Iskenderun Port Concession

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Iskenderun Port was one of the largest ports in Turkey and it serves the south and southeastern Turkey as well as Middle Eastern countries. The tender for the operation rights for the port was cancelled in 2005 and reinitiated in September 2010. Limak Yaritim submitted the highest bid with US$372 million, outbidding all other eleven competitors. Limak was to operate the port for 36 years and to increase the capacity of the port. In December 2011, Limak secured financing for the project for US$425 million from Unicredit (US$50million), Finansbank (US$75 million), Garanti (US$100 million), Isbank (US$100 million), Sinai Kalkinma Bank (US$50 million) and Vakiflar Bank (US$50 million). The loan facility had a tenor of 13.5 years and a grace period of three years. Limak paid US$372 million to the Turkish government and will use the remaining amount to fund a capex program to boost the port from its current size. In April 2012, InfraMed acquired a 20% stake in the Iskenderun port. InfraMed was an investment vehicle launched by 5 investors: Cassa Depositi e Prestiti (Italy),Caisse des Dépôts et de Consignations (France), The European Investment Bank,Caisse de Dépôts et de Gestion (Morocco), EFG Hermes (Egypt) project.