The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of 30 million euros to Rönesans Gayrimenkul Yatırım (RGY), a subsidiary of Rönesans Holding.
The project will finance the capex support of the Kahramanmaraş and Şanlıurfa Piazza shopping centers and help to preserve human capital and livelihoods in the region, the bank said in a statement.
RGY, Türkiye’s largest commercial-real-estate-investment group, has an asset portfolio of 16 properties, which had a gross value of 2.6 billion euros at the end of 2023.
The funding will be backed by a financial guarantee from the European Union.
Reconstruction is a long process and can take many years, but it begins by allowing the private sector to regain its vibrant potential, said Jürgen Rigterink, first vice president and head of the client services group of the EBRD.
“I am proud to say that we have already made available more than half of our initial 1.5 billion euros investment response, and we will continue to stand with Türkiye on its path to recovery by supporting projects that preserve the livelihoods of the region,”he added.
“We have secured more than 500 million euros in financing from the EBRD for our healthcare investment projects in the past, and we are now extending our collaboration to the real-estate sector in Türkiye,” said İpek Ilıcak Kayaalp, chair of the board of directors of Rönesans Holding.
Source: hurriyetdailynews