Cairo – Mubasher: EFG Hermes Corp-Solutions, a subsidiary of EFG Hermes, has signed a sale and leaseback agreement worth EGP 750 million with Misr Italia Properties with the aim of refinancing its commercial project, Garden 8 Mall.
The commercial development, located in New Cairo, will feature a wide group of commercial retail brands and restaurants over an area of 47,000 square metres, the company said in a statement on Tuesday.
The CEO of EFG Hermes Corp-Solutions, Talal El-Ayat, said that growing demand continues to benefit the commercial real estate sector, noting that this step presents a great opportunity for the company to expand its portfolio.
For his part, the CEO and Managing Director of Misr Italia Properties, Mohamed Hany El-Assal, noted that the agreement will enable the company to inject capital investments into new strategic projects with the aim of achieving its growth and expansion plans.
