Akis REIT (EBRD-49903)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Specific Location
Beykoz, Istanbul
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AKIS GAYRIMENKUL YATIRIM ORTAKLIGI AS
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 24.97 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 59.97 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 3, 2018

Disclosed by Bank Apr 23, 2018


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Project Description

This project provides financing to AKIS GYO Gayrimenkul Yatirim Ortakligi A.S., a real estate investment trust, for funding the company's development pipeline and to improve its balance sheet. The EBRD's proposed financing will also fund the capital expenditures for the Beykoz project, a residential development in Istanbul.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

AKIS GYO Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment trust part of Akkok Holding,  Turkey. AKIS' current commercial portfolio includes two major shopping malls (Akasya Shopping Mall and Akbati Shopping Mall), high street retail real estates and residential assets.

Contact Information

I. Goksin Durusoy
goksin@akisgyo.com
+90 212 393 01 00
+90 212 393 01 02
www.akisgyo.com
Acibadem Mah. Çeçen sok. No:25 Akasya AVM 34660

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.