EFG Hermes, the leading investment bank franchise in Frontier Emerging Markets, announces that its Investment Banking division successfully closes advisory on the latest EGP 750 mn financing over two tranches in a sale and leaseback package for MARAKEZ, Invest-Gate reports.

The Investment Banking division acts as the sole financial advisor and arranger on the transaction and EFG Hermes Corp-Solutions acts as the leasing partner, while aiBANK acts as the lender.

The transaction comes as part of a wider EGP 2.25 bn financing package at the level of Mall of Arabia, MARAKEZ’s mega-mall located in the 6th of October, covering a vast area of over 620,000 sqm.

Maged El Ayouti, managing director and deputy head of EFG Hermes, expresses his pride as the company is a trusted partner in its long-standing relationship with MARAKEZ in their EGP 2.25 bn financing transactions over the past two years.

El Ayouti adds that this latest funding marks a steppingstone towards tapping the local debt capital market (EGX) in the near future through prospective financing that capitalizes on the strong asset profile and robust cash flow generation of Mall of Arabia.

In this regard, Talal El Ayat, CEO of EFG Hermes, says, “Collaborating with MARAKEZ is essential to our strategy of forging partnerships across industries that support our client’s growth plans through expanding their financing solutions.”

Tamer Seif, CEO and managing director of aiBANK, states, “We are extremely delighted to collaborate with other subsidiaries across EFG Hermes Holding to provide support to MARAKEZ, allowing us to diversify our portfolio and increase our exposure to high quality, income-generating businesses.”

In a similar vein, Basil Ramzy, CEO of Marakez, notes that this collaboration consolidates the company’s leading market position and boosts its expansion plans in Egypt and beyond it.

Ramzy also clarifies that EFG Hermes is a longstanding partner of MARAKEZ and the current transaction is a testament to the company’s solid financial performance. Further, EFG Hermes certainly advances MARAKEZ’s growth in new directions and landscapes.