ArabFinance: EFG Hermes (HRHO) has signed a sale and leaseback agreement worth EGP 750 million with Madinet Nasr Housing and Development (MNHD), according to a press release.
The agreement also includes a few securitization issuances as follow-on transactions.
The investment banking division of EFG Hermes acted as the financial advisor for the transaction, while EFG Corp-solutions served as the lender.
We are extremely pleased with the headway we are making in the real estate market, with this transaction being a constituent element to our strategy to form lucrative partnerships across key industries, cross-sell our products and services to our partners, and aid companies in meeting their ever-growing funding needs, Head of Investment Banking at EFG Hermes Maged El Ayouti said.
For his part, CEO of Madinet Nasr Housing Abdallah Sallam said: Our ongoing partnership with EFG Hermes enables us to raise and deploy capital more efficiently and unlock a magnitude of expansion and development prospects for the company.
MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals.
EFG Hermes is an EGX-listed company that has a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.
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