The fourth real estate investment fund of Ak Portfoy (Ak Asset Management) has taken over Istanbul’s Palladium Atasehir shopping mall from local property management company Tahincioglu Gayrimenkul Yonetimi (Tahincioglu Property Management), Tahincioglu Gayrimenkul’s chairman
Ak Portfoy is a wholly owned subsidiary of local private lender
Tahincioglu Gayrimenkul has reduced its debts with the sale of Palladium Atasehir, while its overall sales to other real estate investment funds—owned by Ziraat REIT, Vakif REIT, Vakif Katilim, Ak Portfoy, Is Portfoy, Unlu Portfoy and Re-pie Portfoy—have amounted to more than
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The sale price for Palladium Atasehir, which had monthly rental income of €1mn before the coronavirus (COVID-19) pandemic struck in
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Turk Telekom, 55% of which was sold to
Turk Telekom’s privatisation licence will expire in 2026.
In December, Turkish finance minister Lutfi Elvan said problem loans recorded as under close monitoring at Turkish banks had reached TRY382bn (
Restructured loans
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Restructured loans are thought to be recorded as under close monitoring but Turkish authorities do not provide data that is clear enough to show whether or not that is the case.
Banks are not obliged inform the TBB about all debt restructurings and the figure given may not reflect the whole restructured amount, business daily Dunya noted.
According to the latest data from the banking watchdog BDDK, Turkish banks’ loan volume stood at TRY3.55 trillion as of
Data from Elvan showed overall NPLs and loans under closing monitoring totalled TRY534bn, or 15.1% of total loans.
The figure is expected to extend into the 20%s in 2021 as Turkey’s loan volume has lately gone into decline.
The overall equity of the Turkish banking industry rose to TRY588bn at end-November from TRY573bn at end-October.
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