A great deal was made in April: Istanbul's Torun Tower, one of the largest office buildings in the metropolis and throughout Turkey, and resembling Trump Tower in the USA, became the property of the Turkish bank Denizbank.
Torun Tower was owned by Torunlar GYO — its real estate portfolio is worth TL 82.7 billion, and the net asset value is TL 35.6 billion. The entire building has been acquired by the financial structure of Denizbank. By the way, the bank has been leasing this 39-story building for 10 years, so the deal makes sense.
Torunlar GYO is the largest private real estate fund in Turkey. According to media reports, it sold Torun Tower to the bank for $356 million at a discount of 6.57% of the initial price (about $400 million).
Torun Tower occupies a plot of land of more than 11,000 square metres, and the total area is 106,000 square metres.
Another high-profile deal was the recent purchase of a missing stake in the famous Istanbul shopping mall — İstinyePark Istanbul AVM.