IFC Becomes a Shareholder in Turkey’s Rönesans Holding as the Group Eyes International Expansion and IPO

İpek Ilıcak Kayaalp, Chairwoman of Rönesans Holding: “We are excited about this landmark investment, which is further deepening our partnership with IFC beyond specific projects. As a successful contractor and international real estate developer enlarging its presence on 3 continents, we attract interest of international investment corporations. Less than two years ago, we became partners with one of the largest Asian state investment funds GIC from Singapore in Rönesans Real Estate Investments. Then together with Meridiam, which is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects, we founded Rönesans Healthcare Investments. And now we are very happy and proud of having another global partner at the Rönesans Holding. IFC’s engagement at the holding level will not only support our international expansion and recognition as a global contractor but it will also create significant value to all our stakeholders by improving our corporate governance practices.”

IFC has previously cooperated with Rönesans Holding providing financing to its construction subsidiary (RCI) to expand in the region and supported one of its Healthcare PPP (Public Private Partnership) projects in Adana. By becoming a shareholder, IFC will work with Rönesans to apply international best practice corporate governance and standards at the corporate level to enhance company’s access to international capital markets.

Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness and Services in the Europe, Middle East and North Africa region, said: “IFC is proud to take its cooperation with Rönesans Holding to the next level and acquire a stake in this strong and dynamic Turkish group with international and regional presence. As a shareholder IFC will assist Rönesans in expanding its operations in regions where investments are needed for development and job creation. We will also assist the company for a succesful future IPO.”

IFC’s work in Turkey is based on a joint Country Partnership Strategy (CPS) for the period 2012-2016 with key objectives of enhanced competitiveness and employment, improved equity and public services, and deepened sustainable development. Turkey is the second largest country of operations for IFC globally and the host to its largest office outside of Washington DC. IFC had three consecutive record years in Turkey investing $1.8 billion in projects in the last fiscal year.