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Paksoy Advises VTB Bank on Financing of Ronesans Holding Projects

Paksoy Advises VTB Bank on Financing of Ronesans Holding Projects

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Paksoy has advised Russia's VTB Bank on Turkish law aspects of its loan of RUB 10.2 billion (approximately USD 155 million) to Ronesans Holding for, among other things, the partial financing of its Neva Towers housing development project.

VTB Bank, a governmental bank of Russia, was the sole lender in the financing, which closed in early February 2019.

Ronesans Holding, which was founded in 1993 by Erman Ilicak in Saint Petersburg and is based in Ankara, operates in Turkey, the Commonwealth of Independent States, Europe, the Middle East, and North Africa. Its main activities are construction, real estate investment and energy generation.

Paksoy's team was led by Partner Sera Somay, working with Associates Beril Paksoy and Merve Kurdak Kurtdarcan.

Paksoy did not reply to our inquiries about counsel for Ronesans Holding.

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