03.07.2013 Turkey’s massive Urban Transformation project attracts first foreign investor Turkey’s Urban Transformation project, which aims to replace large swathes of housing stock in the county’s earthquake provinces with new buildings, has attracted its first foreign investor. The Germany-based property investment and management company Stern Immobilien and Turkish builder Vartas Yapi announced an equal share partnership to build a 3,000-unit housing block in Istanbul’s Fikirtepe neighborhood in Kadikoy district, one of many that is subject to urban renewal in Turkey’s megapolis. The TRY 300 million project will be equally financed by both partners, making the German partner the first foreign company to invest in the huge undertaking.
Posted on: Fri, 05 Jul 2013 08:27:34 +0000
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