11. Mai 2010 
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Aerium refinances Turkish retail portfolio securing new $240m debt facility
Aerium announces the successful refinancing of its Turkish retail portfolio, Bainbridge Capital Retail Properties (“Bainbridge”), with Turkey’s largest merchant bank, Akbank. The refinancing has enabled Aerium to secure capital for extension and redevelopment works on its Turkish shopping centres.
The transaction represents the first sizeable refinancing in Turkey since the onslaught of the global economic crisis. Aerium completed the deal with Akbank within two weeks, replacing its entire previous facility.
Akbank has been Aerium’s banking partner in Turkey since 2005 and its controlling shareholder, Sabanci Group, is Turkey’s leading industrial financial conglomerate, which has a 50% stake in Carrefour Turkey SA, a major tenant within Bainbridge’s portfolio.
Charles Edouard Castella, Director of Aerium’s Bainbridge fund commented: “This major refinancing supports Aerium’s status as being one of Turkey’s leading owners and managers of retail assets. We are very pleased with the amount of additional flexibility the new facility will provide us with, which has not only enabled us to realise value from the existing portfolio but will allow us to generate further value on behalf of our investors.
“Combining our local team’s expertise with our pan-European fund management experience was key to achieving this transaction. Our ability to complete this deal in what remains a demanding local market, quickly and on favourable terms, securing the highly complex facility in a matter of weeks rather than months, is great testament to our banking relationships and Akbank’s professionalism and expertise.”
The transaction represents the first sizeable refinancing in Turkey since the onslaught of the global economic crisis. Aerium completed the deal with Akbank within two weeks, replacing its entire previous facility.
Akbank has been Aerium’s banking partner in Turkey since 2005 and its controlling shareholder, Sabanci Group, is Turkey’s leading industrial financial conglomerate, which has a 50% stake in Carrefour Turkey SA, a major tenant within Bainbridge’s portfolio.
Charles Edouard Castella, Director of Aerium’s Bainbridge fund commented: “This major refinancing supports Aerium’s status as being one of Turkey’s leading owners and managers of retail assets. We are very pleased with the amount of additional flexibility the new facility will provide us with, which has not only enabled us to realise value from the existing portfolio but will allow us to generate further value on behalf of our investors.
“Combining our local team’s expertise with our pan-European fund management experience was key to achieving this transaction. Our ability to complete this deal in what remains a demanding local market, quickly and on favourable terms, securing the highly complex facility in a matter of weeks rather than months, is great testament to our banking relationships and Akbank’s professionalism and expertise.”
