Baker McKenzie Cairo has advised Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group), in connection with a landmark EGP 1 billion syndicated loan provided by a consortium of lenders, led by the National Bank of Egypt (NBE).
The long-term financing facility will support the development of Zag East, a commercial and administrative project located in New Cairo, directly on South Teseen Street and adjacent to key urban landmarks. The transaction reflects Baker McKenzie’s continued commitment to supporting strategic real estate developments in Egypt. Additionally, the success of this transaction showcases the growing market confidence and demand for high-quality, flexible business spaces.
Commenting on the transaction, Mostafa Lotayef, Partner at Baker McKenzie Cairo, said: “We are proud to have advised Mashareq Real Estate Investment on this milestone real estate and financing transaction. The successful closure of the syndicated facility reflects the strength of the real estate sector in Egypt and the confidence of leading financial institutions in its continued growth. Zag East is a transformative project, and we are pleased to support our client in bringing it to life.”
Zag East is designed to offer innovative architecture and a diverse range of unit sizes tailored to meet the needs of startups, SMEs, and major corporate tenants. The development marks the first phase of a broader urban vision by PRE Group, aimed at enhancing commercial infrastructure in one of Cairo’s most strategic districts.
The Firm’s multidisciplinary team provided comprehensive legal counsel throughout the structuring and execution of the deal. The team was led by Cairo Partner, Mostafa Lotayef and Associate Hania El Shazly.
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