{"id":323571,"date":"2021-10-06T10:43:45","date_gmt":"2021-10-06T10:43:45","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323571"},"modified":"2021-10-06T10:46:41","modified_gmt":"2021-10-06T10:46:41","slug":"efg-hermes-signs-le-750m-sale-leaseback-agreement-with-misr-italia","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/10\/06\/efg-hermes-signs-le-750m-sale-leaseback-agreement-with-misr-italia\/","title":{"rendered":"EFG Hermes signs LE 750M sale, lease agreement with Misr Italia"},"content":{"rendered":"<p>EFG Hermes\u2019 leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with Misr Italia Properties to refinance its Garden 8 Mall in New Cairo, EFG Hermes Corp-Solutions announced in a statement .<\/p>\n<p><strong>Misr Italia will direct the funds to other projects: <\/strong>The money raised through the sale and leaseback of Garden 8 Mall will be directed to expansion in \u201chigher growth areas of the business,\u201d according to Misr Italia CEO Mohamed Hany El Assal. He noted that the advantage of this kind of financing is that the company can \u201cgenerate significant proceeds while essentially maintaining long-term control of value-generating facilities.\u201d The statement did not specify the duration of the lease agreement.<\/p>\n<p><strong>EFG likes commercial property:<\/strong> The leaseback agreement comes as EFG Hermes Corp-Solutions looks to expand its business in commercial real estate financing. \u201cThe commercial real estate sector in Egypt continues to benefit from strong demand driven by solid retail growth,\u201d company CEO Talal Elayat said in the statement, describing the agreement with Misr Italia as a \u201ccompelling [chance] for us to add high-quality, income-generating assets to our portfolio.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EFG Hermes\u2019 leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with Misr Italia Properties to refinance its Garden 8 Mall in New Cairo, EFG Hermes Corp-Solutions announced in a statement .<\/p>\n","protected":false},"author":4,"featured_media":320827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-323571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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