Global legal practice Norton Rose Fulbright advised Banque Misr and National Bank of Egypt as the Mandated Lend Arrangers on the EGP 3 billion (approximately US$441 million) syndicated financing for the Mall of Egypt project developed by Majid Al Futtaim (MAF).
The Mall of Egypt is a landmark development project in Cairo. Opening in 2015, it will be the dominant regional mall servicing Cairo’s metropolis. This development is one of the most ambitious projects in the region to date.
The MAF group is a leading real estate developer in the Middle East and North Africa specialising in the development of shopping malls, hotels and mixed use communities across the region.
Paul Mansouri, project finance partner in the Abu Dhabi office of Norton Rose Fulbright commented:
“MAF and the Arrangers worked tirelessly to bring the transaction to financial close despite a challenging political environment. This project suggests a rather more optimistic outlook for infrastructure deals in Egypt and not just in the real estate sector. The Mall of Egypt project is one of a string of high profile real estate and mall financing projects Norton Rose Fulbright has advised on in the region.”
The team was led by partners Paul Mansouri and Matthew Escritt, with assistance from Natasha Kavanagh, Léonie Hamway and Ben Harris.
Baker & McKenzie acted as lead counsel to MAF. Sarie-Eldin & Partners acted as lenders’ Egyptian legal counsel.
