InfraMed, the southern and eastern Mediterranean-focused infrastructure fund, has bought a 20 percent stake in Turkey’s Port of Iskenderun for an undisclosed amount, the vehicle announced last Friday.
The stake was purchased from Turkish developer Limak, which closed the acquisition of the port from the Turkish government earlier this year and will hold the remaining shareholding. Six banks helped Limak clinch the deal with a 13.5-year, $425 million loan for the port project.
Under its 36-year concession contract with the government, Limak, and now InfraMed too, will be responsible for transforming the Port of Iskenderun from the general cargo port it is today into a leading container terminal facility, able to handle an annual cargo throughput of 1.33 million Twenty-Foot Equivalent Units (TEU).
“We are pleased to be investing alongside Limak and working together to make this project a success for the region and for the investors,” commented InfraMed chief executive Frederic Ottavy, with chairman of the investors’ board, Franco Bassanini, hinting at more deals to come:
“InfraMed has entered its operational phase and expects to announce, in the coming months, additional investments which are now at the advanced stages.”
InfraMed started life in 2010 with a seed commitment of €385 million from five banks: France’s Caisse des Depots et Consignations, Italy’s Cassa Depositi e Prestiti, the European Investment Bank, Morocco’s Caisse de Depot et de Gestion and Egypt’s EFG Hermes.
The fund is targeting a final close of €1 billion and has hired consultancy Deloitte to help with further fundraising. Bassanini added that new fundraising activities “will commence shortly”.
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