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Bakr Bahgat
Egypt Italy Real Estate is preparing to negotiate LE 1.5 billion with several banks to finance the vertical forest project launched last week as part of the El Bosco project in the new administrative capital, according to Mohammed Khaled Al-Assal, vice president executive of the company.
"The negotiations with the banking sector will begin in the coming weeks to guide the construction of the first phase of the project," Al-Assal said in a statement to the newspaper. "The negotiations should be completed and the company will get the loan in the first quarter of next year.
Targeted funding represents 50% of the project's investment of LE 3 billion.
Al-Assal pointed out that the financing of the bank targeted by the company represented about 50% of the total investment of the project, estimated at 3 billion pounds, underlining that the project would constitute an important addition to the project giant, El Bosco, which operates the company in the new administrative capital, and is located on an area of 200 acres. Billion pounds.
With regard to the banks with which to negotiate, Al-Assal said that he would not disclose them until the company began negotiations, which should begin over the next two weeks, explaining that the company has relations with many public and private banks.
Hani al-Assal, chairman of the company, announced last month that the group wanted to launch several projects and new milestones in several areas, including the administrative capital and the future of Citi and Ain Sokhna.
Last week, the company signed a cooperation agreement with the Italian Stefano Pueri to create the first vertical forest in Egypt and the Middle East with the El Bosco project in the new administrative capital.
This agreement marks a new stage in the introduction of innovative concepts for the development of the real estate sector and the achievement of the environmental sustainability sought by the State.
He added that up to now, the value of sales of the project as a whole, but the company aims this year to achieve 300 million pounds of sales of the project, which opened the door to arrest.
He added that the goal of financing represents 50% of the project's investment, which amounts to 3 billion pounds, will be built on an area of 10 acres, consisting of 3 residential buildings 30 meters high for a building, and construction is expected to begin in the next year. Three years
Last month, Egypt Italy Holding Company created a real estate investment fund with an open capital of 100 million pounds, which can be increased, according to Hani Al-Assal, chairman of the board of directors. administration of the company, pointing out that the company had more than a year to activate the fund.
Egypt Italy negotiates with the National Bank of Egypt to obtain two loans for its Cairo Business Park project in New Cairo, one of them worth 700 million pounds, which is expected to fall to 500 million pounds in according to the needs of the project and the other loan of 150 million pounds intended to contribute to the "In the project.
Over the last few months, Misr Italy has entered into real estate and tourism contracts with 15 construction companies to support the construction of its two projects in the new administrative capital El Bosco and Vinci, as well as 10 construction companies. for the El Bosco project and 5 other Vinci projects.
Egypt aims to achieve a turnover of 6 billion LE in 2019. The company has achieved a turnover of 7 billion, exceeding the target set at the launch of El Bosco project in the administrative capital .
Egypt has about 9.5 million square meters of land under development, for a total investment of 58 billion Egyptian pounds over a period of four to fifteen years.
The company intends to invest 2 billion Egyptian pounds of investment in its various projects during the year, including 800 million pounds for the projects of Vinci and D & # 39; 39, El Bosco in the administrative capital.
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