Sudden auction of historical ING bank building
Hürriyet photoING Bank is selling its nine-story Tütün Han building in Karaköy, Istanbul’s historical financial center, according to daily Hürriyet.
The building will be put on auction starting at 25 million Turkish Liras on Feb. 29 by Eskidji, a local auction house.
ING Bank is also selling its 14-story building on a 467-square-meter plot in Ankara for 12 million liras via Eskidji.
ING Bank entered the Turkish banking market when it acquired all the shares of Oyak Bank in December 2007.
Tütün Han is located on Bankalar Avenue in front of Galata Tower, surrounded by some of the most stunning scenery in Istanbul. Many investors are interested in acquiring Tütün Han as it is in a neighborhood with many corporate headquarters and which has been attracting tourism investments.
Tütün Han is situated on a 433-square-meter plot and features 66 rooms, which makes it an ideal investment for boutique hoteliers.
The ownership of the building will change hands for the fifth time if it is successfully sold at the auction.
The construction of the building started in 1910 and was opened the following year. The previous owner of the building was Tütün Bank, which named the building “Tütün Han.”
The building is considered one of the most important examples of the “National Architecture Movement” of the early republican period in Turkey.