Real estate investment trust Emlak Konut GYO AS agreed to divest its 50% stake in a 3,639,117-square-meter land in the Dursunköy quarter in Arnavutköy district, Istanbul, to Türk Hava Yollari Havaalani Gayrimenkul Yatirim ve Isletme AS for 312.5 million Turkish lira in cash, plus tax.
The REIT and the buyer of the stake will develop projects on the land in phases and share the net profit earned from the developments in a 50/50 joint venture, according to a release.
As of May 28, US$1 was equivalent to 4.58 Turkish lira.
