Misr Italia Properties, the leading real estate development firm announced that it signed 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 million.
Garden 8 Mall represents approximately 47K m2 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,” said CEO of EFG Hermes Corp-Solutions Talal Elayat. “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.”
Misr Italia Properties is a premier Egyptian real estate developer, specialising 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 Forestat Il Bosco, the first of its kind in the Middle East and Africa.
“This new partnership with EFG Hermes Corp-Solutions is central in our plan to generate significant proceeds while essentially maintaining long-term control of value-generating facilities,” said CEO & Managing Director of Misr Italia Properties Mohamed Hany el-Assal. “The agreement bolsters the deployment of capital into higher growth areas of the business to meet our agile expansion plans.”
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