Global MD Portfolio Management and Bilfinger Real Estate, the real estate giant of Germany, have announced that they will be setting up an investment fund in Turkey. It is planned that a large part of the 400 million Euro (approximately 1.35 billion TL), sourced from Europe, will be invested in shopping centers, and a part also invested in industrial plant projects.
A fund from Europe after the one from the Middle East
Global had signed an agreement with Mazaya Qatar last month, directing capital from the middle East, with a 250 million dollar real estate investment fund. Now it has been announced that a new fund is to be set up in partnership with Bilfinger Real Estate, paving the way for Western capital to come into the sector as well.
Selim Şahin, the Director of the Department for Investments in Turkey, at Bilfinger Real Estate, emphasized that the success of the real estate sector had caught the attention of the international arena, and said, “With the partnership we have entered into today, one more step has been taken towards much bigger targets.”
Gaye Braida Fernandez, the Chairman of the Board of Directors of the Global MD Portfolio Management Company, who affixed the signature which has created excitement, said, on the other hand, “We are very happy to pave the way for European capital to be invested in the real estate sector of Turkey, following the capital from the Middle East.”