Dubai-based Abraaj Group, a private equity firm that invests in emerging markets and manages about $10 billion in assets, acquired a “significant minority stake” in Netlog Lojistik Hizmetleri, Turkey’s largest integrated logistics company with a strong presence in Europe and Asia.
The investment in Netlog is Abraaj’s tenth in Turkey, and indicative of the company’s “conviction about the attractive long-term fundamentals of the Turkish economy,” said Selçuk Yorgancıoğlu, Partner and Regional Head of Turkey and Central Asia at Abraaj Group.
“The transaction also corresponds with our strategy of partnering with businesses operating in structurally sound sectors that have demonstrated robust growth and are primed to achieve further success. Turkey’s geostrategic location creates a huge number of opportunities for the country’s most dynamic businesses to grow beyond their borders.”
Growth is projected to pick up this year in emerging and developing Europe according to the International Monetary Fund driven by a higher growth forecast for Turkey, which has seen a rebound in its exports after four quarters of moderate contraction. Turkey’s economy grew 5 per cent in the first quarter of 2017 on higher government spending and the economy is set to expand this year 2.5 per cent and accelerate 3.3 per cent in 2018, according to the IMF.
“The logistics sector will continue to play a key role in the long-term strategic development of Turkey, bolstered by the government’s plans to further upgrade its logistics infrastructure by 2023, with a focus on high speed rail, motorways and container port facilities,” Abraaj said in a statement. “As the most diversified logistics company in Turkey, Netlog is competitively placed to benefit from these growth drivers.”
Netlog, founded in 2003, operates one of the largest owned fleet in Turkey with over 3,200 transport vehicles and is the largest and most diversified logistics company in the country. Abraaj, which started investing in Turkey a decade ago, did not disclose the size or value of the stake in Netlog. Abraaj has invested in Hepsiburada, Turkey’s largest e-commerce platform in 2015 and Fibabanka last year.
Abraaj started investing in logistics in 2002 with its acquisition of Aramex in the Middle East, which subsequently listed on the Dubai Financial Market. The private equity firm has also invested in logistics operators in South East Asia, Sub-Saharan Africa and Latin America.
“Having grown Netlog to become one of Turkey’s top 100 companies, we are excited to embark on this new journey with Abraaj,” said Netlog Chairman Şahap Çak. “They recognise the value the Netlog leadership and senior management team have brought to the business and are fully aligned with our growth plans.”
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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Company profile
Name: Infinite8
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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