Doha, August 28 (QNA) – Turkey’s Is REIT Company has signed a US$ 50 Million Murabaha a two-year term facility with a syndicate of banks from the GCC. Q.Invest acted as Sole Book runner and Structuring Advisor to Is REIT Company. Qatar Islamic Bank was the Initial Mandated Lead Arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank and Mashreq Bank, taking the Mandate Lead Arranger roles.
Founded in 1999, Is REIT is a Turkish Real Estate Investment Trust engaged in the investment and development of real estate projects in Turkey. The Company s portfolio was valued at US$ 920 Million as in 31 December 2011.
Is REIT is listed on Istanbul Stock Exchange and has a market capitalisation of US$ 431 Million as of August 26. The company is 42% owned by the public, 42.2% by Turkiye IsBank and 15.8% by other shareholders.
IS REIT Chief Executive Officer Turgay Tanes, said, “We believe that a Murabaha facility is the most suitable form of financing for our business since it is one of the most widely used instruments used by banks within Islamic Finance. This type of instrument offers relevant cost and payment terms for our current and future investments. We are pleased to work with QInvest and announce this initiative.”
QInvest Chief Executive Officer Shahzad Shahbaz said, “The success of this deal is a testament to the efforts of all teams involved. QInvest was able to execute this Transaction by bringing a number of leading banks into the syndicate and we are pleased to have arranged this milestone transaction in Turkey.” (QNA)