Large shopping centers have been part of our lives for a long time. With its colorful lighting, flashy shops and various events, many people visit shopping centers whenever they get the chance. However, it is not sunny for all shopping centers.

Finally 9 shopping centers requested a concordat. This also includes Marmara Forum and Forum Istanbul. It is stated that the total debt of 9 shopping centers is at the level of 600 million euros.

Malls are at the mercy of banks

In Istanbul, the third commercial court of first instance In the file submitted, the court ruled against a total of 10 companies, 9 of which were for the company to which the shopping centers are affiliated. Temporary postponement of 3 months the decision made. So while these companies were protected for a while, Assoc. Dr. Murat Oruç, independent accountant Prof. Dr. Hakan Taştan and financial advisor Prof. Dr. Halil İbrahim Alparslan were also appointed by the court as temporary concordat commissioner.

Shopping centers that apply for a concordat The group with the most shopping centers under one roof It attracts attention as. According to official data, the annual number of visitors to these shopping centers, which are the subject of the concordat request, has reached 76 million. In total under the roof of these shopping centers 1500 stores The court documents also show that he continued his activities. The companies’ debt amounts to 600 million euros based on the current exchange rate 28 billion TLfinds.

Why are shopping centers sinking?

If we look at the reasons for the concordat request in the petition, we see that the increase in the exchange rate puts shopping centers in a difficult situation. A 2018 decision banned shopping centers from receiving rentals in foreign currencies. businesses Although they borrow in foreign currency, they collect rent in TL Their financial structures were negatively affected. This situation was explained in the petition as follows: “In this process, shopping center investors, who earned income in TL and had to pay their debts in foreign currency, were literally at the mercy of the banks.”

Shopping malls are also open during the pandemic period. almost two years It was closed for a while. The drop in visitors during this period is cited as another reason for the financial bottleneck for businesses.

The file shows that virtually all debts of companies requesting concordat consist of debts to banks. Loans from three banks, two local and one foreign, All rents go towards paying off loans why is this happening. It is stated that the companies in question were therefore unable to break the bottleneck.