Egypt's Sodic seeks loan for commercial property plans

Egyptian developer Sixth of October Development and Investment Co (Sodic) has said it is in talks with lenders to secure an EGP400m-EGP500m ($73m-$91m) loan to fund its move into commercial property, Reuters has reported. SODIC decided to take the loan after it estimated it would need EGP1.5bn to finish the commercial components of its projects over the next three years, Investor Relations Manager Abdel Fattah Allam told the news service. The developer said it seeks to generate EGP400m a year by 2014 from the leasing of commercial property.