The European Bank for Reconstruction and Development (BERD) has approved a first-ranking loan of €30 million to Rönesans Gayrimenkul Yatırım A.Ş (Rönesans Real Estate Investment), a subsidiary of Rönesans Holding, one of the leading European contracting and investment companies.
Rönesans Gayrimenkul Yatırım (RGY) is the commercial real estate development and investment company of Rönesans Holding. With Rönesans Holding’s 30 years of experience in construction and 22 years of experience in real estate, RGY has a portfolio of 16 properties with a gross value of €2.6 billion as of 2023. Rönesans Gayrimenkul Yatırım is the largest commercial real estate investment group in Turkey, with its own managed projects totaling approximately 1,500,000 square meters of gross construction area and about 740,000 square meters of gross leasing area.
The loan will finance the support investment expenses of the Kahramanmaraş and Şanlıurfa Piazza shopping centers and will be guaranteed by the European Union. The project aims to support the preservation of human capital and livelihoods in the region. Rönesans Gayrimenkul Yatırım will propose a skills development and artisanal production training program for women. Sales training is expected to benefit the tenants of the Kahramanmaraş Piazza shopping center, who are facing a labor shortage following the significant migration to the city after the earthquake.
Jürgen Rigterink, First Vice President of BERD and Head of the Customer Services Group, said, “I was shocked and saddened to see the devastating impact of the earthquakes in the affected region during my visit, and I continue to be inspired by the resilience and determination of the local population. Reconstruction is a lengthy process that can take many years, but it begins by enabling the private sector to regain its full potential. I am proud to say that we have already made more than half of our initial investment response of €1.5 billion available, and we will continue to support Turkey on the path to recovery by supporting projects that preserve the livelihoods in the region.”
The loan from BERD is part of their long-standing partnership with Rönesans Holding, which spans 15 years. The collaboration aims to invest in social infrastructure projects in Turkey and potential projects in Central Asia. Rönesans Holding has previously obtained more than €500 million in financing from BERD for their healthcare investment projects, and they are now expanding their collaboration to the real estate sector in Turkey. The partnership is expected to contribute to the ongoing recovery efforts in the earthquake-affected region.
*Note: The article provided is a translation from French to English.
Rönesans Gayrimenkul Yatırım A.Ş (Rönesans Real Estate Investment) is a subsidiary of Rönesans Holding, which is one of the leading European contracting and investment companies. Rönesans Gayrimenkul Yatırım is the largest commercial real estate investment group in Turkey and has a portfolio of 16 properties with a gross value of €2.6 billion as of 2023. They have 30 years of experience in construction and 22 years of experience in real estate. The company manages projects totaling approximately 1,500,000 square meters of gross construction area and about 740,000 square meters of gross leasing area.
The loan from the European Bank for Reconstruction and Development (BERD), in the amount of €30 million, will support investment expenses for the Kahramanmaraş and Şanlıurfa Piazza shopping centers. This loan will be guaranteed by the European Union. The project aims to support the preservation of human capital and livelihoods in the region.
Rönesans Gayrimenkul Yatırım plans to propose a skills development and artisanal production training program for women. Additionally, the sales training will benefit the tenants of the Kahramanmaraş Piazza shopping center, as they are facing a labor shortage following significant migration to the city after the earthquake.
The collaboration between BERD and Rönesans Holding has been established for 15 years, with a focus on investing in social infrastructure projects in Turkey and potential projects in Central Asia. Previously, Rönesans Holding received more than €500 million in financing from BERD for their healthcare investment projects. Now, the partnership is expanding to include the real estate sector in Turkey, with the goal of contributing to ongoing recovery efforts in the earthquake-affected region.
For more information, you can visit the Rönesans Holding website here.