Transaction Description

InfraMed acquired in March 2012 a 20% stake in LimakPort Iskenderun, www.limakports.com.tr, a 36-year concession to operate Iskenderun Port located in Turkey’s Eastern Mediterranean shore. The port is an operational general cargo port which, following the new capital investment plan, is expanding to include a modern container terminal with annual capacity of 1 million twenty-foot equivalent units. The Project’s total costs are estimated at US$783m. InfraMed’s partner in the transaction is Limak Yatirim, Turkey’s leading infrastructure investor with a preeminent portfolio of projects.

Investment Rationale

Turkey’s maritime trade has grown more than 19% per annum over the past decade as a corollary of the country’s robust foreign trade fuelled by high GDP growth rates. Given both a favourable geographic location and a competitive cost base, Iskenderun is well positioned to become the largest cargo and container port in the region, capitalising on strong industrial activity in the Cukurova, Southeast and East Anatolian regions. The port’s active hinterland is Turkey’s 4 largest economic area and home to some of the largest steelworks, oil and gas terminals and shipyards in the country.