Cairo - Mubasher: EFG Hermes Corp-Solutions, a subsidiary of Egyptian Financial Group Hermes Holding, has inked an EGP 600 million sale and leaseback agreement with visionary real estate development company LMD.
Upon the agreement, the subsidiary will provide LMD with the financing to fast track the construction of 3’Sixty business and leisure park, according to a press release.
CEO of EFG Hermes Corp-Solutions, Talal Elayat, said: “This new partnership is part of EFG Hermes Corp-Solutions’ ongoing efforts to expand our service offerings across different key sectors such as real estate, maritime, fintech, among many others.”
Amr Sultan, CEO of LMD, meanwhile commented: “Our partnership with EFG Hermes Corp-Solutions will ensure fast-paced construction and on-time delivery.”
Located on the Mohamed bin Zayed Axis in New Cairo’s Golden Square, the 3’Sixty project has a total investment cost of EGP 4 billion.
It is noteworthy to mention that last December, EFG Hermes and the listed Madinet Nasr Housing and Development (MNHD) signed a sale and leaseback agreement at a total value of EGP 750 million.
