EFG Hermes signs EGP 750 mn sale + leaseback agreement with MNHD
EFG Hermes’ leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with Madinet Nasr for Housing and Development (MNHD), the two companies said in a statement (pdf) on Sunday. The agreement is for the sale and leaseback of MNHD’s Cobalt district in its Taj City development, MNHD head of investor relations Salah Katamish told us yesterday.
The agreement also includes “a few securitization issuances as follow-on transactions,” according to the statement, which did not disclose the duration of the lease agreement. EFG Hermes’ investment banking division acted as the financial advisor for the transaction.
EFG is growing its commercial property portfolio: The transaction follows a sale and leaseback agreement signed between EFG Hermes Corp Solutions and Misr Italia Properties in October, also amounting to EGP 750 mn, to refinance its Garden 8 Mall in New Cairo. EFG Hermes Corp-Solutions is looking to expand its business in commercial real estate financing, Corp-Solutions CEO Talal Elayat said in a statement on the Misr Italia transaction.