Cairo – Mubasher: Heliopolis Company for Housing and Development (HELI) signed a lease agreement worth EGP 500 million with Al-Oula – El-Taamir for Mortgage Finance to finance the expansion of New Heliopolis project, according to a statement.
The fund will be used in part for the construction of two electrical power stations and water pipeline.
The 7-year lease deal has a grace period of one year with a variable interest rate, Al-Oula chairman Hassan Hussein said.
Banque Misr will provide 90% of the lease value, while Al-Oula will provide the remaining value.
