St Martins, the London-based international property investor and developer, has completed the financing for the acquisition of Europe's largest shopping centre, Cevahir mall in Istanbul.

St Martins, the London-based international property investor and developer, has completed the financing for the acquisition of Europe's largest shopping centre, Cevahir mall in Istanbul.

The company said the total loan of $515 mln (EUR 383 mln), in a mix of dollars and euros, is believed to be the biggest real estate loan ever put in place for Turkish real estate. A total of 11 banks involved in the lending syndicate. The three initial mandated lead arrangers, Citibank, Eurohypo and HSBC. Citibank and HSBC were also the book-runners for the transaction, responsible for syndicating the loan to other banks. The loan, which was over-subscribed, has been agreed on very competitive terms over a period of 5 years.

David Bithell, Senior Executive Director, St.Martins, said: 'To have pulled off the acquisition of the Cevahir mall, in the face of stiff international competition, was a significant coup for St.Martins. Similarly, we are delighted with the terms of the financing deal, which clearly demonstrates St.Martins’ strength and standing in the financial markets'. Martins were advised by Stephenson Harwood and Pekin & Bayar.

Cevahir opened at the end of 2005. The six-storey mall has 320 units, which are let to national and international retailers, together with a 14-screen cinema, a bowling alley and a 'Disney Centre'.