GE Real Estate Central & Eastern Europe and Dogus Holding A.S announce the completion of the acquisition of a 50.98% stake in the Garanti Gayrimenkul Yatirim Ortakligi A.S. ('Garanti REIT') for 72.5 million YTL (US$50 million / 37.5 million).
Established in 1997, Garanti REIT invests in commercial real estate assets and development projects in the retail and residential sectors. It currently owns six investments located in Istanbul and Antalya in Turkey and Bucharest, Romania. The largest asset in the portfolio is Dogus Power Center ("DPC") a retail development in the heart of Istanbul, comprising 63,000 M² with seven anchor tenants, which opened on 9 November 2006. The other assets include offices and a residential development in Istanbul.
Source: GE Real Estate