Hassan Allam Properties (HAP) has signed a EGP 500 mn sale-and-leaseback agreement with Beltone Financial Holding’s financial leasing outfit, Beltone Leasing, to help finance several commercial and hospitality assets, according to a joint statement (pdf) on Thursday.

The details: The seven-year agreement will see two HAP subsidiaries — International Company for Tourism and Development and Katameya for Development, Tourism, and Real Estate — sell the assets to Beltone for EGP 500 mn and lease them back. Each subsidiary will receive EGP 250 mn to finance the assets. The statement didn’t disclose which assets were subject to the agreement or how HAP will deploy the funds.

The players:Hassan Allam Properties is one of the country’s leading boutique real estate developers and has a 6.5 mn sqm bank of developed and undeveloped land for residential and mixed-use projects. Beltone Leasing is the leasing arm of leading financial services firm Beltone Financial. Abu Dhabi-based investment firm Chimera acquired a 56% stake in the company last year.

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