4/28/2008

Franklin Templeton to expand investments in Turkey

Turkish Daily News - Franklin Templeton Real Estate Advisors is looking for funds operating in Turkey to invest in. Currently, the firm has invested in one private real estate fund, which has two local partners in Turkey. Franklin Templeton's real estate investments in Turkey consist of a retail unit and residential properties. The firm manages assets totalling approximately $5 billion, some half of the sum being invested in 75 private real estate funds worldwide. Turkey is an attractive investment target because it is a very young market and a large economy, and there is little modern stock in residential, retail and office properties, Raymond J. Jacobs, managing director of Franklin Templeton Real Estate Advisers, told the Turkish Daily News at the annual meeting of the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) in Istanbul. “It is important to note that Turkey is not a developing emerging market, but a developed emerging market. Turkey as a market is similar to Brazil in the sense that both countries are developed emerging markets. Whereas Brazil is a more developed emerging market than China and India are, so Turkey is a more developed market than, for example, Ukraine and Romania are,” Jacobs said.

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