GE Real Estate and Turkish company Dogus Holding have bought a 50.98% stake for $50m (£25m) in Turkish REIT – Garanti REIT
Garanti REIT was established in 1997 and owns six investments in Istanbul and Antalya in Turkey and Bucharest, Romania. The largest asset is the 678,130 sq ft (63,000 sq m) retail scheme Dogus Power Center in Istanbul, which opened lastmonth. The rest of the portfolio comprises office and residential schemes.
Garanti REIT is GE’s first investment in Turkey. The joint venture aims to develop the REIT into a $500m (£252.8m) investment vehicle, with a strong focus on residential and retail developments and offices located in Istanbul and across Turkey.
Karim Habra, managing director of GE Real Estate Central & Eastern Europe said: ‘Turkey’s rapidly developing real estate sector and thriving economy offer a compelling opportunity for us to grow our business further in new European markets.’