EFG Hermes E: Corp-Solutions signs EGP 750 million sale and leaseback agreement with Misr Italia Properties
EFG Hermes Corp-Solutions signs EGP 750 million sale and leaseback agreement with Misr Italia Properties
This partnership marks a key element of EFG Hermes Corp-Solutions’ strategy to expand its service offering in the growing commercial real estate market.
Cairo, October 5, 2021
EFG Hermes Corp-Solutions, one of Egypt’s leading leasing and factoring companies, today announced that it has signed a sale and leaseback agreement with leading real estate development company Misr Italia Properties for the refinancing of its state-of-the-art Garden 8 Mall property in the amount of EGP 750 million.
Garden 8 Mall represents approximately 47,000 m2 of BUA and is home to premium brands for retail spaces and restaurants in New Cairo.
“Partnering with a real estate center such as Misr Italia Properties is an integral part of our strategy, which is reflected in the team’s continued efforts to build relationships with partners in key sectors to help them meet their needs. rapidly increasing financing needs, ”said the CEO of EFG. Hermes Corp-Solutions Talal Elayat. “The commercial real estate sector in Egypt continues to benefit from strong demand driven by strong retail growth, and we believe this is an attractive opportunity for us to add assets from high quality and income generating to our portfolio. ”
Misr Italia Properties is a leading Egyptian real estate developer specializing in luxury residential, commercial, hotel and administrative properties. Its developments include Il Bosco New Capital, Il Bosco City New Cairo, Vinci, La Nuova Vista, Kai Sokhna, Cairo Business Park, Garden 8 Mall, Vinci Street and The Vertical Forest at Il Bosco, the first of its kind in the Middle East. East and Africa.
“This new partnership with EFG Hermes Corp-Solutions is at the heart of our plan to generate significant revenue while essentially maintaining long-term control of the value-generating facilities,” said Mohamed Hany El Assal, CEO and Managing Director of Misr Italia Properties. “The agreement strengthens the deployment of capital in the company’s fastest growing areas to meet our agile expansion plans.”
EFG Hermes Corp-Solutions was established in 2020 as part of EFG Hermes’ Non-Bank Financial Institutions (NBFI) platform to consolidate its factoring and leasing business and provide large corporations as well as ” small and medium-sized enterprises (SMEs) a lever to develop and develop their businesses.
Properties of Misr Italia, Egypt’s leading real estate developer spanning the country with a variety of unique projects. MIP aims to change the perception of the ever expanding real estate market by listening to its clients, who have inspired MIP to stay at the forefront with innovative real estate solutions and designs. Based on a creative and innovative philosophy, MIP offers its clients market-leading projects that feature highly differentiated concepts and designs.
About EFG Hermès
With a current presence in thirteen countries on four continents, EFG Hermes started in Egypt and has grown over 37 successful years into a leading financial services company with access to emerging and frontier markets. With our proven track record and a team of more than 5,500 talented employees, we offer a wide range of financial services including investment banking, asset management, securities brokerage, research and financial services. investment capital to the entire MENA region.
In 2015, EFG Hermes launched the NBFI platform, EFG Hermes Finance, which oversees activities in the field of non-bank finance covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL ), mortgage and insurance. This fits in with the company’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has enabled the company to establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, UK and USA.
For more information, please contact:
EFG Hermès Media
Mai El Gammal
Marketing & Communication Group Manager at EFG Hermes
About Misr Italy
Misr Italia Holding has been at the forefront of developing Egypt’s premier real estate market for years. He is known for providing prime projects for residential, commercial, coastal and hotel properties across Egypt. The company’s land reserve stretches across Egypt with 11 residential projects, nine commercial projects, five luxury hotels and 6,000 units delivered. Flagship projects include IL BOSCO, VINCI & VINCI Street in the new administrative capital, La Nuova Vista, Garden 8, Cairo Business Park and Hilton Garden Inn in New Cairo, Kai Sokhna and Hilton Ain El Sokhna, and IL BOSCO City in New Cairo .
Note on forward-looking statements
In this press release, EFG Hermes may make forward-looking statements, including, for example, statements regarding management expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but represent only the belief of EFG Hermes regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management and include, among others, the volatility of financial markets ; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, current and future laws, regulations and regulatory measures. Therefore, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
EFG Hermes Holdings SAE published this content on 05 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 05 October 2021 12:08:03 PM UTC.