The “Hyde Park Development” real estate company is seeking to borrow 3.5 billion pounds from the “National Bank of Egypt”, the largest government bank in Egypt, with the aim of financing two projects belonging to the company, according to two banking sources who spoke to “East Economy”.
“Hyde Park Development” was established in 2007, and the Housing and Development Bank owns 40% of its shares, the Egyptian Real Estate Bank 24.5%, and the New Urban Communities Authority 17.78%, and the remaining share belongs to the Development Company for Investment and Development, and the Investment Holding Company.
The person familiar with the loan and its details told “East Economy” that “the National Bank of Egypt is the one managing the loan, which will be in two tranches, the first with a value of 1.2 billion pounds, which will be allocated to the company’s project in the 6th of October City, and the second tranche, with a value of 2.3 billion pounds, will be directed to the North Coast project.”
The “Hyde Park” coastal project is built on an area of 240 acres, and includes 1,850 residential units overlooking the sea, in addition to a hotel. The company’s project is being built on 6 October on an area of 31 acres, and most of it is residential villas.
