Is REIT to acquire real estate in Istanbul
12 June 2008
Is Real Estate Investment Trust (Is REIT) will sign an agreement with Tecim Yapi Elemanlari to acquire 77,327 square meters land in order to develop a real estate project, which was not specified.
The land is located in Kartal district, in Istanbul. In the statement issued to the Istanbul Stock Exchange, Is REIT notes that if it fails to complete the project within five years it will return the land to its owner.
Is REIT will finance the project and will give a certain share that is not determined yet from revenues to the land owner.
Is REIT is one of the biggest real estate investors and developers in Turkey. In the last three years the company has been increasingly active in Istanbul.