Kuwait's Al Mazaya Holding has announced the acquisition of a further 50 percent stake of the Ritim Istanbul real estate project in Turkey, raising its share of the project to 90 percent.
The deal is valued at 77 million Turkish Lira (around $25 million), the developer said in a statement.
Ritim Istanbul is being built on 39,000 square metres of land on the Asian side of Istanbul, and contains six towers with presidential and offices units.
There is also a retail complex spread across over 22,000 square metres of land, encompassing 1,113 residential units, 147 retail shops and 113 offices.
Al Mazaya Holding group CEO Ibrahim Al Soqabi said: "This acquisition reflects the confidence of Al Mazaya in Ritim Istanbul project; it also reflects the high potential of the project", adding that 80 percent of it has already been sold while construction is reaching 95 percent completion.
He added: "The deal has positive financial returns for Al Mazaya from the profits generated by the acquisition and also from consolidating the project's balance sheet into ours - the handover of the project started in the second quarter of this year, which led to pocketing profits from this handover process."
Al Soqabi said: "Mazaya entered the Turkish market two years ago and aimed to diversify its property investments and geographic reach in the region."
Source: Arabian Business