24 05 2016

A syndicate of lenders financing the development and construction of the City Centre Almaza shopping mall in Cairo, Egypt

Norton Rose Fulbright has advised a syndicate of lenders in relation to a secured term loan facility for up to EGP 2.5 billion to finance the development and construction of the City Centre Almaza shopping mall.


The borrower, City Centre Almaza S.A.E., is an Egyptian subsidiary of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa region. The lenders comprised Arab Bank P.L.C. Egypt, Alex Bank, Bank Audi S.A.E., Emirates National Bank of Dubai S.A.E., Mashreqbank – Egypt P.S.C., National Bank of Abu Dhabi S.A.E. and National Bank of Kuwait – Egypt. Majid Al Futtaim will use the proceeds of the facility for the construction and development of City Centre Almaza, which is located in the suburb of Heliopolis in Cairo, Egypt. The mall will be Majid Al Futtaim’s third City Centre mall in Egypt and will feature 103,455 square metres of high-end retail space. It is expected to open by early 2019. Norton Rose Fulbright has advised a syndicate of lenders on the deal with a team led by partner Matthew Escritt (picture), assisted by senior associate Nicholas Robinson and associate David Tan. Involved fees earner: Matthew Escritt - Norton Rose Fulbright; Nicholas Robinson - Norton Rose Fulbright; David Tan - Norton Rose Fulbright;

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