WALL – With the rising trade charge, some buying malls, which received right into a impasse of their financial institution money owed, got here to the purpose the place they might not even pay the curiosity on their mortgage money owed. Whereas the overall financial institution debt of buying malls in Turkey is 12 billion {dollars}, it’s acknowledged that 88 % of that is international forex.
In response to the information of Sayime Başçı from Sözcü; Nuri Hatcı, CFO of ECE Turkey, a business actual property growth and administration firm, a subsidiary of German ECE Marketplaces, which has investments in Turkey, identified that 280 of the roughly 450 buying malls in operation are over 20 thousand sq. meters. 80 of them are within the arms of the banks and they’re attempting to be stored alive by the banks. There are buying malls which might be going via a severe tough course of proper now and are within the arms of banks. Difficulties for buying malls began in 2018 when rents modified from international forex to TL. Some buying malls can not pay the curiosity, which implies they’ll by no means be capable of pay the principal. We’re not speaking about 1-2 million {dollars} right here. There are buying malls that say ‘get us’ or ‘help us’ via banks,” he mentioned.
Declaring that rents have elevated by 150 % and mortgage prices by 350 % within the final 3-4 years, Hatci mentioned, “If the final restructuring proposal is applied, it could relieve traders. Home traders, who couldn’t pay their money owed, made such agreements with banks that they gave their shopping center investments, group firms and private ensures they made in 20-30 years. “Once they sit down with the banks, they’ve to just accept regardless of the financial institution says,” he mentioned. (NEWS CENTER)
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