Hassan Allam borrows EGP 4.16 bn from Banque Misr and AAIB
Al Alamia For Real Estate Investment, a subsidiary of Hassan Allam Properties, has signed an EGP 4.16 bn financing agreement with a syndicate made up of Banque Misr and the Arab African International Bank for the development of its SwanLake Residences in New Cairo.
The Arab African International Bank (AAIB) and Banque Misr will each provide EGP 2.08 bn to the real estate developer.
ALC Alieldean Weshahi & Partners acted as counsel for Hassan Allam, while Helmy, Hamza, & Partners was counsel to the lenders.
The syndicate loan was signed Tuesday by managing director & deputy chairperson of AAIB Sherif Elwee, deputy chairperson of Banque Misr Akef El Maghrebi and chief executive and managing director of Hassan Allam Properties Mohamed Allam.
Head of Hassan Allam Properties: The project spans 438 acres area to house up to 6,600 families
According to CEO and managing director of Hassan Allam Properties Mohamed Allam: “On the backdrop of our appreciation for the partnership concept, we feel pleased to cooperate with the professional cadres at AAIB and Banque Misr over the syndicated credit facility worth EGP4bn, with the aim of bolstering construction, building and delivery taking place at our pioneering project SwanLake Residences, which is situated in a strategic distinguished location in the heart of New Cairo.”
“We are proud of this partnership, preferably dubbed by us “ fruitful,” as it will boost the state’s plans for revving up the Egyptian economy and curtailing unemployment rates, by means of creating up to 200,000 direct and indirect job opportunities,” he continued.
The project, spreading over an area of 438 acres to house up to 6,600 families, is made up of a coherent set of projects with standalone entrances and fascinating aroma to cater to needs of targeted customers while affording a sense of privacy and coziness, he elaborated.
“The project provides varied products, ranging from standalone and semi-standalone villas, deluxe flats, administrative offices and commercial units.”
Managing director and deputy chairperson of AAIB Sherif Elwee said :” We bank on Egypt’s booming property sector.”
“AAIB vows to capitalize on its effective role in the banking sector to continue backing the exceptional real estate projects and cooperate with leading banks, namely Misr Banque together with successful developers including Hassan Allam Properties, to rev up the Egyptian market, speed up the existing construction and building boom and provide services to various income segments of customers.”
On the other hand, Akef Maghrebi lauded the cooperation with AAIB, resulting in concluding the funding agreement and the overall pivotal role played by the Egyptian banking sector in supporting the national economy.
Banque Misr’s participation in this facility “ embodies its pioneering role in supporting the Egyptian economy, as properties are labelled among Egypt’s prominent sectors owing to its connectedness to a wide range of industries and intermediaries as well as businesses that the bank is keen to finance so as to create job opportunities in various specialties and thus serve development plans in a practical manner.”
“ Banque Misr is keen to enter into initiatives and protocols that provide services catering to needs of all income segments of customers,” said he.
Prof. Amany Samir, the acting director of corporate financing at AAIB said :” We aspire to take part in more fruitful banking tie-ups which help the banking sector support various sectors and the Egyptian economy at large in the face of calamities.”
Mohamed Khairat, head of Corporate Credit and Syndicated Loans at Banque Misr , underscored the importance of this facility, “ which aids in carrying out the state’s national economic development plan by means of establishing integrated urban communities in New Cairo.”
Amir Ghannam, director of Corporate Financing at AAIB said:” We are proud of record time during which that this partnership was concluded and professionalism that all team works enjoyed while preparing this facility, as we seek to seal more lucrative deals throughout 2021.”
