Page 29 - TURKRptFeb21

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
Expectation Global Liman (GPH) Jan-21 Gaziantep city hospital
Jan-21 Ankara city hospital
Dec-20 Akfen REIT (AKFGY)
Dec-20 Akis REIT (AKGSY)
Nov-20 Private airlines Oct-20 Temsa
Oct-20 Bereket Enerji
Oct-21 Izmir, Kocaeli city hospital
Oct-21 Dogus Holding Sep-19/Sep-20 126 companies
Sep-20 Enerjisa Sep-20 Health Ministry
Jun-20 Hema
Apr-19 Bereket Enerji Apr-19 Dogus Holding
Jul-18 Yildiz Holding
Major executions by Turkish lenders
Owner
Global Yatirim holding Samsung(Korea), WeBuild, Kayi, Actus
Turkerler, WeBuild(Italy)
Akfen Holding
Akkok/EBRD
Pegasus, Tav etc. Sabanci
Bereket Holding
Turkerler, Gama, GE/(US) Sahenk
-
Sabanci Government Hattat
Bereket Holding Sahenk
Ulker
Amount
$250mn €483.5mn
€883mn €178mn $23mn TRY20bn
- $3.9bn
€900mn €2.3bn
Maturity
Nov 14, 2021 -
- 10-year 5-year rumour
- rumour
- rumour
Banks
eurobond
rumour
EBRD, IFC, Agricole, Deutsche, UniCredit, Isbank, Akbank, TSKB
Credit Europe, Fibabanka
HSBC
meeting with government Ziraat
-
EBRD, US Overseas, ICBC, Intesa, UniCredit
-
TBB
Akbank, Garanti, HSBC, Isbank,TEB
medical companies Denizbank, Suisse -
-
-
TRY17.6bn -
€650mn - TRY19bn -
€400mn 10-year $5bn - €2.3bn - $6.5bn -
29 TURKEY Country Report February 2021
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