STATEMENT: EBRD provides 30 million euros of long-term financing to Rönesans Gayrimenkul Yatırım

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-EBRD provides 30 million euros of long-term financing to Rönesans Gayrimenkul Yatırım to support regions affected by the 2023 earthquakes

Loan to finance capex to support business centers in the region and projects to help preserve livelihoods in affected cities

ISTANBUL, March 28, 2024 /PRNewswire/ -- The European Bank for Reconstruction and Development (EBRD) provides a senior loan of €30 million to Rönesans Gayrimenkul Yatırım A.Ş (Rönesans Real Estate Investment), a subsidiary of Rönesans Holding, one of the main contracting and investing companies in Europe.

Rönesans Gayrimenkul Yatırım (RGY) is the commercial real estate development and investment company of Rönesans Holding. Combining Rönesans Holding's more than 30 years of construction experience with 22 years of real estate experience, RGY has an asset portfolio of 16 real estate properties with a gross asset value of €2.6 billion as of 2023. Rönesans Gayrimenkul Yatırım is Turkey's largest commercial real estate investment group with its own managed projects, totaling approximately 1,500,000 square meters of gross construction area and about 740,000 square meters of gross leasable area.

The loan will finance the supporting capital expenditure of the Kahramanmaraş and Şanlıurfa Piazza shopping centers and will be backed by a guarantee from the European Union.

The project will support the preservation of human capital and livelihoods in the region. Rönesans Gayrimenkul Yatırım will offer a skills development program and craft production trainings dedicated to women. The sales training will prove beneficial for tenants of the Kahramanmaraş Piazza shopping center who are facing a labor shortage following a major migration from the city after the earthquake.

Jürgen Rigterink, first vice president and head of the client services group at the EBRD, said: "I was surprised and saddened to see during my visit the devastating impact that the earthquakes have had on the affected region, and I continue to be inspired by the resilience and determination of the local population here."

"Reconstruction is a long process and may take many years, but it begins by allowing the private sector to regain its vibrant potential. I am proud to say that we have already made available more than half of our initial investment response of €1.5 billion, and we will continue to support Turkey on its path to recovery by supporting projects that preserve the region's livelihoods."

İpek Ilıcak Kayaalp, Chairman of the Board of Directors of Rönesans Holding, said: "We have a strong and long-standing partnership with EBRD for 15 years, and we are happy to collaborate with them on our social infrastructure investment projects in Turkey and potential projects in Central Asia. We have secured over €500 million in EBRD funding for our healthcare investment projects in the past, and we are now expanding our collaboration with the real estate sector in Turkey. I believe our partnership will contribute to recovery efforts underway in the earthquake-affected region, as part of our efforts to implement impactful projects to mitigate the effects of the earthquakes."

Kahramanmaraş Piazza is the only shopping center in the city of Kahramanmaraş. Despite its location directly above the fault, it remained intact and became a crucial focal point for the entire city after the February 6 earthquakes. It served as a relief center for urgent needs, such as food and shelter, for 1,000 people as part of Rönesans Holding's earthquake relief efforts, under the leadership of Erman Ilıcak, Chairman of Rönesans Holding.

Immediately after the 2023 earthquakes, Rönesans Holding and its 2,000 volunteers acted quickly to meet the urgent needs of earthquake victims. Two months after the devastating earthquakes, Rönesans Holding had created temporary living spaces designed for more than 10,000 people, prioritizing the well-being of the most vulnerable members of society, especially women, children and youth. The company has continued to support relief and recovery efforts, launching additional programs to support the education and mental health of those affected by the earthquakes of recent months.

Rönesans Gayrimenkul Yatırım has also been one of the early leaders in green construction and implementation of energy saving initiatives since 2017, aiming to cover 40% of its energy consumption with renewable sources by 2025 and achieve 100 energy usage. % renewable in all projects by 2028. Rönesans Gayrimenkul Yatırım intensely pursues the use of solar energy in projects where climatic conditions allow it. With a particular focus on the use of solar energy, it has achieved a pioneering milestone by obtaining the highest level of BREEAM In-Use certification for its portfolio of 10 properties, marking a groundbreaking achievement as the first in Turkey and globally.

At the end of 2023, Rönesans Gayrimenkul Yatırım, which has achieved an occupancy rate of more than 97% in its shopping centers and receives close to 100 million visitors per year, continues its process of reviewing its public offer, having submitted its applications to Capital Markets Board (SPK) and Borsa Istanbul.

Acerca de Rönesans Group

Rönesans Holding, the main investment entity of the Ankara-based conglomerate, is the 38th largest international contracting company globally and the 9th largest in Europe. With operations in 30 countries in Europe, Central Asia and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been successfully operating for 30 years as a main contractor and investor in the construction, real estate development, healthcare and energy. By putting resilience and growth through innovation at the center of the company, with a priority on sustainability and social development, Rönesans has developed projects that support students with scholarships, platforms and academic initiatives; has been a signatory to the United Nations Global Compact since 2015; and signatory of the UN Women's Empowerment Principles since 2016.

Rönesans Holding, under the leadership of its president, Erman Ilıcak, together with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C

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