Leading real estate developer SODIC announced the signing of an EGP 2.45 billion Bridge Facility with Commercial International Bank (CIB) to finance the development of June, SODIC’s flagship project on Egypt’s North Coast.
The facility will be used to partially finance the remaining development costs along with other expenses related to the project, ensuring that the June project secures the funding needed to stay on track for its accelerated delivery schedule, with handovers set to start in the second half of 2025, to be followed by a medium-term facility that will further support the project's progress.
Spanning 280 acres, June is SODIC’s Miami-inspired beachfront destination within the up-and-coming Ras El Hekma area on the North Coast, offering its residents and visitors access to a beautiful sandy beach, pristine seawater, and a bustling boardwalk and beach club, along with residential villas and serviced apartments, and is home to the exclusive Tribute Portfolio Hotel by Marriott International, Inc.
The signature of this facility with one of Egypt’s leading banks serves as a testament to SODIC’s financial strength and reflects CIB’s confidence in the company’s ability to consistently deliver on its commitments.
SODIC’s leverage has been historically low, with bank debt outstanding recorded at EGP 3.8 billion as of December 31, 2024, reflecting a debt-to-equity ratio of 0.33x. This facility comes in line with SODIC’s strategy to optimize its capital structure, enhancing shareholder returns.
The signing ceremony was attended by Ayman Amer, SODIC’s General Manager, and Amr El Ganainy, CIB’s Deputy CEO & Managing Director, alongside senior executives from SODIC and CIB.
Commenting on the signing, Ayman Amer, SODIC’s General Manager, said,
“Partnering with CIB, one of Egypt’s leading banks, on this strategic facility underscores SODIC’s strong financial position, robust cash flows, and healthy balance sheet. The agreement is a testament to the trust we have built with our banking partners and reflects their confidence in SODIC’s ability to consistently deliver on its commitments. We look forward to continuing our collaboration with CIB in supporting SODIC’s growth endeavors.”
Commenting on the transaction, Amr El-Ganainy, CIB’s Deputy CEO, Managing Director & Board Member, said:
“We are pleased to collaborate with SODIC, a leading real estate developer. At CIB, we remain committed to supporting distinguished developers like SODIC. This bridge facility marks the initial stage in the comprehensive June project finance lending solution, demonstrating our shared dedication to fostering real estate growth and delivering high-quality developments. We greatly value our strong partnership with SODIC and look forward to continued success in future projects.”
date
11 / 03 / 2025
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