Australia’s IFM buys 40% stake in Turkey’s port of Mersin

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Australia’s IFM buys 40% stake in Turkey’s port of Mersin

Turkish infrastructure company Akfen Holding has sold its 40% stake in Mersin International Port to IFM Investors, an Australian infrastructure fund management company for $869 million.

Having previously transferred a 33% stake in Akfen Renewable Energy to the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), and an 8.1% stake in TAV Airports Holding to France-based airport operations company Aéroports de Paris earlier this year, Akfen has managed to attract yet another foreign investor to Turkey.

It recently signed a share transfer agreement with IFM Investors, enabling it to takeover 40 percent of Akfen’s 50 percent stake in the port worth $869 million.

Akfen Holding Chairman Hamdi Akın said that they will use the sales revenue in investment projects worth TL 6.9 billion ($1.96 billion).

According to the terms of the agreement, Akfen Holding will transfer its shares to Global InfraCo SP NEUM SLU, owned by Australian IFM Investors, which in turn is owned, advised and managed by IFM Global Infrastructure Fund. Akın will retain his position as the chairman of Mersin International Port with his 10% stake.

Through this plan, the company has vowed to focus on its city hospital projects and renewable energy projects and to create 1,380 new jobs. 

Akfen invested $1.2 billion in the Mersin Port along with its partner, Singapore’s PSA International, since 2007, when they bought the operational rights from Turkey’s privatization authority for $755 million for a 36-year period.

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