Law firm Winston & Strawn advises on Turkish motorway project financings

MotorwayLaw firm Winston & Strawn LLP said that it had advised on project financings for the North Marmara Motorway project in Turkey, which is aimed at improving transport connectivity between the European and Asian sides of Turkey

The project and the Third Bosphorus Bridge will be an alternative to the two bridges in the centre of Istanbul which are burdened by heavy rush-hour traffic. The Third Bosphorus Bridge is 2.164km long and features eight car lanes and two railway lines, thus aiming to reduce the traffic in the area.

The Dubai-based Winston team served as international counsel to Avrupa Otoyolu Yatirim ve Iletme AS for the European section and KMO Anadolu Otoyol Isletmesi AS for the Asian section.

Debt financing to the tune of US$2.76bn towards the project was arranged by Türkiye Garanti Bankası AŞ, Türkiye İş Bankası AŞ, QNB Finansbank AŞ, TC Ziraat Bankası AŞ, Türkiye Halk Bankası AŞ with Türkiye Vakıflar as the mandated lead arrangers.

“The North Marmara Motorway Project involves an innovative risk sharing arrangement between the public and private sectors which will be used as the model for other major transport infrastructure projects in Turkey in the future,” said Shibeer Ahmed who led the team from Winston.

“The Project will provide an important link between the Asian and European regions of Turkey, significantly reducing travel time and helping to implement the Turkish governments’ plans for increased economic activity in the region,” Ahmed noted.

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