EFG Hermes signs EGP 750m sale with MNHD

EFG Hermes has successfully signed a sale and leaseback agreement amounting to EGP 750m with Madinet Nasr for Housing and Development (MNHD). 

EFG Hermes’ investment banking division acted as the financial advisor for the transaction, which will also encompass a few securitization issuances as follow-on transactions, while EFG Hermes Corp-Solutions, a wholly-owned subsidiary of EFG Hermes Holding and one of Egypt’s leading leasing and factoring companies, acted as the lender.

“We are proud to be bolstering our partnership with MNHD’s new leadership, as the company is a pioneer in the real estate market space,” said Maged El Ayouti, Managing Director & Deputy Head of Investment Banking at EFG Hermes. 

Abdallah Sallam, CEO of Madinet Nasr for Housing and Development, commented: “This transaction is part and parcel of MNHD’s newly introduced leadership strategy to expand its operational footprint, as the Company continues to develop high-quality housing projects spanning across the country. Our ongoing partnership with EFG Hermes enables us to raise and deploy capital more efficiently and unlock a magnitude of expansion and development prospects for the Company.”