Cairo – Mubasher: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, has signed an EGP 925 million syndicated factoring deal for Redcon Properties.
The agreement is aimed at providing financial support to Redcon Properties, the real estate development arm of Redcon Group, according to a press release.
Beltone Leasing and Factoring joined forces with a group of other factoring companies, which contributed EGP 512.5 million to the total deal, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing.
Meanwhile, Beltone Leasing and Factoring alone covered EGP 412.5 million of the transactions’s total value. Banque Misr acted as the escrow bank.
Tarek El Gamal, Chairman of Redcon Properties, said: "In the context of the broader real estate sector, the signing of this joint factoring deal holds significant importance as it enables real estate developers to obtain the proper financing tools required to grow their development portfolio.”
“It will enable us to accelerate the pace of construction of the Golden Gate project, a cornerstone commercial development in Egypt, especially in East Cairo. This strategic move underscores our commitment to employing diverse financial instruments for project financing, ensuring timely and successful project delivery,” El Gamal added.
Ahmed Abdallah, Vice Chairman of Redcon Properties, stated: "Signing the first joint factoring deal in Egypt represents a milestone in the real estate industry. It makes us the first real estate development company to use this non-banking financial tool to finance our projects.”
Amir Ghannam, CEO of Beltone Leasing and Factoring, commented: "The syndicated factoring agreement with Redcon Properties is a testament to our commitment to fostering financial growth and inclusivity.”
“We look forward to increasing our offerings and syndicating many deals this year to the factoring and leasing market, to enhance engagement with all companies operating in the field and support the market to diversify the portfolios and risks,” Ghannam noted.
In January, Beltone Leasing signed a club deal agreement with Cairo Leasing Corporation and Easy Lease with a total value of EGP 600 million.
Beltone Holding posted a consolidated net profit of EGP 85.77 million during the first nine months (9M) of 2023, against a net loss of EGP 139.88 million a year earlier.
