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City Edge plans to issue EGP 600M in securitized bonds

City Edge plans to issue EGP 600M in securitized bonds

ArabFinance: City Edge Developments intends to issue securitized bonds at a total value of EGP 600 million during the second quarter of 2020, CEO Mohamed el Mikawi told Al Mal News.

The securities will be backed by 200 of the company’s sold units in Etapa project in Sheikh Zayed, El Mikawi added.

The proceeds, meanwhile, will be used to buy more land plots for new developments, the official noted.

Last September, City Edge was reportedly seeking an EGP 1.2 billion loan from local banks to develop Etapa project.

The real estate developer plans to increase its sales to EGP 30 billion by the end of 2020, El Mikawi noted.

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