Turkey’s energy giant announces new real estate project in bid to diversify business

ISTANBUL - Reuters

Aksoy Holding has announced a new investment plan in the real estate sector, in a bid to diversify its business fields. 

The company will invest more than $200 million in its real estate project in the Aegean resort of Bodrum and aims to reach $300-350 million in revenue from the project. 

Aksoy Holding, which is in partnership with Shell and RWE in Turkey, is active in oil and energy, tourism, real estate and international trade.  

“We want to diversify our portfolio. Real estate development is not distinct for us as we have Conrad Istanbul, which is our flagship investment in tourism and the real estate business unit,” said Aksoy Holding CEO Batu Aksoy in a press meeting to launch the “Epique Island” project on March 21.

“We want to grow our real estate business as we believe there are still big opportunities in this field in Turkey,” Aksoy added. 

The real estate project will include villas, a hotel and a marina, he said, adding that the initial investment value was set at $200 million, although it could increase to $250 million with the additional costs. 

Half of the investment will be met by project financing and the another half by company‘s assets, according to Aksoy. 

The real estate project in Bodrum is expected to be completed in 2017, company representatives say.