Egypt: Redcon secures $80mln loan led by FABMISR for Golden Gate development
FABMISR served as the initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank for the deal.
The syndicate also includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, alongside Arab Bank and Emirates NBD Egypt as lead arrangers.
Meanwhile, Matouk Bassiouny & Hennawy acted as legal counsel to the lenders.
Initially set at EGP 3.5 billion, the facility was oversubscribed by 1.2 times, triggering the Greenshoe Option and increasing the loan size to EGP 4.2 billion.
Golden Gate, located on South 90 Street opposite the American University in Cairo and 400 meters from the nearest monorail station, is positioned as one of East Cairo's key mixed-use developments.
The project includes extensive retail and leisure offerings and features one of Egypt's largest underground parking facilities, spanning 250,000 square meters over two levels.
Designed to meet high sustainability standards, the development is projected to cut service costs by 40% and is promoted as Egypt's largest green, mixed-use complex.
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