Steve Morgan, the founder of housebuilder Redrow, is set to launch a $1.5bn (£760m) scheme in Turkey. Financial Times

Morgan and Mayfair-based property investment group Salamanca Capital Investments are backing Turkish developer Yesil Insaat to build a mixed-use urban quarter in Istanbul.

The ‘Modernist’ scheme will be built on a 116 acre site in the suburb of Esenyurt and will contain 12,000 homes and 500,000 sq ft of offices and shops.