Madinet Nasr Housing and Development (MNHD) has nodded a previously-signed 25-year agreement with Total Egypt to lease a 3,000-square-meter land in its New Cairo compound, Sarai, adding up to the latter’s 7,000-square-meter gas service station, Invest-Gate reports.

Under the deal, Total Egypt will build and operate the filling station over the east Cairo land plot, which is projected to be operational in 12 months, coming with its anchor convenient store concept “Bonjour,” amongst other services, according to MNHD’s recent bourse filing.

Meanwhile, the EGX-listed property developer will manage the adjacent commercial space, the statement added.

“This is MNHD’s first venture into a recurring income asset in Sarai, and we are excited to team up with an industry leader such as Total Egypt,” CEO of MNHD Ahmed El Hitamy was quoted as saying.

Last November, MNHD’s board of directors had approved the offer from Total Egypt to rent the land plot in Sarai for building the fuel station, yet it was pending contract signing and other legal procedures, according to an earlier bourse filing.