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banks in the next three months due to outstanding investment loans amounting to $15bn, Huseyin Altas, head of the Turkish Council of Shopping Centres (AYD), told local business daily Dunya on January 14.
D’S Damat franchise deals ‘show Turkey’s hard-pressed mall operators becoming their own tenants’.
In November, Qatar bought a 30% stake in Istinye Park Mall in Istanbul.
In October, Fitch Ratings downgraded Turkish shopping mall operator Ronesans Gayrimenkul Yatirim (RGY/Ronesans REIT) by one notch to B/Negative, five notches below investment grade and two notches below Turkey’s sovereign rating.
In September, Murat Izci, head of KDM Shopping Malls Leasing and Management Consulting, told daily Cumhuriyet that the coronavirus (COVID-19) outbreak had already impacted Turkey’s 434 shopping centres like a “tsunami” and that they might not weather the fallout from a possible second wave of the pandemic.
Also on January 14, Dunya reported that banks have placed hotels in Antalya under close monitoring and that they may change hands in the coming period.
Daily Sozcu reported that about 2,000 hotels in Turkey were subject to a fire sale, with hotel owners worried about losing their properties to banks.
BloombergHT reported that the Turkish construction industry’s share in overall NPLs rose to 17% in 2020 from 13.7% in 2019 and 10.7% in 2018.
Major debt restructurings by Turkish borrowers
Borrower
Owner
Amount
Maturity
Banks
Expectation
Global Liman (GPH)
Global Yatirim holding
$250mn
Nov 14, 2021
eurobond
Jan-21
Gaziantep city hospital
Samsung(Korea), WeBuild, Kayi, Actus
€483.5mn
-
rumour
Jan-21
Ankara city hospital
Turkerler, WeBuild(Italy)
€883mn
-
EBRD, IFC, Agricole, Deutsche, UniCredit, Isbank, Akbank, TSKB
Dec-20
Akfen REIT (AKFGY)
Akfen Holding
€178mn
10-year
Credit Europe, Fibabanka
Dec-20
Akis REIT (AKGSY)
Akkok/EBRD
$23mn
5-year
HSBC
Nov-20
Private airlines
Pegasus, Tav etc.
TRY20bn
rumour
meeting with government
Oct-20
Temsa
Sabanci
-
-
Ziraat
Oct-20
Bereket Enerji
Bereket Holding
$3.9bn
rumour
-
Oct-21
Izmir, Kocaeli city hospital
Turkerler, Gama, GE/(US)
€900mn
-
EBRD, US Overseas, ICBC, Intesa, UniCredit
Oct-21
Dogus Holding
Sahenk
€2.3bn
rumour
-
Sep-19/Sep-20
126 companies
-
TRY17.6bn
-
TBB
Sep-20
Enerjisa
Sabanci
€650mn
-
Akbank, Garanti, HSBC, Isbank,TEB
Sep-20
Health Ministry
Government
TRY19bn
-
medical companies
Jun-20
Hema
Hattat
€400mn
10-year
Denizbank, Suisse
Apr-19
Bereket Enerji
Bereket Holding
$5bn
-
-
Apr-19
Dogus Holding
Sahenk
€2.3bn
-
-
Jul-18
Yildiz Holding
Ulker
$6.5bn
-
-
28 TURKEY Country Report February 2021 www.intellinews.com
