EBRD buys stake in Turkish real estate investment trust Akiș

By Olga Rosca
@olgarosca


Investment to support sustainable retail and residential developments

  • EBRD acquires stake in Turkish real estate developer Akiş
  • Bank invests TL 102 million (US$ 25.2 million equivalent)
  • Akiş is one of the leading real estate investment trusts in Turkey with a portfolio of almost US$ 1 billion

The EBRD has acquired a 7.36 per cent stake in Akiş Real Estate Investment Trust, a subsidiary of Turkey’s Akkök Holding, which also owns and invests in chemical and energy industries.

The Bank invested TL 102 million (equivalent of US$ 25.2 million) in an accelerated book building transaction placed by ÜNLÜ Menkul Değerler AŞ (ÜNLÜ & Co). The investment will support the development of environmentally friendly and sustainable real estate projects in retail and residential sectors.

Akiş is one of the leading real estate investment trusts in Turkey with a portfolio that includes two Istanbul malls, Akasya and Akbati, as well as high street retail and residential assets worth US$ 937 million.

The company is committed to the highest sustainability standards. Its developments are rated “Good” and “Excellent” by BREEAM, which means they are more sustainable, enhance the wellbeing of the people who live and work there, and help protect natural resources – all of which make for more attractive property investments.

Akiş is also aiming to achieve a minimum LEED Silver certification for the Beykoz residential development which will be financed with the proceeds of the Bank’s investment.

This is the first time the EBRD is investing in a publicly-listed real estate company in Turkey and it is also the Bank’s first equity capital market transaction in the country. The EBRD acted as an anchor investor and helped attract TL 243,679,050, or equivalent of US$ 60 million, from domestic and foreign investors with demand for shares exceeding the offering

The EBRD is a major investor in Turkey. Since 2009 it has invested €10 billion in various sectors of the Turkish economy, with almost all investments in the private sector.

In 2017 alone, the EBRD invested €1.6 billion in 51 projects in the country. Nearly a third of this financing was provided in Turkish lira.