SODIC Company - Company Website
CAIRO – 24 August 2017: SOREAL for Real Estate Development signed an agreement with the Arab African International Bank (AAIB) to increase credit facility value by LE 450 million ($25.4 million) to LE 1.4 billion, a Wednesday statement said.
Sixth of October Development and Investment Co. (SODIC) added that its subsidiary had inked a medium-term loan contract with the bank in July worth LE 950 million to finance Villette SODIC Sky Condos project in New Cairo.
The General Manager of the Bank, Tamer Waheed, highlighted that by the latest increase, the total loans contracted between the bank and SODIC reach LE 4 billion over the last three years to finance the company’s different projects.
Waheed added that the inked deal is a completion for the bank’s leading role in financing the real estate developers.
The first phase of the Villette project was launched in December 2014; six months after the company acquired a 301-feddan piece of land from the New Urban Communities Authority.
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