Salans' Global Real Estate Group has advised The Blackstone Group on the acquisition and financing of its landmark acquisition of a portfolio of three Turkish shopping centers from Redevco.
The portfolio, consisting of centers in Ankara, Manisa and Erzurum, include more than 100,000 m² of retail space.
This is the largest recent cross-border real estate investment in Turkey, which is one of the world's most dynamic emerging markets. The financing for the acquisition was arranged by Unicredit Bank AG.
Eric Rosedale, Co-Chairman of Salans' Global Real Estate Group, remarked that "the closing of this complex cross-border transaction is significant not only due to its size, but because it took place in an evolving legal and regulatory environment.
"It also highlighted the strengths of our Turkish and cross-border teams, and we were able to draw upon attorneys with multiple specializations across borders in a number of Salans offices."
Balcioglu Selçuk Akman Keki (BASEAK) advised The Blackstone Group on the Turkish law aspects of the acquisition. Associated with Salans, Balcioglu Selçuk Akman Keki is an Istanbul-based full-service law firm with four partners and more than 40 fee earners.
As the Head of BASEAK Real Estate Group, Partner Barlas Balcioglu led the deal team in Turkey together with Counsel Alican Babalioglu. Salans Cross-border real estate M&A partner Chris Berlew led the international aspects of the transaction, and Co-Chairman of Global Real Estate, Eric Rosedale, coordinated the cross-border teams.