1st Mar 2007 07:03
Ottoman Fund Limited (The)01 March 2007 For immediate releas 1 March 2007 The Ottoman Fund Limited Joint Venture with Akfen Group and tender for state owned land The Ottoman Fund is pleased to announce that it has formed a joint venturepartnership with the Akfen Real Estate Investment Company (owned by the AkfenGroup). In addition the partnership confirms it has entered into a tenderprocess for 96,505 square metres of state owned land in the borough of Besiktas,on the European side of Istanbul. It is anticipated that several other majorinstitutions will be competing in the tender. Akfen Group is one of the largest conglomerates in Turkey and amongst its manyactivities it is a leading property developer and investor in both Turkey andthe surrounding region. The joint venture has been formed between Akfen Groupand Osmanli Yapi 4, a local subsidiary of the Fund. This is an initial sealed bid tender and is subject to the approval of theTurkish Privatisation Administration. The tender committee may then invite theFund jointly with Akfen Group, to participate in the next stage; an auctionattended by the short-listed bidders. There is no guarantee that the Fund /Akfen tender will be successful. Chairman of the Fund Sir Timothy Daunt said, "We are pleased to announce theOttoman Fund's participation in the tender for this prestigious parcel of land,which, if successful would further strengthen the Fund's development pipeline." The Fund, which is quoted on AIM, is managed by Development Capital Management (Jersey) Limited. List of contacts Development Capital Management 020 7355 7600Roger HornettErtan SevincTom Pridmore Buchanan Communications 020 7466 5000Charles RylandIsabel Podda Numis Securities Ltd 020 7776 1500Iain McDonaldBruce Garrow This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ottoman Fund