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Thursday, 10 March 2022

EFG Hermes signs EGP 600 mn sale and leaseback agreement with LMD

EFG Hermes Corp-Solutions has signed a EGP 600 mn sale and leaseback agreement with real estate developer LMD to finance its multi-purpose 3’Sixty project in New Cairo, it announced in a press release (pdf) yesterday. The developer received the funding in two equal tranches, which were disbursed in January and early March.

LMD will direct the funds to “ensure fast-paced construction and on-time delivery” of the project, CEO Amr Sultan said in the release. The EGP 4 bn business and leisure park is set to include offices, clinics, and retail space.

EFG likes real estate: This marks the latest of several agreements in real estate for EFG’s leasing and factoring arm, which is looking to make further inroads in the sector. “The real estate sector in Egypt continues to be one of the most attractive and fast-growing sectors,” CEO Talal Elayat said, adding that the company plans “to continue to offer our premium financing opportunities to real estate developers in order to add high-quality, income-generating assets to our portfolio.” EFG signed two separate EGP 750 mn leaseback agreements with real estate developers Misr Italia and Madinet Nasr for Housing and Development in the fourth quarter of 2021.

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