Mar 25 2012
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InfraMed Invests in Turkish Port
InfraMed, an innovative EUR 385 million infrastructure fund targeting the Southern Mediterranean region, sponsored by EFG Hermes and major European and regional institutional investors, invests in Iskenderun Port in Anatolia
Dubai, UAE -- InfraMed, an infrastructure investment fund that capitalises on the Mediterranean region's ongoing need for infrastructure development, has acquired a 20% stake in Limak Iskenderun, the special purpose vehicle (SPV) that will operate and develop Iskenderun Port in Anatolia under a 36-year concession. The deal marks the fund's first entry into the promising Turkish market.
"This landmark transaction demonstrates our team's ability to close attractive deals and participate in developing the region's infrastructure," said Karim Moussa, Managing Director at EFG Hermes and Member of the Investment Committee of InfraMed. "Infrastructure is a long-term and stable asset class, offering regional investors an appealing proposition in the current dynamic market environment."
The stake was acquired from leading Turkish industrial conglomerate, Limak, which will continue to hold the balance of the equity. Limak Iskenderun won the port concession as part of the government's privatization program in December 2011. Currently a general cargo port, Limak Iskenderun will invest in the facility to transform it into a leading container terminal with a phase 1 capacity in excess of 1.3 million TEU per annum.
InfraMed is a long-term infrastructure investment fund focused on the Southern and Eastern Mediterranean regions, which have some of the highest economic growth rates with the fastest population growth and youngest population worldwide. The historical under-investment of the infrastructure sector magnified by the increasing urbanisation trends and rising standards of living have resulted in enormous regional needs for project developments in transportation, energy, urban infrastructure.
The fund was launched in May 2010 by five leading European and regional institutional investors: EFG Hermes (Egypt), the European Investment Bank (Luxembourg), Caisse des Dépôts et de Consignations (France), Cassa Depositi e Prestiti (Italy), and Caisse de Dépôts et de Gestion (Morocco). The fund has a target size of c. EUR 1 billion, and has recently appointed Deloitte to assist with further fundraising.
About EFG Hermes
Established in 1984, EFG Hermes is the leading investment bank in the Arab world. The Firm specializes in Securities Brokerage, Investment Banking, Asset Management, Private Equity and Research. EFG Hermes is listed on both the Egyptian and London stock exchanges. The recent acquisition of a 65% stake in Credit Libanais marks the first step towards EFG Hermes's transformation into a universal bank and will enable it to rapidly expand into retail and commercial banking.
Through its operations in Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria and the UAE, with more than 1,000 employees of 25 nationalities, EFG Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe, Africa and the United States. Our clients include governments, corporations, financial institutions, high net worth clients and individual customers.
For further information about EFG Hermes, please visit www.efghermes.com.
For further information, please contact:
EFG Hermes Media
© Press Release 2012
© Copyright Zawya. All Rights Reserved.
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