Ærium secures EUR 186m refinancing for Turkish retail portfolio

Ærium, a European real estate fund manager, has announced the refinancing of its Turkish retail portfolio, Bainbridge Capital Retail Properties through a $240 mln (EUR 186 mln) debt facility with Akbank. Describing the transaction as the first sizeable refinancing in Turkey since the onslaught of the global economic crisis, Ærium said it had now secured capital for extension and redevelopment works on its Turkish shopping centres.

The with Akbank was completed within two weeks and replaces Ærium's entire previous facility.

Akbank has been Ærium'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, a major tenant within Bainbridge's portfolio.

Cem Mengi, executive vice president of corporate banking at Akbank, said: 'We will continue to support such investment through our strong financial capabilities and exceptional track record built through many years of structuring landmark projects. Our activities include real estate financing for land acquisition, residential and commercial developments, including shopping malls, and medical facilities, which we are able to support with a wide range of other portfolio products such as mortgages and commercial loans, pre-IPO financing, bond issues, and structuring of real estate investment trusts.'

Luxembourg-based Ærium manages private equity real estate funds in continental Europe, as well as separate mandates for institutional clients. Over the past seven years, Ærium has raised equity of more than EUR 2.7 bn for a range of funds and has carried out acquisitions, development, management and structured financing of, and advisory services for, commercial properties throughout Europe and North Africa.