7/3/2013

Turkey’s massive Urban Transformation project attracts first foreign investor

Hürriyet – 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.

“We have confidence in Turkey’s consistent growth. Istanbul is the most promising real estate market in Europe” Stern’s Founder-Partner Hans Kilger said at the press event, adding that they were also looking into other real estate projects in different parts of Turkey.

Estimated to create a market of about USD 500 billion in volume within the next decade, the Urban Transformation will see the construction of millions of new buildings throughout Turkey.
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Turkey; turkey urban transformation; turkey urban renewal; vartas; stern Immobilien; fikirtepe istanbul