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FINANCIAL NEWS
Sodic gets $61m loan for Allegria project in Cairo
27 Sep 2010
(MENAFN) Cairo-based Sodic, one of the region?s leading real estate development companies, said in a statement that it has borrowed $61.3 million for its Allegria development project Cairo’s western outskirts, Trade Arabia reported.
The development is scheduled for delivery on June 2010 and the loan is going to be directed at fast-tracking Allegria’s unit construction and the company currently has some $73 million of contracted unit sales.
This year Sodic had raised $96.4 million through a very winning rights issue. The signing of the agreement brings Sodic?s new funding to $157.7 million.
The company said is planning to raise $26 million by 2012 with the balance of planned funding to be secured through additional debt.
The funds are being directed at financing the development of Sodic?s expanded portfolio comprising different commercial, retail, and residential projects.
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