Misr Italia Properties, the leading real estate development firm, announces signing a sale & leaseback agreement with EFG Hermes Corp-Solutions, among the leading leasing and factoring companies in Egypt for refinancing its state of the art property-Garden 8 Mall, amounting to EGP 750 mn, Invest-Gate reports.
Garden 8 Mall spans over 47,000 sqm in BUA, accommodating premium brands for both retail space and restaurants in New Cairo.
“Partnering with a real estate powerhouse such as Misr Italia Properties is part and parcel of our strategy which is reflected by the team’s ongoing efforts to forge relationships with partners across key industries to help them meet their rapidly increasing financing needs,” Talal Elayat, CEO of EFG Hermes Corp-Solutions, comments.
“The commercial real estate sector in Egypt continues to benefit from strong demand driven by solid retail growth and we believe this is a compelling opportunity for us to add high-quality, income-generating assets to our portfolio,” Elayat adds.
Mohamed Hany El Assal, CEO & managing director of Misr Italia Properties, says that the new deal with EFG Hermes Corp-Solutions falls in line with the company’s plan to generate significant proceeds while essentially maintaining long-term control of value-generating facilities.
Misr Italia Properties is a premier Egyptian real estate developer, specializing in luxury residential, commercial, hospitality and administrative properties. Its developments include Il Bosco New Capital, Il Bosco City New Cairo, Vinci, La Nuova Vista, Kai Sokhna, Cairo Business Park, Garden 8 Mall, Vinci Street, and The Vertical Forest at Il Bosco, the first of its kind in the Middle East and Africa.