JV Acquires 7 Residential Properties in Turkey
- Jun 05, 2008
In a joint venture between Taurus Investment Holdings L.L.C. and Apollo Real Estate Advisors, seven Turkish properties were acquired as part of a project to invest between 80 to €100 million in private equity and debt finance. Taurus Eurasia–a Taurus subsidiary led by Ertan Dal–closed on a series of acquisitions in Turkey through its Taurus of Galata Gayrimenkul Yatirim A.S. vehicle, which is the joint venture between Taurus and Apollo Real Estate Advisors. Its purpose is to acquire, develop and sell residential buildings in Istanbul’s city center and involves both restoration and new construction. The program plans to invest approximately € 80-100 million in private equity and debt finance. So far it has acquired seven residential properties, some with retail on the ground floor. They are located in Beyoglu and Kadikoy. “Our interest in Turkey is that it is one of the emerging markets where we see continued significant growth in both the long and short term due to its very impressive demographics with a youthful, growing population, relative political stability and recent history of strong GDP growth,” Peter Merrigan, president & CEO of Taurus Investment Holdings, told CPN. “A growing middle class has helped create significant real estate demand. Lastly, the unique aspect of turkey as the key link between Europe and Asia makes this incredibly strategic country very compelling for investment.” Taurus Investment Holdings is a strategic real estate owner/operator specializing in value creation through a mix of development, redevelopment, lease-up and management. Apollo Real Estate Advisors is an international real estate fund manager that has been investing in the United States since 1993 and globally since 1995.