Madinet Nasr for Housing and Development’s (MNHD) board of directors has mandated the company’s managing director to ink a protocol with a real estate finance company to fund housing units of Nasr Gardens compound in 6th of October City, Invest-Gate reports.

However, MNHD did not disclose the value of the deal nor the name of the property finance company, according to a bourse filing on May 8.

Built on 654,940 square meters of land in west Cairo, Nasr Gardens is a residential project that comprises around 1,055 apartments, targeting those seeking affordability, outstanding quality, and premium location.

Meanwhile, MNHD’s revenues grew to EGP 634.2 mn during the period from July 2018 to last March, compared to EGP 610.8 mn in the year-ago period, the developer stated in the filing.

As for cash flow from operating activities, the company reported EGP 314.6 mn in the nine-month period of FY 2018/19 versus EGP 115.4 mn in the prior-year period, logging an increase of 172.5%.