EFG, GB Capital, Talaat Moustafa Group to launch mortgage finance JV

EFG, GB Capital, Talaat Moustafa Group to launch mortgage finance JV: EFG Hermes, GB Capital and Talaat Moustafa Group said in a statement (pdf) yesterday that they are launching a mortgage finance company with initial paid-in capital of EGP 150 mn. Each will own one-third of the as yet-unnamed company, which “will offer mortgage finance to all consumers looking to buy move-in homes across TMG’s existing projects and potential developments.” Under an independent chief executive and management team that will be appointed at a later time, the JV plans to finance EGP 450 mn worth of units during its first year of operations. Paid-in capital is expected to increase to EGP 250 mn as the business expands.

Advisors: EFG Hermes Investment Banking acted as sole financial advisor on the transaction.