International law firm Bird & Bird LLP has teamed up with Turkish law firm, Ismen Law to advise on the IPO of Istanbul-based Real Estate Investment Trust, TSKB Gayrimenkul Yatirim Ortakligi (TSKB Gyo). The transaction comprised a public offering in Turkey, an international private placing with institutional investors and the admission of the issuer’s share capital to trading on the Istanbul Stock Exchange.
TSKB Gyo was established as a real estate investment trust in 2006 by TSKB, with the aim of seeking opportunities to invest in commercial and residential property in Turkey. TSKB is Turkey’s first and largest private investment and development bank and has also been a provider of long-term investment loans to the industrial sector since its creation in 1950. Trading in the shares of TSKB Gyo on the Istanbul Stock Exchange commenced on 9 April 2010, valuing the company at approximately €30 million.
The Bird & Bird team was led by London-based corporate partner, Simon Allport, assisted by associate Aaron Archer. Bird & Bird lawyers in a number of European jurisdictions provided local securities law input.
The Ismen team was led by Tolga Ismen and fellow corporate partner Arzum Günalçin, with assistance from Mehmet Kemal Ertug.
Simon Allport, Partner, Bird & Bird, London, commented: "We are delighted to have been able to work alongside Tolga Ismen and his team in the successful IPO of TSKB Gyo. There is an increased level of deal activity in the Turkish market and we see this as an interesting opportunity for further development of our cross border practice.”
Tolga Ismen, Managing Partner of Ismen Law, Turkey, commented: “This IPO was a very important one, being the first successful Turkish offering following the recent financial crisis. The interest shown by domestic and foreign investors demonstrated the attractiveness of the Turkish market.”