Turkasset - Syndicated Loan

Location:

Turkey

Project number:

48674

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

02 Dec 2016

Status:

Repaying

PSD disclosed:

31 Aug 2016

Translated version of this PSD: Turkish

Project Description

The EBRD and commercial co-lenders are considering providing an up to TRY 120 million syndicated secured long-term loan to Turkasset Varlik Yonetim A.S., the largest non-performing loan (NPL) asset manager in Turkey.

Project Objectives

The operation will support Turkasset in further expanding its NPL purchases from financial institutions in Turkey and will enable the company to lengthen the maturity profile of its funding and to diversify its investor base.

Transition Impact

The transaction is the first syndication of an NPL asset management company in Turkey and will (i) provide funding for further portfolio purchases, thereby deepening the Turkish NPL market and (ii) introduce a new borrower asset class to international investors.

The Client

TURKASSET VARLIK YOENETIM A.S.

Established in 2008, Turkasset is the largest NPL and distressed asset management company in
Turkey with a 35 per cent market share, total assets of EUR 241 million and total equity of EUR 92
million as of end of 2015.

EBRD Finance

TRY 60,000,000.00
TRY 120 million secured long term loan to be syndicated to co-lenders.

Project Cost

TRY 120,000,000.00

Environmental Impact

Categorised FI. Turkasset Varlik Yonetim will be required to comply with the EBRD's Performance
Requirements (PR) 2,4 and 9 and submit Annual Environmental and Social Reports on the
implementation of the PRs to the Bank.

Technical Cooperation

None.

Company Contact

Olga Ucoz
Olga.ucoz@turkasset.com
+902123558000
https://www.turkasset.com/
Profilo Plaza B Blok Kat:1 Mecidiyekoy 34394 Istanbul Turkey

 

Business opportunities

For business opportunities or procurement, contact the client company.

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