Helmy, Hamza & Partners, member firm of Baker & McKenzie International advised Marakez Al Sokhna for Real Estate Projects, one of the largest real estate investors in the Middle East, on its EGP 670 million (US$42 million) syndicated loan to develop phase two of Cairo's Mall of Kattameya.
The lenders were Banque du Caire, Banque Misr and Arab African International Bank (AAIB). The purpose of the loan is to fund 50% of the total estimated investment cost of the second phase of the Mall, which amounts to about EGP1.34bn in total. In terms of capacity, the second phase represents approximately around 30% of the Mall’s total area.
Helmy, Hamza & Partners revised the facility agreement along with the security package and provided the legal opinion on the capacity and authority of the borrower. The team was led by partner Lamyaa Gadelhak, supported by associates Mostafa Lotayef and Mohamed Rasekh.
Lamyaa Gadelhak commented: “We are pleased to have finalized such an important financing transaction on behalf of Marakez despite the ongoing COVID-19 situation. The transaction is a great success for our client and for us."
Marakez Al Sokhna for Real Estate Projects is a subsidiary of the Saudi Arabian conglomerate and largest mall developer and operator in the region – Fawaz AlHokair Group. The first phase of this project has been successfully completed in September of 2019. Kattameya mall's Build up Area (BUA) is around 92,664 square metres and a gross leasable area (GLA) of 68,505 square metres. It will serve various neighborhoods, including Heliopolis, Maadi, Mokattam, Nasr City and New Cairo.