The fourth actual property funding fund of Ak Portfoy (Ak Asset Administration) has taken over Istanbul’s Palladium Atasehir shopping center from native property administration firm Tahincioglu Gayrimenkul Yonetimi (Tahincioglu Property Administration), Tahincioglu Gayrimenkul’s chairman Ozcan Tahincioglu told Turkish day by day Hurriyet on January 5.
Ak Portfoy is a completely owned subsidiary of native personal lender Akbank, managed by Turkey’s Sabanci Holding conglomerate.
Tahincioglu Gayrimenkul has diminished its money owed with the sale of Palladium Atasehir, whereas its general gross sales to different actual property funding funds—owned by Ziraat REIT, Vakif REIT, Vakif Katilim, Ak Portfoy, Is Portfoy, Unlu Portfoy and Re-pie Portfoy—have amounted to greater than $330mn, Tahincioglu added.
On January 6, native property information portal Emlak Gundemi claimed that Akbank took over the shopping center in trade for Tahincioglu Holding’s $300mn debt.
The sale worth for Palladium Atasehir, which had month-to-month rental earnings of €1mn earlier than the coronavirus (COVID-19) pandemic struck in Turkey early final yr, was not disclosed, the publication famous.
Marmara Discussion board talks
Akbank was additionally in talks to take over Marmara Discussion board shopping center, owned by Netherlands-based Multi Corporation, Emlak Gundemi additionally claimed, with out citing sources.
On December 18, Akbank said in a inventory trade submitting that it had purchased The Les Ottomans Lodge in Istanbul, which was put up as collateral for a mortgage granted to Unit Funding NV. The acquisition was made at an execution “public sale” for Turkish lira (TRY) 430mn, offset in opposition to the receivable.
Akbank can be energetic within the telecommunications enterprise by way of Turk Telekom. The telco was taken over by Akbank, Garanti Financial institution and Isbank in 2018 after the licence holder Oger Telecom defaulted on a $4.7bn mortgage.
Turk Telekom, 55% of which was bought to Oger Telecom in 2005 in a privatisation deal, marked the largest default in Turkish historical past. Former Oger chairman and present PM-designate of Lebanon, Saad Hariri, was on January 8 hosted by Turkish President Recep Tayyip Erdogan in Istanbul.
Turk Telekom’s privatisation licence will expire in 2026.
In December, Turkish finance minister Lutfi Elvan stated drawback loans recorded as underneath shut monitoring at Turkish banks had reached TRY382bn ($48.8bn), whereas there was a further TRY151bn ($19.3bn) in non-performing loans (NPLs).
Restructured loans
On January 12, a report from the banking affiliation TBB showed that Turkish banks restructured TRY193.5bn value of loans from 2018 to September 2020.
Restructured loans are considered recorded as underneath shut monitoring however Turkish authorities don’t present information that’s clear sufficient to indicate whether or not or not that’s the case.
Banks are usually not obliged inform the TBB about all debt restructurings and the determine given could not mirror the entire restructured quantity, enterprise day by day Dunya famous.
In accordance with the most recent information from the banking watchdog BDDK, Turkish banks’ mortgage quantity stood at TRY3.55 trillion as of January 7, with TRY151bn value of NPLs and an NPL ratio of 4.25%.
Knowledge from Elvan confirmed general NPLs and loans underneath closing monitoring totalled TRY534bn, or 15.1% of whole loans.
The determine is expected to increase into the 20percents in 2021 as Turkey’s mortgage quantity has currently gone into decline.
The general fairness of the Turkish banking business rose to TRY588bn at end-November from TRY573bn at end-October.
