ANNOUNCEMENT 05 Dec 2019
On 2 December 2019, The Turkish State-run Ziraat Bank acquired Ankara’s prestigious shopping center Next Level AVM in exchange for debts.
NUMBER OF INTERVENTIONS
Sabah, a leading Turkish Newspaper, (8.12.2019), “Ziraat’ten Next Level’da borç takası”, [Debt Swap for Next Level from Ziraat]. Available at: https://www.sabah.com.tr/ekonomi/2019/12/08/ziraatten-next-levelda-borc-takasi
Cumhuriyet, a leading Turkis Newspaper, (5.12.2019), “‘Next Level’ soruları”, [Questions concerning Next Level]. Available at: http://www.cumhuriyet.com.tr/haber/turkiye/1706280/next-level-sorulari.html
On 2 December 2019, The Turkish State-run Ziraat Bank acquired Ankara’s prestigious shopping center Next Level AVM owned by Pasifik Construction Company. The acquisition was made through the stock for debts deal. According to a statement from the company, the shopping center is transferred to the Turkish Ziraat Bank in exchange for TRY 412 million (USD 72 million) worth of debts.
The construction of the shopping center was started in 2010 and the mall was opened on 23 October 2013. For the purchase of the land and for the construction of the project, the Pasifik Company received a loan from the Turkish Ziraat Bank. Over the years, the company had difficulties in paying the debts.