CAIRO, EGYPT: EFG Hermes Corp-Solutions has signed a sale & lease back agreement with leading real estate development firm Misr Italia Properties for refinancing its state of the art property-Garden 8 Mall, amounting to EGP 750 million.
Garden 8 Mall represents approximately 47K m2 in BUA accommodating premium brands for both retail space and restaurants in New Cairo.
“Partnering with a real estate powerhouse such as Misr Italia Properties is part and parcel of our strategy which is reflected by the team’s ongoing efforts to forge relationships with partners across key industries to help them meet their rapidly increasing financing needs,” said CEO of EFG Hermes Corp-Solutions Talal Elayat.
“The commercial real estate sector in Egypt continues to benefit from strong demand driven by solid retail growth, and we believe this is a compelling opportunity for us to add high-quality, income-generating assets to our portfolio.”
Misr Italia Properties is a premier Egyptian real estate developer, specializing in luxury residential, commercial, hospitality 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 and Africa.
“This new partnership with EFG Hermes Corp-Solutions is central in our plan to generate significant proceeds while essentially maintaining long-term control of value-generating facilities,” said CEO & Managing Director of Misr Italia Properties Mohamed Hany El Assal. “The agreement bolsters the deployment of capital into higher growth areas of the business to meet our agile expansion plans.”
EFG Hermes Corp-Solutions was established in 2020 under EFG Hermes’ Non-Bank Financial Institutions (NBFI) platform to consolidate its factoring and leasing businesses and provide large corporates as well as small and medium-sized enterprises (SMEs) with leverage to grow and expand their businesses.
Misr Italia properties, Egypt’s leading real estate developer expanding across 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 customers, who inspired MIP to stay ahead of the curve with innovative real estate solutions and designs. Based on a creative and innovative philosophy, MIP provides the clients with market-leading projects that feature highly differentiated concepts and designs.