STEI8HT also contributes to enhancing sustainability by relying on environmentally friendly building techniques, expanding green spaces, and adopting renewable energy systems, which reflects the company’s commitment to providing projects that have a positive impact on the environment.
In this context, Akef Al-Maghrabi, CEO and Managing Director of the Suez Canal Bank, said that this partnership reflects the Suez Canal Bank’s keenness to support real estate development projects that add value to the national economy, stressing the importance of the “STEI8HT” project, as a full-service residential project in a distinguished location. In providing an integrated urban vision in line with the urban development goals in accordance with Egypt’s Vision 2030.
Al-Maghrabi also explained that the Suez Canal Bank is keen to provide various financing solutions to support various sectors and economic activities, especially the real estate development sector, as it is one of the basic engines of urban development and economic growth, because of its direct impact on the industries and activities associated with it and complementary to it, which contributes to Providing new job opportunities, which in turn serves the state’s economic development plans.
