Turkish JV company sells 268m Euro property

With property markets in Turkey booming since EU talks, joint venture CarrefourSA manages to make a bundle on a single sale.

CarrefourSA recently sold an Istanbul property in a 268 million Euro deal.

A joint venture between Carrefour (the international hypermarket chain based out of France with over 400,000 employees and a net worth of over 28 billion Euros) and Sabanci Holding (a multi-industry conglomerate based in Turkey and in control of 70 different companies with a net worth totalling in excess of 10 billion Euros),
CarrefourSA is a company based out of the Turkey.

In an effort to bring in a lot of money very quickly, the plot of land located on the western side of Istanbul was sold to an affiliate of the Apollo investment fund. In an attempt to add more capital to their bid for the Migros chain, officials on both sides of the joint venture consented to the big sale.

News of the sale had a huge impact on the market. CarrefourSA shares went up by nearly four percent before reaching a standstill 17.20 lira on January 3 despite the 1.8% overall index decline.

Buyer Apollo is based within the United States and has a net worth totalling more than four billion dollars. The management affiliate that made the purchase from CarrefourSA is already a force within multiple real estate markets around the world.

As of right now, Apollo has not signalled what it plans to do with the property and whether it plans to make any changes, so any comment on what this would do to the booming real estate market in the surrounding areas of Istanbul would simply be idle speculation. More information will be forthcoming soon enough, according to analysts, and at that time more people will be willing to comment on what (if anything) this might mean for other property investors in the area.