Thursday 06 Mar
Hyde Park Developments has obtained a EGP 2.6 billion loan from Banque Misr to fund its 240-acre "Sea Shore" project on the North Coast, which will feature a number of buildings and residential and hotel units for sale, and commercial units for rent.
Hyde Park Developments was founded in 2007 under the name Damac Developments. In 2009, 60% of the company's shares were acquired by the Housing and Development Bank, Egyptian Arab Land Bank, and the Holding Company for Investment and Development. Then, in May 2013, the New Urban Communities Authority became a shareholder and strategic partner, replacing the Damac Group. Last March, the National Bank of Egypt acquired the Egyptian Arab Land Bank's 24% stake in the company.
This new financing coincides with Hyde Park's plans for a
EGP 500 million financial leasing deal for a building in its New Cairo Business
District project.
With a capital of EGP 950 million, the company owns four projects: Hyde Park New Cairo, Tawny and Garden Lakes in 6th of October City, and Sea Shore on the North Coast. It also established Founders Real Estate Marketing.
