Beltone Leasing & Factoring, a wholly owned subsidiary of Beltone Financial Holding, has signed a sale and leaseback agreement with Al Ahly Sabbour for Real Estate Developments, as per a statement.
Under the agreement, real estate assets would be sold and then leased back for a total of EGP 1.2 billion.
The payment will be made over two tranches; the first of which is worth EGP 600 million.The company will syndicate the second tranche along with additional financial institutions.
“This agreement is a huge win for our group and will substantially contribute to our financing requirements and accelerate the pace of construction in our projects, further solidifying our position as a leading real estate developer in Egypt and soon in Saudi Arabia,” Chairman of Al Ahly Sabbour Ahmed Sabbour stated.
“This agreement demonstrates our dedication to providing innovative financing solutions tailored to the evolving needs of our clients. We are aiming to contribute to the real estate development industry growth and its long-term prosperity,” Amir Ghannam, CEO of Beltone Leasing & Factoring, said.