White & Case and its Turkish affiliate law firm GKC Partners have advised a syndicate of lenders on the EUR 1.7 billion senior secured financing of the Antalya-Alanya motorway project in Turkiye.
The syndicate included Deutsche Bank, Asian Infrastructure Investment Bank, Black Sea Trade and Development Bank, Islamic Development Bank, Islamic Corporation for the Development of the Private Sector, ICBC, Silk Road Fund, Bank of Bahrain and Kuwait, Kuveyt Turk, Akbank, Garanti BBVA, QNB, VakifBank, and Ziraat Bank.
According to White & Case, the project, awarded in 2024 to Limak Inşaat under a build-operate-transfer model, will be implemented by Antalya Alanya Otoyolu Insaat Yatirim. The multi-tranche structure combines conventional and Islamic facilities and ranks among Turkiye’s largest sustainability-linked infrastructure financings to date. The motorway is expected to cut travel time from approximately 2.5 hours to approximately 36 minutes and bolster regional connectivity, tourism, and trade; completion is targeted within three years.
The White & Case team included Istanbul-based Partner Sebastian Buss with further lawyers in Washington, DC, London, Dubai, and Frankfurt.
The GKC Partners team included Partners Guniz Gokce, Ates Turnaoglu, and Gokce Uluc and Associates Baran Abur, Can Argon, Kaan Alkan, Umut Korkmaz, Segenay Kerimoglu, Efe Soysal, Goktug Yigiter, Deniz Alkan, Tibet Seheri, and Irem Gulderen.
Editor's Note: After this article was published, CEE Legal Matters was informed that Cakmak, working with Watson Farley & Williams, advised Limak. The Cakmak team included Partner Mustafa Durakoglu, Counsel Asli Pabuccuoglu, Associate Elsu Doga Incesu, and Legal Intern Gurem Ulusoy.
