PHOTO
ArabFinance: Misr Italia Properties is planning to issue securitized bonds worth up to EGP 700 million in the fourth quarter (Q4) of 2022, CEO Mohamed Hani El-Assal told Shorouk News.
This marks the second tranche of its EGP 2.5 billion securitization program, El-Assal noted, pointing out that the first tranche was previously issued through EFG Hermes (HRHO) at a value of EGP 794 million.
This comes in line with the company’s negotiations with a number of banks over obtaining a loan worth EGP 1.2 billion to provide all necessary financing for its projects, in collaboration with its financial advisor EFG Hermes, he added.
In another context, the CEO said that Misr Italia targets contractual sales of EGP 7 billion this year, as compared to sales exceeding EGP 6 billion in 2021.
The company’s planning budget for 2022 aims at accelerating the delivery process, mainly in IL BOSCO projects located in the New Administrative Capital, to bring the number of handed-over units to 1,000 by the end of 2022.
Moreover, the company is allocating a sum of EGP 3.5 billion this year to spend on the construction works and due installments of land plots, he highlighted.
El-Assal also revealed that Misr Italia is planning to launch new phases of its various projects this year, adding that it is preparing for launching a new phase of Cairo Business Park, followed by a new phase in IL BOSCO, within the three first months of 2021.
Furthermore, Misr Italia is seeking to collaborate with one of the global companies managing hotels to operate the vertical forest project in IL BOSCO, he noted.
