Beltone Leasing, a unit of Beltone Financial Holding, signed an EGP 500 mn sale-and-leaseback agreement with Hassan Allam Properties Group to finance assets for two subsidiaries, Invest-Gate reports.

The seven-year agreement will provide financing for commercial and hospitality assets, Beltone Leasing Chief Executive Officer Amir Ghannam says.

Half the amount will go to each of the subsidiaries, International Co. for Tourism and Development and Katameya for Development, Tourism and Real Estate, he adds.

The deal “showcases our ability to provide comprehensive, tailored financial solutions that meet the growing needs of our clients across a diverse range of critical sectors including real estate and hospitality,” Ghannam reveals.

Hassan Allam Properties CEO Mohamed Allam states that the agreement will help the company expand its land bank and geographic reach. The developer owns about 6.5 mn sqm of land for residential, mixed-use and tourism developments across Egypt.

“We highly value our partnership with Beltone Leasing, recognizing their extensive expertise in the field and are confident that it will yield promising results,” Allam notes.

Beltone Leasing, a unit of Beltone Financial Holding SAE, provides leasing services to corporate and retail clients in industries including transportation, health care, information technology and manufacturing. The sale-and-leaseback deal is part of its growth strategy to expand non-bank financial services.

Hassan Allam Properties, founded in 1998, develops residential and commercial properties, as well as holiday resorts in Egypt.