Aerium secures $240m debt facility for Turkish portfolio

London and Geneva-based real estate fund manager Aerium has refinanced its debt on a Turkish retail portfolio with merchant bank Akbank.

Aerium, the London and Geneva-based real estate investment fund manager, has completed its first “sizeable” refinancing in Turkey since the beginning of the global economic downturn.

In an announcement, the firm, which has €7.4 billion in assets under management across 650 properties, said it had secured the refinancing with Turkish bank Akbank, from which it has borrowed since 2005.

Aerium said the $240 million debt facility would enable it to extend and redevelop parts of its Turkish shopping centre portfolio within its Bainbridge Capital Retail Properties funds. The firm said the financing, which replaces its existing obligation, took two weeks to arrange.

Charles Edouard Castella, director of Aerium’s Bainbridge fund, said: “The amount of additional flexibility the new facility will provide us with has not only enabled us to realise value from the existing portfolio but will allow us to generate further value on behalf of our investors.”

Aerium currently manages shopping centres in towns and cities across Turkey including Bursa, Haramidere, Icerenkoy, Izmit and Mersin.