EFG Hermes signs LE 750M sale, leaseback agreement with Misr Italia

CAIRO - 5 October 2021: EFG Hermes for Financing Solutions announced the signing of a sale and leaseback agreement with Misr Italia Real Estate, worth LE 750 million.

Misr Italia will use the value mentioned in the agreement to refinance its commercial project “Garden 8 Mall” in New Cairo, which includes a group of retail brands and a chain of restaurants on an area of ​​47,000 square meters, according to EFG Hermes’ statement.

“The partnership between the two parties represents the most important strategic axes adopted by EFG Hermes for financing solutions aimed at this type of partnership with the pillars of the economic sectors in the Egyptian market to meet their growing financing needs,” CEO of Hermes Financial Solutions, Talal Al-Ayat stated.

“The commercial real estate sector continues to benefit from high demand rates in light of the remarkable growth witnessed by the Egyptian retail market, and this step represents a good opportunity to expand the company’s portfolio,” El-Ayat added.

Misr Italia seeks to achieve the best return while continuing to optimize the management of high-quality real estate assets distinguished by their ability to achieve long-term value, according to the company's managing director, Mohamed Hany Al-Assal.

“The partnership agreement between Misr Italia and Hermes will allow the company to pump its capital investments into new strategic projects in order to achieve its growth and expansion plans,” El-Assal added.

On Monday, The private equity arm of EFG Hermes, Vortex Energy, has entered into a definite agreement with Ignis Energy Holdings, parent company of Spanish independent integrated renewable player Ignis Group.

According to EFG Hermes, its private equity arm will inject more than €625 million (US$725 million) through its newly launched Vortex Energy IV Fund and its co-investors into Ignis via a series of capital injections, which will be deployed over the coming few years subject to certain conditions.

EFG Hermes operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across the Carribian, Northern Africa and Middle East.