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# IFC and Attijariwafa Back Pickalbatros with €215M Debt Facility for Morocco Push
- URL: https://www.africainvestorreview.com/ifc-and-attijariwafa-back-pickalbatros-with-eur215m-debt-facility-for-morocco-push/
- Published: 2026-10-16T21:23:00.000Z
- Updated: 2026-10-17T01:09:18.000Z
- Description: The Egyptian hospitality giant contracts a dual-currency sustainability-linked facility arranged across three tranches to acquire prime Casablanca assets, refurbish resort inventory, and refinance debt.
- Author: Charles S.
- Tags: Debt & Financing, North Africa

**CASABLANCA & CAIRO** — Egyptian hotel and resort operator [**Pickalbatros Hotels & Resorts**](https://www.linkedin.com/company/pickalbatros-hotels/home/?ref=africainvestorreview.com) has secured a **€215 million (\~$250 million)** dual-currency, sustainability-linked debt facility from the [**International Finance Corporation (IFC)**](https://www.linkedin.com/company/ifclinkedin/home/?ref=africainvestorreview.com) and Morocco's [**Attijariwafa Bank**](https://www.linkedin.com/company/attijariwafa-bank/home/?ref=africainvestorreview.com).

The multi-tranche facility represents Pickalbatros’s largest financing deal to date and was structured with [**Zilla Capital**](https://www.linkedin.com/company/zillacapitalnew/home/?ref=africainvestorreview.com)acting as exclusive financial adviser. Legal counsel was provided by [**ADNA**](https://www.linkedin.com/company/adna/home/?ref=africainvestorreview.com) for Pickalbatros and [**Clifford Chance**](https://www.linkedin.com/company/clifford-chance-llp/home/?ref=africainvestorreview.com) for the lender consortium.

## Use of Proceeds & Asset Portfolio

The capital package enables Pickalbatros to execute a multi-city expansion and asset-repositioning mandate across Morocco, where it currently operates over 2,700 rooms across nine properties:

- **Casablanca Flagship Acquisitions:** Funds the acquisition of high-profile urban hospitality assets, including the **Sofitel Casablanca Tour Blanche** and **Mövenpick Hotel Casablanca**.
- **Resort Refurbishment & Sustainability:** Allocates capital to environmental upgrades, energy efficiency projects, and structural refurbishments across existing coastal and leisure resorts in **Marrakech** and **Agadir**.
- **Balance Sheet Optimization:** Supports simultaneous debt restructuring to optimize the group's long-term capital structure and lower operational cost profiles across its North African footprint.

## Lenders & Advisory Group

- **Lenders:** International Finance Corporation (IFC) & Attijariwafa Bank.
- **Borrower:** Pickalbatros Hotels & Resorts.
- **Financial Adviser:** Zilla Capital (acting exclusively for Pickalbatros).
- **Legal Counsel:** ADNA (Borrower); Clifford Chance (Lenders).

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