Sinpas REIC acquires 33% stake in land plot
01 June 2009
Turkish real estate investment company Sinpas REIC completed the acquisition of a 33% stake in a 27.000 square metre land in Cankaya, Ankara for USD 17.3 million.
Sinpas has also signed a revenue sharing agreement with Avrasya Group, owner of the remaining 67.2% stake in the land.
Sinpas will pay Avrasya Group 40% of the revenues attributable to the 67.2% stake. Sinpas had already paid USD 6 million to Avrasya as advance payment, which will be deducted from Avrasya’s share in revenues in due course.
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