Raine & Horne delights in appointment to sell mega Turkish property portfolio to GCC
Media release - 25th November, 2015
Turkish investment trust Nurol REIT has appointed Raine & Horne Dubai as its lead agency to market an extensive AED 3 billion (AUD $1.12 billion) Turkish real estate portfolio to Gulf Cooperation Council (GCC) states.
Nurol REIT is a US$25 billion (A$34.76 billion) business conglomerate, which boasts a proven track record in the United Arab Emirates (UAE) and wider GCC, as well as having a significant involvement in Dubai’s Jumeirah Park and Jumeirah Village Triangle, and Saadiyat Island in Abu Dhabi.
The property portfolio, located in Istanbul, Turkey, includes Nurol Life, a luxury residential apartment tower in the heart of the city. The luxury apartments offer stunning four metre high ceilings, which allow for exceptional vistas of the magnificent Bosphorus strait and the Belgrad Forest.
The portfolio also includes the mixed-use community Nurol Park, which is in close proximity to Ataturk Airport. Nurol Park is classified as prime Istanbul real estate and comprises two commercial buildings, eight residential towers and a hotel.
The third asset, Nurol Tower, offers a selection of affordable residential and office properties. Nurol Tower is located next to Istanbul Court, and is in close proximity to a number of major tourism and residential districts. Nurol Tower is also close to a cross street used by 2 million people every day.
“The decision to appoint Raine & Horne Dubai as the lead agency makes plenty of sense, as a large chunk of Turkish real estate sold to foreign buyers is purchased by GCC investors,” said Angus Raine, Executive Chairman, Raine & Horne, who attended the official announcement in Dubai last week. Mr Raine was joined by Turkish Ambassador to the UAE, Mustafa Levent Bilgen, Australian Consul General in Dubai, Gerard Seeber, and Turkish Consul General to the UAE, Erdem Ozan.
GCC member nations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Since the liberalisation of the foreign investment laws in Turkey in 2012, GCC investment in the Republic’s property sector has risen by 500%, while the Gulf states account for nearly a quarter of the foreign buyers, at 24%, according to figures released by Dubai-based property research firm, REIDIN.
“Turkey has a religious and cultural bond with the GCC but is also developing as an increasingly important economic partner,” said Mr Raine.
Sanjay Chimnani, Joint Managing Director of Raine & Horne Dubai, said, “High capital growth and great investment propositions, combined with a raft of important future infrastructure projects and secure legislation and regulation, means Turkey is a key market for property investors, and our buyers in the Gulf are demonstrating their confidence in Istanbul's healthy property market.
“The developments presented by Nurol REIT offer exciting opportunities with a range of different properties to suit different buyers, and we are proud to be in partnership with Nurol REIT and thrilled to be the lead agency in the GCC for this project,” said Mr Chimnani.
For further media information contact:
Angus Raine, Executive Chairman, Raine & Horne, on 0409 920 697
Andrew Harrington, National Communications Manager, Raine & Horne, on 02 9258 5400