Turkish real estate firm set to go public
DAVOS/ISTANBUL - Anatolia News Agency
Gap İnşaat is carrying on an uirban transformation project in central Istanbul. AA photoÇalık Real Estate is planning a third quarter initial public offering, executives announced on Jan. 30.
Founded in 2010, the company is a subsidiary of Turkish conglomerate Çalık Holding. It will offer 25 or 30 percent of shares to the public in Autumn 2013, General Director Feyzullah Yetgin said, adding that their total portfolio was worth nearly $4 billion.
Gap İnşaat, Çalık Holding’s subsidiary in the construction sector and embodies Çalık Real Estate, is currently carrying out the “Tarlabaşı Urban Renewal” project in Istanbul with the Beyoğlu Municipality.
Yetgin said the project was aimed at renewing the buildings in the Tarlabaşı district and represented the first such public-private cooperation in this field. The first phase of the project will be completed by 2016, he added.
Gap İnşaat has carried out more than 110 projects in eight countries since its founding in 1996, becoming one of the “Top 225 International Contractors” in the last seven years.