Hassan Allam Holding raises $55mln to fund Bab Masr project in Cairo
Egypt's Hassan Allam Holding has raised 2.8 billion Egyptian pounds ($55.26 million) Islamic loan to fund Bab Masr, a green field mixed-use development in Cairo being developed by its wholly owned unit Hassan Allam Construction.
Al-Ahly Pharos Investment Banking, the investment banking arm of the National Bank of Egypt, acted as a financial advisor, lead manager, book-runner, and underwriter for the Musharaka Sukuk, the firm said in a press statement.
Bab Masr, located in Mohandiseen, is being developed by Bab Masr Development, a company fully owned by Hassan Allam Construction. The project spans 100,000 square metres and includes 17 buildings dedicated to commercial, administrative, residential, medical, and garage spaces.
BabMasr is a key part of the development surrounding the Upper Egypt railway station, Egypt's largest, and connected to Cairo Metro's third line, monorail, and BRT system.
National Bank of Egypt, Suez Canal Bank, ADCB, IDB, and SAIB participated as underwriters.
Zulficar and Partners acted as the legal advisor, Baker Tilly as the transaction Auditor, MERIS (Middle East for Credit Rating and Investors Service) as the credit rating agency, ECG as the transaction independent engineer and RSM as the independent financial advisor for the issue.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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