St Martins has secured the largest property loan in Turkey. The loan will finance its purchase of Europe’s largest shopping centre, the Cevahir mall in Istanbul.
In an announcement made today, the international property company said it had secured a loan of $515.5m (£261m) in a mix of dollars and euros from 11 different banks to buy the centre.
The purchase is the latest in an aggressive expansion plan for St Martins which has grown a portfolio worth in excess of £2.8bn across the UK, Europe and Australia.
The loan has been underwritten by Citibank, Eurohypo and HSBC. It will be paid over a period of five years.
St.Martins were advised by Stephenson Harwood and Pekin & Bayar.