EFG Hermes signs EGP 750 mn sale + leaseback agreement with Marakez

EFG Hermes’ leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with real estate developer Marakez to refinance the Mall of Arabia in Sixth of October, EFG Hermes announced in a statement (pdf). The two-tranche transaction is part of a wider EGP 2.25 bn financing package arranged by the company.
A very EFG affair: EFG’s investment banking division was the sole financial advisor and arranger on the issuance. EFG Hermes’ Corp-Solutions was the leasing partner, and the Arab Investment Bank (aiBank), which EFG acquired late last year, was the lender.
“This transaction is a testament to our ability to seamlessly cross-sell products across EFG Hermes, with this transaction seeing the first-time participation of both EFG Hermes Corp-Solutions and aiBANK alongside the Investment Banking division, cementing our positioning as a one-stop-shop for our clients’ ever-evolving financing needs” said Maged El Ayouti, managing director and deputy head of investment banking at EFG.
EFG Corp-Solutions is growing its commercial property portfolio: This is the latest in a string of sale and leaseback agreements for EFG Hermes Corp-Solutions, which is looking to make further inroads in the real estate sector. The firm signed an EGP 600 mn agreement with LMD in March, a EGP 750 mn transaction with MNHD in December, and a EGP 750 mn agreement with Misr Italia in October.