White & Case and GKC Partners advise bank syndicate on €1.7 billion financing for Antalya-Alanya motorway project

Global law firm White & Case LLP and GKC Partners have advised senior financiers including Deutsche Bank, Asian Infrastructure Investment Bank, Black Sea Trade and Development Bank, Islamic Development Bank, Islamic Corporation for the Development of the Private Sector, ICBC, Silk Road Fund, Bank of Bahrain and Kuwait, Kuveyt Türk, Akbank, Garanti BBVA, QNB, VakıfBank, and Ziraat Bank, on the €1.7 billion senior secured financing for the Antalya-Alanya motorway project.

The project was awarded to Limak İnşaat Sanayi ve Ticaret A.Ş. by the General Directorate of Highways under a Build-Operate-Transfer (BOT) model in 2024. The financing will support the design, construction, operation and maintenance of the motorway through project company Antalya Alanya Otoyolu İnşaat Yatırım ve İşletme A.Ş.

"This transaction involved the coordination of 14 financial institutions across multiple jurisdictions in a multi-tranched financing comprised of conventional and Islamic financing facilities, while structuring one of the largest sustainability-linked infrastructure financings in Türkiye to date. We appreciate the contributions of all financial institutions and Limak as sponsor in bringing this complex transaction to a successful close." said White & Case partner Sebastian Buss, who co-led the Firm's deal team. "The successful signing of the principal finance documents demonstrates how our international PPP capabilities, combined with deep local project finance expertise, can deliver landmark transactions that set new standards for the market."

"With international lenders providing a significant portion of the financing, this transaction demonstrates strong confidence in Türkiye's infrastructure sector" said GKC Partners managing partner Güniz Gökçe. "As the largest sustainability-linked financing for a BOT motorway project in the country, it establishes a new benchmark for sustainable infrastructure investment."

The motorway will reduce travel time between Antalya and Alanya from approximately 2.5 hours to 36 minutes. Expected to be completed within the next three years, the project will enhance regional connectivity and support tourism and commercial development in Türkiye.

The White & Case team which advised on the transaction was led by partners Sebastian Buss (Istanbul), Suzanne Perry, Martin Menski (both Washington, DC), Paddy Mohen (London), Sherief Rashed (Dubai), assisted by associates Ijeoma Oti, Andre Felipe Salles Cristofaro, Margaret Zelenski, Callum Sherrell (all Washington, DC), Bethanie Abrahams, Celine Ng (both London) and transaction lawyers, Bojan Bajalovic, Anna Spentzou (both Frankfurt).

The GKC Partners team in Istanbul was led by partners Güniz Gökçe, Ateş Turnaoğlu and Gökçe Uluç, assisted by associates Baran Abur, Can Argon, Kaan Alkan, Umut Korkmaz, Segenay Kerimoğlu, Efe Soysal, Göktuğ Yiğiter, Deniz Alkan, Tibet Şeheri and İrem Gülderen.

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