Narrative
Full Description
Project narrative
On October 18, 2017, Kurtköy Gayrimenkul Yatırım İnşaat Turizm Sanayi ve Ticaret A.Ş. signed an EUR 203,000,000 syndicated loan agreement with ICBC Turkey Bank A.Ş., the Dubai Branch of the Industrial and Commercial Bank of China Limited, and the Singapore Branch of the Industrial and Commercial Bank of China Limited for the Optimum Ankara Shopping Center Refinancing Project. The borrowing terms of the loan are unknown. However, it is known that a first degree mortgage on the Optimum Ankara Shopping Center (property) was pledged to the lenders as a source of collateral. There is also a first degree share pledge over the shares in Kurtköy Gayrimenkul Yatırım İnşaat Turizm Sanayi ve Ticaret A.Ş. in favor of ICBC Turkey Bank A.Ş. (Ankara Branch). The proceeds of the loan were used in part to refinance existing debts for Optimum Ankara. Optimum Ankara is a modern large shopping center with retail GLA of 37,940 m 2. The property consists of 30,976 m2 of land and a shopping center. Optimum Ankara is located in Eryaman district, in Ankara, at the junction of Istanbul and Eskişehir highways, which are the main arteries connecting the district to the city centre. Optimum Ankara includes 177 stores from a wide variety of retail segments, combined with various leisure facilities, including an 18-lane bowling alley, a 14-screen cinema and a 401 m2 indoor ice skating rink. It also has 680 indoor and 248 outdoor parking spaces. The shopping center was designed by Öncüoǧlu Architecture. Optimum Ankara is a freehold property owned by Kurtköy Gayrimenkul Yatırım İnşaat Turizm Sanayi ve Ticaret A.Ş. (a 50:50 joint venture between Rönesans Gayrimenkul Yatırım A.Ş. and the Government of Singapore Investment Corporation that owns the land on which the Optimum Ankara shopping center has been built). The shopping centre was constructed by Rönesans Construction in June 2003 and was built in two phases, with the construction of the second phase completed in October 2006. The shopping center opened in November 2006. The total project costs amounted to approximately TRY 87 million It is located approximately 25 kilometers from the city centre and in close proximity to the Ankara-Etimesgut Highway exit which leads to the convergence of several roads near the centre. Kurtköy Gayrimenkul Yatırım İnşaat Turizm Sanayi ve Ticaret A.Ş. owns the lands and buildings.
Staff comments
1. The parcel on which the shopping centre is built is subject to certain encumbrances, including among others, a first degree mortgage in favor of ICBC Turkey Bank A.Ş. in the amount of $70,000,000 and in favor of Industrial and Commercial Bank of China Limited, Dubai and Singapore Branches, in the amount of $160,000,000. 2. Rönesans Gayrimenkul Yatırım A.Ş. U.S.$300,000,000 7.250 per cent. Notes due 2023 (Source ID 208371) contains contradicting completion dates for construction of Optimum Ankara: November 2006 and 2004. AidData has gone with the November 2006 date. 3. The individual contributions from the two branches of ICBC and the ICBC Turkey subsidiary are unspecified. For the time being, AidData assumes that each bank provided equal contributions (EUR 67,666,666.66) to the syndicated loan.