Salans' global real estate group has advised The Blackstone Group on the acquisition and financing of its acquisition of a portfolio of three Turkish shopping centres from Redevco.

The portfolio, consisting of centres in Ankara, Manisa and Erzurum, includes more than 100,000 square meters of retail space.

This is the largest recent cross-border real estate investment in Turkey.

The financing for the acquisition was arranged by Unicredit Bank.

Eric Rosedale (pictured), co-chairman of Salans’ global real estate group, says: "The closing of this complex cross-border transaction is significant not only due to its size, but because it took place in an evolving legal and regulatory environment. It also highlighted the strengths of our Turkish and cross-border teams, and we were able to draw upon attorneys with multiple specialisations across borders in a number of Salans offices."

Balcıoğlu Selçuk Akman Keki (BASEAK) advised The Blackstone Group on the Turkish law aspects of the acquisition. Associated with Salans, Balcıoğlu Selçuk Akman Keki is an Istanbul based full service law firm with four partners and more than 40 fee earners.