Istanbul (ots/PRNewswire) – Loans to finance capital expenditure for shopping centers in the region and projects that contribute to securing livelihoods in the affected cities
The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of EUR 30 million to Rönesans Gayrimenkul Yatırım A.Ş (Rönesans Real Estate Investment), a subsidiary of Rönesans Holding, one of Europe’s leading construction and investment companies .
Rönesans Gayrimenkul Yatırım (RGY) is the commercial real estate development and investment company of Rönesans Holding. Combining Rönesans Holding’s more than 30 years of experience in construction with 22 years of experience in real estate, RGY has a portfolio of 16 properties with a gross value of €2.6 billion (2023). Rönesans Gayrimenkul Yatırım is Turkey’s largest commercial real estate investment group with its own projects totaling approximately 1,500,000 square meters of gross floor area and approximately 740,000 square meters of gross leasable area.
The loan is intended to finance investment projects for Kahramanmaraş and Şanlıurfa Piazza shopping centers and is backed by a guarantee from the European Union.
The project will support the preservation of the region’s workforce and livelihoods. Rönesans Gayrimenkul Yatırım will offer a skill development and training program in handicraft production specifically for women. The sales training will prove beneficial to the tenants of Kahramanmaraş Piazza Shopping Center, who are facing severe exodus from the city after the earthquake face a shortage of workers.
Jürgen Rigterink, First Vice President and Head of the EBRD’s Client Services Group, said: “I was shocked and saddened during my visit to see the devastating impact the earthquakes had on the affected region, and I continue to be inspired by them the resilience and determination of the local population.”
“Reconstruction is a long process and may take many years, but it begins by enabling the private sector to regain its vibrant potential. I am proud that we have already committed more than half of our initial €1.5 billion to investments, and we will continue to support Turkey on its road to recovery by supporting projects that… Preserve the region’s livelihoods.”
İpek Ilıcak Kayaalp, Chairman of the Board of Directors of Rönesans Holding, said: “We have had a strong and long-standing partnership with the EBRD for 15 years and we look forward to working with them on our social infrastructure investment projects in Turkey and potential projects in Central Asia. We have previously received over €500 million in funding from the EBRD for our healthcare projects and are now expanding our collaboration to the real estate sector in Turkey. I believe our partnership will contribute to the ongoing reconstruction efforts in the earthquake-stricken region, as part of our efforts to implement impactful projects to mitigate the effects of earthquakes.”
Kahramanmaraş Piazza is the only shopping center in Kahramanmaraş city. Although it lies directly above the fault line, it remained intact and became a key focal point for the entire city after the February 6 earthquakes. It served as a relief center for urgent needs such as food and shelter for 1,000 people as part of the Rönesans Holding earthquake relief, headed by Erman Ilıcak, the president of Rönesans Holding.
Immediately after the 2023 earthquakes, Rönesans Holding and its 2,000 volunteers acted quickly to provide earthquake victims with essentials. Within two months of the devastating earthquakes, Rönesans Holding created temporary housing for more than 10,000 people, prioritizing the well-being of the most vulnerable members of society, particularly women, children and young people. The company has continued to support relief and reconstruction efforts and in recent months has launched additional programs to support education and mental health for those affected by the earthquakes.
Rönesan’s Gayrimenkul Yatırım is also a pioneer in green construction and has been implementing energy-saving initiatives since 2017, aiming to cover 40% of its energy consumption from renewable sources by 2025 and use 100% renewable energy in all projects by 2028. To this end, Rönesans Gayrimenkul Yatırım is intensively pursuing the use of solar energy in projects where climatic conditions allow it. With particular attention to the use of solar energy, the company has achieved a groundbreaking milestone by obtaining the highest level of BREEAM In-Use certification for its portfolio of 10 properties, marking a groundbreaking achievement as the first company in Turkey and the world.
At the end of 2023, Rönesan’s Gayrimenkul Yatırım had achieved an occupancy rate of over 97% in its shopping centers and received almost 100 million visitors annually. The company is continuing the process for the planned IPO and has submitted its applications to the Capital Market Authority (SPK) and Borsa Istanbul.
Information about the Rönesans Group
Rönesans Holding, the conglomerate’s leading investment company headquartered in Ankara, is the thirty-eighth largest international construction company in the world and the ninth largest in Europe. With offices in 30 countries in Europe, Central Asia and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been successfully operating as a prime contractor and investor in the construction, real estate development, healthcare and energy sectors for 30 years. Resilience and growth through innovation are among the company’s cornerstones and the priority is sustainability and social development. Therefore, Rönesans has developed projects to support students with scholarships, academic platforms and initiatives, has been a signatory to the UN Global Compact since 2015 and has also been a signatory to the UN Women’s Empowerment Principles since 2016.
Rönesans Holding, under the leadership of its President Erman Ilıcak, together with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies and the World Bank Group’s IFC (a minority shareholder of the group), has invested more than EUR 8 billion in groundbreaking projects around the world invested.
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Questions & Contact:
Ceren Yuksel,
+905382540053,
ceren.yuksel@ronesans.com