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The agreement capitalizes on EFG Hermes Corp-Solutions’ efforts to provide financing to Egypt’s premium real estate development firms.
Cairo, 9 March 2022
EFG Hermes Corp-Solutions, a wholly-owned subsidiary of EFG Hermes Holding and one of Egypt’s leading leasing and factoring companies, announced today that it has signed a sale and leaseback agreement amounting to EGP 600 million 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 4 billion, spanning a total build-up area of 153,642 sqm.
Eng. 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 the Egyptian life. 3’Sixty is set to be a great addition in the heart of the Golden Square in New Cairo.
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About EFG Hermes Holding
With a current footprint spanning thirteen countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) started in Egypt and has grown over 38 years of success to become a universal bank in Egypt with a leading investment banking platform with access to emerging and frontier markets. Drawing on our proven track-record and a diverse team of talented employees, we provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire MENA region.
In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), mortgage and insurance. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States. In 2021, the firm acquired a controlling stake in aiBANK allowing the Firm to transform into a universal bank in Egypt.
For further information, please contact:
The EFG Hermes Holding Public Relations Team
PublicRelations@EFG-Hermes.com
May El Gammal
Group Head of Marketing & Communications
melgammal@efg-hermes.com
Note on Forward-Looking Statements
In this press release, EFG Hermes Holding may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
About LMD for Real Estate Development
LMD was established in 2007 as first-rate real estate developer. Its profile encompasses projects beyond the Egyptian borders with a value of EGP 40 billion. 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. The company’s history of having a record of actual performance in global projects gives LMD its pedestal as a leading real estate developer. Among their projects is the Continental Tower in Dubai, and Munataner 91 in Barcelona, as well as the touristic project – Vola in Greece. LMD’s newest project in Cairo is One -Ninety in New Cairo with an area exceeding 344,315 sqm that includes W Cairo, Aloft Hotels, W Residences Cairo under the international Marriot administration, and The Residences at St. Regis New Cairo. Some of LMD’s active projects in New Cairo Layan is designed to develop luxurious prime location and setting the bar higher through superior services and high-quality after-sale care. LMD also has ZOYA which lies at the heart of Ghazala Bay in the North Coast, situated on the 142 km Alex-Matrouh Road. In addition to their business and leisure park- 3’Sixty, which is a multi-use project located on the Mohamed Bin Zayed Axis in New Cairo’s Golden Square on an area of 55,203 sqm.
For further information, please visit LMD’s website:
http://www.lmd.com.eg