EFG Hermes Corp-Solutions, a leasing and factoring subsidiary of EFG Hermes Holding, announced on Wednesday that it has signed a sale and leaseback agreement amounting to EGP 600m with LMD to finance its all-in-one leisure and business complex “3’Sixty”.
The financing was split into two tranches equally, the first of which was completed last January while the second transaction was concluded in early March. The agreement will allow LMD to speed the construction of 3’Sixty business and leisure park, enabling the company to achieve true competence, deliver on its promises, and continue to earn the trust of its stakeholders.
“We are extremely delighted to collaborate with a world-class real estate developer such as LMD and to provide it with the financing needed to complete its remarkable project- 3’Sixty. This new partnership is part of EFG Hermes Corp-Solutions’ on-going efforts to expand our service offerings across different key sectors such as real estate, maritime, fintech, among many others,” said CEO of EFG Hermes Corp-Solutions Talal Elayat.
“The real estate sector in Egypt continues to be one of the most attractive and fast-growing sectors and we plan to continue to offer our premium financing opportunities to real estate developers in order to add high-quality, income-generating assets to our portfolio.”
3’Sixty is a multi-use project located on the Mohamed Bin Zayed Axis in New Cairo’s Golden Square, minutes away from the American University in Cairo and accessible from various areas across New Cairo. The commercial development’s service offerings encompass offices, clinics, and retail spaces with a total investment of EGP 4bn, spanning a total build-up area of 153,642 sqm.
Amr Sultan, CEO of LMD, commented: “It gives us great honor to sign this tie-up, through which our clients can acquire their administrative, commercial, and medical units in 3’Sixty with relative ease. Our partnership with EFG Hermes Corp-Solutions will ensure fast-paced construction and on-time delivery. To truly make 3’Sixty a business and leisure park, we also partnered with the globally renowned collaborative design firm, Gensler, for the park’s master plan, as well as JLL as the project’s Retail Consultant and Tenant Mix to ensure the best quality like we always sought out at LMD. We will continue partnering with the best.”
This collaboration with LMD marks the third in several agreements by EFG Hermes Corp-Solutions in the real estate industry. These agreements form part of the company’s strategy to partner with key players across vital industries to help them meet their rapidly increasing financing needs.
EFG Hermes Corp-Solutions was established in 2020 under EFG Hermes Holding’s Non-Bank Financial Institutions (NBFI) platform to consolidate its factoring and leasing businesses, founded in 2015 and 2018 respectively, as well as providing businesses of all sizes with leverage to grow and develop their business ventures.
Established in 2007, LMD is among the nation’s few real estate companies with a portfolio expanding beyond the Egyptian borders. It penetrated markets in Dubai and Barcelona with a total of 5,000 units covering 6.2 million sqm, including its Egyptian residential, hospitality, administrative and commercial ventures in Cairo. Through providing a project with business, leisure, and premium health care such as 3’Sixty and with its prime location, LMD sets new standards for all-inclusivity and offers a superior quality to Egyptian life. 3’Sixty is set to be a great addition in the heart of the Golden Square in New Cairo.