6th Mar 2007 07:03
Ottoman Fund Limited (The)06 March 2007 For Immediate Release 6 March 2007 The Ottoman Fund Limited Land purchase and shareholder agreement signed in respect of Kazikli coastal development The Ottoman Fund Limited ("Fund"), which invests in the development of localhousing and holiday homes in the major cities and coastal resorts of Turkey, ispleased to announce the purchase of a 50% share of 274,524m2 of land in Kaziklivillage in Milas, Mugla, details of which were previously announced at thememorandum of understanding stage on 18 January, 2007. Following the acquisition the shareholders agreement for the new 50/50 jointventure company with Ado Group has also been signed by the parties. Approval of the application of a new zoning plan for the site has been receivedfrom the local authorities. Subsequent to this approval, a revaluation of thesite has been carried out by Colliers International which would indicate thatthe current market value of the Fund's share of the property has increased toUS$12,350,000 from the acquisition price of US$10,000,000 (excluding taxes andfees). The Chairman of the Fund, Sir Timothy Daunt, said: "The Board of the Fund ispleased to announce the completion of the acquisition of the Kazikli site andsigning of the shareholders agreement. The pace of the approvals obtained, andreflected in the revised valuation, clearly demonstrate that the Fund's aim increating value during the land development phase has been achieved." 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