Egyptian Financial Group Hermes Holding (EFG Hermes) has inked an EGP 750 million sale and leaseback agreement with Madinet Nasr Housing and Development (MNHD).
EFG Hermes’ investment banking division acted as the financial advisor for the transaction, which will also comprise a few securitisation issuances as follow-on transactions, according to a press release on Sunday.
In the meantime, EFG Hermes Corp-Solutions, a wholly-owned subsidiary of EFG Hermes Holding and a leasing and factoring company, acted as the lender.
The Managing Director and Deputy Head of Investment Banking at EFG Hermes, Maged El Ayouti, said: “We are extremely pleased with the headway we are making in the real estate market, with this transaction being a constituent element to our strategy to form lucrative partnerships across key industries, cross-sell our products and services to our partners, and aid companies in meeting their ever-growing funding needs.”
Meanwhile, the CEO of MNHD, Abdallah Sallam, commented: “Our ongoing partnership with EFG Hermes enables us to raise and deploy capital more efficiently and unlock a magnitude of expansion and development prospects for the Company.”
