By : Dina Abdelmoniem
Beltone Leasing, a subsidiary of Beltone Financial Holding and one of Egypt’s leading financial leasing service providers, announced today that it has signed an EGP 500 million sale-and-leaseback agreement with Hassan Allam Properties Group (HAP) to finance assets for two HAP subsidiaries: International Company for Tourism and Development and Katameya for Development, Tourism, and Real Estate.
Under the terms of the agreement, the EGP 500 million financing will be used to finance commercial and hospitality assets and will be equally split between the subsidiaries. The agreement has a seven-year lease tenor, unlocking an attractive and alternative capital raising solution that enables HAP to deliver on its growth plans.
Amir Ghannam, CEO of Beltone Leasing, commented: “We are proud to collaborate with Hassan Allam Properties, one of Egypt’s largest real estate groups, and to provide it with a tailored financing solution to facilitate its ambitious expansion plans. The agreement showcases our ability to provide comprehensive, tailored financial solutions that meet the growing needs of our clients across a diverse range of critical sectors including real estate and hospitality. This strategic partnership marks the beginning of a series of valuable collaborations and deals for Beltone Leasing. We remain committed to delivering exceptional service and customized financing solutions to support our clients’ growth objectives.”
Mohamed Allam, CEO of Hassan Allam Properties, commented: “We are delighted to partner with Beltone Leasing on a seven-year sale-and-leaseback agreement valued at EGP 500 million. This agreement aligns with our robust growth plans and strategic vision at Hassan Allam Properties Group, which in part entail expanding our landbank and geographic reach. Furthermore, it attests to our nationwide presence and accentuates our expansion aspirations across a diverse range of real estate asset classes and mixed-use developments, extending beyond residential properties to encompass commercial, retail and hospitality ventures. We highly value our partnership with Beltone Leasing, recognizing their extensive expertise in the field and are confident that it will yield promising results.”
Established in 1998, HAP is one of Egypt’s leading boutique real estate developers. The company holds a c.6.5 million sqm diversified landbank of developed and underdeveloped land plots for residential and mixed-use developments as well as holiday resorts in prime locations throughout Egypt. The agreement with Beltone Leasing is set to expedite the pace of construction and delivery on a number of HAP projects.
The deal is part of a series of successful partnerships Beltone Leasing has lined up in the months to come as it works to fulfill Beltone Financial Holding’s growth strategy to widen its non-bank financial institution platform. Today, Beltone Leasing has a solid footing in the Egyptian leasing space, with financial leasing products and services and diverse clients operating in a range of key industries.