UniCredit and Yapı Kredi jointly provided a €547 million 5-year long-term refinancing facility to Multi which is owned by real estate funds managed by Blackstone, the world’s largest private equity investor in real estate.
The portfolio, with total GLA of over 316,000 sqm, consists of four shopping malls, which are located in Istanbul, Ankara, Denizli/Çamlık and Kapadokya.
The combination of UniCredit’s know-how and Yapı Kredi’s sector specific expertise along with excellent client relationships provide the market with a strong product that the market recognized.
The transaction was closed on 28th of April 2016.
Lukasz Motyl Managing Director and Eva Böhler Director of Real Estate Finance CEE in UniCredit Bank Austria AG, noted “We are very pleased to have worked with Blackstone and Multi, we are looking forward to supporting their business in Turkey also in the future. UniCredit Group is an active player at Real Estate Finance in CEE region with a strong commitment and a long term strategy for the market. The transaction increased our financing in retail portfolios in Central Europe.”
Feza Tan, Asisstant General Manager of Corporate and Commercial Banking at Yapı Kredi, noted: “By refinancing these four Multi assets with impressive long-term potential and relevance to the local communities that they serve, we are extremely proud to have fully met Blackstone and Multi’s ambition of finding a long-term financing partner who would share their vision. The transaction will be a remarkable milestone in the Turkish commercial real estate sector in 2016.”