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.

Matthew Escritt, banking partner, Norton Rose Fulbright commented:

“Having previously worked with Majid Al Futtaim on the landmark Mall of Egypt project, we are delighted to have been able to support a syndicate of top tier banks and Majid Al Futtaim in what is one of the most significant debt finance transactions in the Egyptian market in 2016 so far. The successful closing of this transaction marks another significant step in the company’s major investment programme in Egypt.”

The Norton Rose Fulbright team was led by partner Matthew Escritt, assisted by senior associate Nicholas Robinson and associate David Tan, in Dubai.

Matouk Bassiouny advised the lenders in relation to the Egyptian law aspects. Majid Al Futtaim was advised by Clifford Chance LLP and Shalakany Law Office. Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).