Cairo – Mubasher: Beltone Leasing and Factoring Company, a wholly owned subsidiary of Beltone Financial Holding, has signed a sale and leaseback agreement with Al Ahly Sabbour for Real Estate Developments.
The deal covers the sale and leaseback of real estate assets at a total amount of EGP 1.20 billion, according to a press release.
The cash amount will be disbursed over two tranches, with the first tranche standing at EGP 600 million. Meanwhile, the second tranche will be syndicated through the company along with other financial institutions.
Ahmed Sabbour, Chairman of Al Ahly Sabbour, said: “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.”
Amir Ghannam, CEO of Beltone Leasing, commented: “We are aiming to contribute to the real estate development industry growth and its long-term prosperity”
Last August, Beltone Leasing and Pickalbatros Hotels and Resorts Group inked a sale and lease back contract at a value of EGP 750 million.
In the first half (H1) of 2023, the EGX-listed firm reported net losses after tax valued at EGP 145.89 million, higher than EGP 105.58 million in H1-22.
