New Turkish law firm Gedik & Eraksoy opened its doors in Istanbul this week to provide advice on the structured and project finance markets.

The firm was established by partners Hakki Gedik and Gökhan Eraksoy, previously partners and joint heads of the banking and finance department at a leading Turkish firm. The firm will initially consist of Gedik, Eraksoy and eight other associates.

Gedik & Eraksoy will focus on areas including syndicated lending, bond financing, leveraged finance, project finance, Islamic finance, financial regulatory, securitisations, other structured finance, and equity capital markets.

The firm will also advise international and local clients, either as buyers or sellers, in relation to Turkish targets and in cross-border mergers and acquisitions, privatisations and private equity transactions.

Additionally, in an attempt to extend its local law expertise to its clients in Turkey, law firm Allen & Overy has partnered with Gedik & Eraksoy.

A spokesperson at Allen & Overy explains to GTR that the firm’s Istanbul office had previously operated as a foreign advocates partnership. However, current legal rules prevent Turkish lawyers from practising within these partnerships.

“By entering into an association with Gedik & Eraksoy we will be able to offer clients both international and local law advice,” the spokesperson says.

Senior partner of Allen & Overy’s Turkish office, Charles Lindsay says: “Since 2002 we have watched with great interest the economic and political advances made by Turkey and this has been reflected in a very significant focus by our clients on Turkish business. There is a real need for banking and capital markets expertise in the Turkish market over the coming years and even more so in light of the recent announcement by Fitch of an investment grade rating for Turkey.”

“In the energy and infrastructure sector alone there is a demand for approximately US$50bn of financing for projects. We are also seeing significant and increasing interest from our clients globally in acquiring Turkish assets both on the strategic and private equity side.”