Cairo - Mubasher: Six of October Development and Investment (SODIC) announced that its subsidiary SOREAL For Real Estate Investment signed a medium-term facility package worth EGP 2.57 billion with the Arab African International Bank (AAIB).
The facility will finance the construction works of Villette Project in New Cairo, including the implementation of Villette Sports Club, according to a bourse disclosure on Sunday.
In 2014, SODIC launched Villette Project over an area of 301 feddans. Since the first phase of handover in 2018, the company has delivered 600 units.
The sports club is slated to be managed by Club S, the sports arm of SODIC.
SODIC sold 1,500 units in the Villette Project for a value of more than EGP 8 billion, while upcoming sales are expected to reach EGP 5 billion.
During the first six months of 2020, SODIC posted net profits of EGP 69.3 million, down from EGP 337.9 million in the year-ago period.
