Saturday, Feb 16, 2008
BEIRUT (Zawya Dow Jones)--U.A.E.-based Emaar Properties, the Middle East's biggest real estate developer by market value, said Saturday its Turkish unit Emaar Turkey has signed an agreement with Turkey's Toprak Holding to buy a piece of land in Istanbul for $400 million.
The land, covering an area of 73,571 square meters will be used to develop a mixed-use project, Emaar Properties said in a statement.
"The mixed-use project envisaged in the land will feature residences, commercial space, and leisure and entertainment components. The details of the project are being finalized with master-planning and other design aspects to be announced shortly," the statement said.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
16-02-08 1153GMT
