Unicredit Bank Austria and Yapi Kredi have agreed to provide a EUR 101 mln construction-to-permanent financing facility for a shopping centre development project in Adana, Turkey.
Unicredit Bank Austria and Yapi Kredi have agreed to provide a EUR 101 mln construction-to-permanent financing facility for a shopping centre development project in Adana, Turkey.
International law firm Salans advised a joint venture between Turkish shopping centre development group Renaissance and private equity real estate fund, Amstar Global Partners, in the talks with the banks.
The Optimum Outlet Center will consist of 57,500 m2 of leasable area. Construction is already underway with expected opening in the first quarter of 2011. It is part of a series of joint projects that Amstar and Renaissance are developing in Turkey and Russia.
The financing joint venture team was led by Jason Lucas of Amstar.
Lucas said in a statement: 'Putting the financing in place in this environment is a testament to the strength of the project and the sponsorship. We are pleased that our development strategy has received the backing of Yapi Kredi and UniCredit Bank Austria and we look forward to bringing the project to completion with them. The support of Salans was instrumental in getting the financing done.'
Marcell Clark, co-chair of Salans' Global Real Estate Finance Team added: 'Although difficult to obtain, financing of quality projects in growing markets is still possible in this downturn.'
