Badea Clifford Chance assisted in 101-mln euro real estate financing in Turkey

Badea Clifford Chance lawfirm has advised another transaction in Southeast Europe, having recently assisted UniCredit Bank Austria and Yapi Kredi, one of the largest Turkish private banks, in connection with the 101-mln euro financing for the development of Optimum Shopping Center, located in Turkey.

Optimum Shopping Center is being jointly developed by the Turkish company Ronenans and the US investment firm Amstar Global Partners in the city of Adana, which is located in the southeastern part of the country. The shopping center is estimated to cost 141 million euros and will be opened in March.

"This transaction is particularly relevant for our activity, reflecting the significant extent to which our office is a hub for the Southeastern European market. We have regularly advised clients such as Morgan Stanley and Deutsche Bank in transactions in various countries from the region such as Turkey, Bulgaria, Croatia, Moldova and Serbia." commented Daniel Badea, Managing Partner of Badea Clifford Chance.

Badea Clifford Chance team which worked on this transaction comprised Perry Zizzi (partner, real estate finance), Cosmin Anghel (counsel, banking) and John Fenemore (senior associate, banking).

"This was a significant real estate deal at a time when financing is still extremely difficult to obtain for such projects, particularly in a market such as Turkey, which has probably been as severely hit by the financial crisis as Romania. Clifford Chance considers Southeast Europe, and in particular Turkey, to be a key market in the coming years and this is evidenced by the firm's having entered into a strategic advisory arrangement with one of Turkey's top lawyers."

Perry Zizzi has advised on matters throughout Southeast Europe, including on debt restructuring, real estate, finance, privatisations and M&A.

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