FABMISR leads $85mln syndicated loan for Redcon Properties' Golden Gate project
First Abu Dhabi Bank Misr (FABMISR), the Egyptian subsidiary of UAE-headquartered First Abu Dhabi Bank (FAB), announced on Monday that it has led a syndicated loan of 4.2 billion Egyptian pounds ($85 million) to support the development of Redcon Properties' Golden Gate commercial project in New Cairo.
FABMISR served as the initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank for the financing transaction. The syndicate also included Al Baraka Bank Egypt and Abu Dhabi Commercial Bank (ADCB) as mandated lead arrangers, while Arab Bank and Emirates NBD Egypt participated as lead arrangers.
The legal counsel for the lenders was provided by Matouk Bassiouny & Hennawy.
Redcon Properties laid the foundation stone for Golden Gate in February 2022.
A press statement issued by FABMISR said the financing facility, initially targeted at EGP 3.5 billion ($71 million), was oversubscribed 1.2 times, triggering the Greenshoe Option to increase the facility size to EGP 4.2 billion.
Structured as a revolving credit facility over 3.5 years, the loan will cover part of the first phase investment cost of EGP 24.3 billion ($489 million). Phase 1 will have 178,000 square metres (sqm) of built-up area.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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