April 2025
TAS closes award-winning agency deal for Turkey’s Nakkaş–Başakşehir motorway project
Deutsche Bank’s Trust and Agency Services (TAS) team has facilitated the closing of the Nakkaş-Başakşehir section of the Northern Marmara Motorway project in Istanbul, Turkey, with facility agent, intercreditor agent, escrow agent and account bank services.
The €1.4bn project is sponsored by Rönesans Holding, the investment entity of international contracting company Rönesans Group, together with South Korean construction and engineering company, Samsung C&T Corporation; Korea Overseas Infrastructure and Urban Development Corporation (KIND); and KIAMCO PIS Infra Special Asset Investment Trust (KIAMCO).
Improving Istanbul’s connectivity
The Nakkaş–Başakşehir Motorway Project is the segment of Northern Marmara Motorway which connects east and west Istanbul bypassing the congested city centre and improving access to Istanbul’s new International Airport. According to the analysis and feasibility studies made; commuters, businesses, and logistics operators will benefit from quicker travel times and lower transportation costs, alongside improved road safety and reduced congestion.
The project features a 31km toll road, a 1.6km cable-stayed bridge and multiple viaducts, overpasses and underpasses and includes several sustainability initiatives. For example, a solar energy generating system is planned to be installed to power the motorway’s operations and management centre and service stations. Moreover, replacing the sodium lights with LEDs is expected to reduce energy consumption significantly over the project lifetime1.
PFI Global Infrastructure Deal of the Year
The financing of the project is supported by global development banks including European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), and the Islamic Development Bank - Islamic Corporation for the Development of the Private Sector (IsDB - ICD) along with export credit agencies Atradius, SERV and ICIEC, as well as a consortium of commercial lenders.
Deutsche Bank was also appointed as Mandated Lead Arranger, Original Lender under the Atradius Covered Facility, Original Lender under the ICIEC Covered Facility, Atradius Facility ECA Agent, Atradius Facility Agent and Lead Hedging Bank on the transaction.
The project was awarded the Global Infrastructure Deal of the Year award at the PFI Awards 2024, organised by Project Finance International (PFI), a publication of the London Stock Exchange Group.2
Jason Connery, Head of TAS EMEA and Regional Head of Corporate Bank UK and Ireland at Deutsche Bank said, “TAS is thrilled to be supporting Rönesans Holding on their award-winning and strategically significant infrastructure project.”
About Rönesans Group
Rönesans Holding, the conglomerate's investment entity headquartered in Ankara, is the 53rd largest international contracting company globally and one of the largest in Europe. With operations spanning more than 30 countries across Europe, Central Asia, and Africa – main operating regions being Türkiye and Europe – including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for more than 30 years in construction, energy, concessions, real estate development and industrial investments. Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.