📋 Tender Overview
Location:
Türkiye
Project number:
56051
Business sector:
Property and tourism
Notice type:
Private
Approval date:
17 Dec 2024
Status:
Approved
English-language PSD published:
20 Dec 2024
Project Description
Extension of the tenor of existing EBRD Loan to Bartu Turizm Yatirimlari A.S (the "Borrower" the "Client" or "Bartu Turizm") by an additional five years and providing additional EUR 6.95 million loan ("the Loan") to mainly finance a land plot acquisition for staff accommodation and maintenance CapEx.
Project Objectives
EBRD's financing will help (i) extention of the maturity profile of Bartu Turizm's loan portfolio and (ii) assist Bartu Turizm adressing the staff accomodation issue for TUI Sensatori Akra Sorgun Hotel.
Transition Impact
ETI score: 65
Transition impact is expected to derive from:
Quality: Inclusive
The Project will support the enhancement of human capital development and the creation of employment opportunities for individuals displaced from the earthquake (EQ) region in Turkiye, as well as provide education and training for career advancement. The Borrower will commit to tailoring their training program offerings to meet the needs of individuals displaced by the EQ. These programs will also include mental health support modules, along with cultural and behavioral competency training.
Quality: Competitive
The Borrower will obtain ISO/IEC 20000-1:2018 and ISO/IEC 27001, which supports organisations in establishing, implementing, maintaining, and continually improving a service management system (SMS) and Information Security.
Client Information
BARTU TURIZM YATIRIMLARI AS
Bartu Turzim Yatirimlari A.S. (the "Borrower" or "Bartu Turizm"), established in 2011, is a joint stock company incorporated in Turkey. The Company owns and operates four coastal hotels with total capacity of 1,272 rooms. Bartu Turizm is the only joint venture between TUI AG, a German travel and tourism company and a local owner (the Barut Family) in Turkiye.
EBRD Finance Summary
EUR 6,950,000.00
Total Project Cost
EUR 6,950,000.00
Additionality
The Bank's additionality stems from:
Financing Structure: EBRD's financial additionality is derived from the Bank's strong capital structure and ability to offer a longer tenor which is not available in the market.
Environmental and Social Summary
Categorised B under the 2019 ESP. Environmental and Social Due Diligence ("ESDD") for the existing project was undertaken by the ESD staff to evaluate the Client's environmental and social ("E&S") risk management capacity and their E&S performance. The assessment covered the financing of maintenance CapEx , addressing operational labour and OHS issues, biodiversity management and the life and fire safety of the buildings. The Company employs a total of 1,549 employees and part of them are being accommodated in Client's premises. The Client has developed a Sustainability Strategy 2020-2025, which includ
