IFM Investors has completed the acquisition of the 40% stake in Mersin International Port, Turkey for $869m (鈧�747m), following approval from government and regulators.
In July, the fund manager announced that IFM Global Infrastructure Fund (GIF) had entered a sale-and-purchase agreement with Akfen Holdings and global port operator Port of Singapore Authority (PSA) to acquire the equity interest.
The deal provide鈥檚 IFM鈥檚 global infrastructure fund with its first exposure to the seaports sector and the Turkish economy.
The Port is strategically positioned at the intersection of major maritime shipping routes from the Mediterranean, Western Europe, the Far East, North America and North Africa.
IFM Investors鈥� global head of infrastructure Kyle Mangini said: 鈥淢ersin International Port marks the fund鈥檚 first investment in the seaports sector and is an important sectoral and geographic diversification.
鈥淭he port represents an attractive investment opportunity for GIF with revenues denominated in US dollars, and commercially negotiated tariffs.鈥�
The concession to operate the port is granted until 2043.
PSA was an original investor in Mersin, alongside Akfen, when the concession was granted in 2007. PSA is owned by Temasek, in turn owned by the government of Singapore. Prior to the transaction completing, ownership was split equally between the Akfen and PSA. Akfen will retain a 10% equity stake.
