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Article: GE Real Estate Europe in Joint Venture with Dogus Holding Makes First Investment in Turkey with Acquisition of 51% Stake in REIT.
- Article from:
- PR Newswire
- Article date:
- November 2, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ISTANBUL and LONDON, Nov. 2 /PRNewswire/ -- GE Real Estate Europe ("GE Real Estate") and Dogus Holding A.S ("Dogus") are pleased to announce that Garanti Bankas. A.S has accepted their joint offer to acquire its 50.98% stake held in the publicly listed real estate investment trust, Garanti Gayrimenkul Yat.r.m Ortakl.g. A.S (the "Garanti REIT"). The offer price, at YTL 1.928 per share, represents weighted average of the last 5 days' trading price prior to the offer date, and amounts to a total transaction value of 72.5 million YTL, or US$50 million.
Garanti REIT is listed on the Istanbul Stock Exchange; symbol GRGYO, with a market capitalization of 136.7 million ...