Istanbul, Turkey, 27 November 2015 – Metro Properties sells M1 Meydan Merter shopping mall to Bahcelievler Gayrimenkul, a real estate company jointly owned by Mesturkuaz and Ziylan Group.
"Our Firm has a long standing relationship with Metro Properties in Turkey, and we were pleased to be able to draw on our extensive M&A and real estate experience to help our client navigate this complex transaction. The deal structure changed in the middle of the project, which was originally intended as a re-development but eventually turned into an acquisition," commented partner Birtürk Aydın.
A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, advised Metro Properties Gayrimenkul Yatırım A.S. (Metro Properties) on the sale of M1 Meydan Merter shopping mall to Bahcelievler Gayrimenkul, a company jointly owned by Ziylan Group, a leading retail group, and Mesturkuaz. The transaction was closed on July 14, 2015.
The deal was led by Partner Birturk Aydin with support from Senior Associate Sadi Oz and Associate Kerem Kuscu in Istanbul.
The Firm has a long history of advising Metro Properties on redevelopment and other real estate projects, including the re-development project of M1 Merkez Kartal Shopping Mall; corporate matters relating to real estate investments; and the sale of M1 Meydan Umraniye Shopping Mall along with the assets to Istanbul Gayrimenkul Yatirim San. ve Tic.
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About Esin Attorney Partnership
Esin Attorney Partnership has long been a leading provider of legal services in the Turkish market. Today, as a member firm of Baker & McKenzie, our team of nine partners and more than 60 lawyers is an integral part of a seamless global network. Our Firm is recognized locally and globally for our M&A experience, and we have advised on some of the largest deals in the Turkish market, involving public and private companies, private equity funds and other strategic investors. Advising on M&As involving real property assets is a particular specialty of our Real Estate team, which is ranked in Tier 1 of the Legal 500 directory for Real Estate in Turkey.
About Baker & McKenzie
Founded in 1949, Baker & McKenzie advises many of the world's most dynamic and successful business organizations through more than 11,000 people in 77 offices in 47 countries. The Firm is known for its global perspective, deep understanding of the local language and culture of business, uncompromising commitment to excellence, and world-class fluency in its client service. Global revenues for the fiscal year ended 30 June 2015, were US$2.43 billion. Eduardo Leite is Chairman of the Executive Committee. Eduardo Leite is Chairman of the Executive Committee. (www.bakermckenzie.com)
About Metro Properties
Metro Properties is the real estate company of Metro Group, a German diversified retail group based in Dusseldorf. In addition to its headquarters in Germany, Metro Properties is present in Poland, Russia, and Turkey. Metro Properties is a key partner for real estate investments and the development of wholesale and retail locations in the region. The CEO of Metro Properties is Jean-Christophe Bretxa.
Established as a made-to-order shoe manufacturer in Gaziantep, Turkey in the 1960s, Ziylan has grown to become one of Turkey's leading retail groups with seven footwear companies operating 295 stores. The acquisition of M1 Meydan Merter marks one of the company's first major investments in the real estate sector.
Mesturkuaz is a construction and real estate company headquartered in Istanbul with projects in Europe, the Middle East, CIS, and Africa. Mesturkuaz currently owns a stake in Capacity Shopping Mall, Canpark Shopping Mall, Sultanbeyli Shopping Mall and Pashador mixed-use project.
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