The statement said that the long term syndicated facility
was signed for Mashareq for Real Estate Investment which is a subsidiary of
Pioneers Properties for Urban Development BRE Group. The statement said that
the facility will finance the first phase of a commercial and administrative
project in New Cairo under the name Zag East.
The National Bank of Egypt holds the lead role in this
financing with a share of 36.84 percent valued at 350 million Egyptian pounds.
The National Bank of Egypt acts as facility agent and security agent and
documents bank and accounts bank and facility marketer. Industrial Development
Bank participates with a share of 31.58 percent valued at 300 million Egyptian
pounds as debt service account bank. Abu Dhabi Commercial Bank participates
with an equivalent share valued at 300 million Egyptian pounds.
Riad added that the tenor of the financing extends for eight
years starting from the date of financial closing. He added that the facility
includes an availability period of 30 months and a grace period of 36 months
which provides the flexibility needed to implement the project according to the
highest quality standards.