I'm LongbridgeAI, I can summarize articles.Orascom for Real Estate, a subsidiary of Orascom Development Egypt, secured a $356 million (18 billion EGP) syndicated loan with a 10-year tenor. Led by CIB, Banque Misr, and NBE, the funds will refinance an existing 6 billion EGP loan and finance construction of the O West project in Cairo.
Staff Writer
Orascom for Real Estate, subsidiary of EGX-listed Orascom Development Egypt(ODE), has secured a syndicated loan worth 18 billion Egyptian pounds ($356 million) with a tenor of 10 years to support the development of its flagship O West project in West Cairo.
Commercial International Bank (CIB), along with Banque Misr and National Bank of Egypt (NBE) acted as lead arrangers, and bookrunners. MHR & Partners, and White & Case acted as counsel to ORE, while Sarie Eldin & Partners served as counsel to the participating banks.
The facility will be used to refinance ORE’s existing 6 billion-pound loan and provide additional funding to accelerate construction works at O West.
(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com
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