Palm Hills Developments inks syndicated loan deal

Banque Misr and NBE contributed equally to the loan

  
Workers wearing protective face masks stand on a scaffolding at a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Workers wearing protective face masks stand on a scaffolding at a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany
Cairo – Mubasher: Palm Hills Developments announced that its wholly-owned subsidiary Palm Hills for Investments and Real Estate Development signed a syndicated loan agreement worth EGP 2.5 billion with Banque Misr and the National Bank of Egypt (NBE).

The two banks contributed equally to the 7.5-year loan which will be used to finance part of the investment cost of Palm Hills New Cairo, the property developer said in a bourse disclosure on Monday.

The project spans over a total land area of 500 feddans in New Cairo adjacent to the New Administrative Capital. The residential area covers 400 feddans, while the commercial area extends over 100 feddans.

The company has already started to deliver units in the first phase since the beginning of 2021.

In the first half (H1) of 2021, Palm Hills Developments reported net profits of EGP 495.51 million, up from EGP 282.04 million in H1-20, including minority shareholders' rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From North Africa