Six of October Development and Investment (SODIC) signed a long-term syndicated facility worth EGP 1.57 billion with Arab African International Bank (AAIB) and Banque Misr (BM) to finance the company’s West Cairo development SODIC West.
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The loan will refinance EGP 1.1 billion outstanding on the EGP 1.3 billion medium-term facility signed in April 2017 and partially finance the remaining capital expenditure (CAPEX) on the company’s investment portfolio of leasable assets and real estate development projects in SODIC West, according to a bourse disclosure on Thursday.
The company’s outstanding debt reached EGP 2.4 billion as of 30 June 2021.
