In July, Aareal Bank approved a volume of approx. €46 million in property finance in Turkey. This takes the total of Aareal Bank’s credit volume in Turkey above the €150 million mark. The new loans include a Sheraton Hotel near Izmir, another five-star hotel in Antalya and an office building in the best district of Ankara with first-class tenants.
'Turkey is a country with high potential in the medium and long term,' comments Dr. Ralph Hill, Member of the Management Board of Aareal Bank. 'Since we first entered the Turkish market in 1999, we have consistently been getting positive feedback about our activities. We are going to keep our leading position in commercial property finance and further expand it step by step.'
Aareal Bank is the first and so far only European property bank to finance Turkish commercial properties in a large scale. Aareal Bank finances in particular shopping centres, high-quality business hotels, office buildings and logistics centres. Geographically, Aareal Bank is focusing on the prosperous business centres of Istanbul, Ankara, Izmir and Antalya. Its customers are international property investors and experienced, reputable Turkish companies.
Source: Aareal Bank