Tuesday, Mar 06, 2007
ISTANBUL (Dow Jones)--St. Martins Property, which is owned by the Kuwait Investment Authority, Tuesday said it has purchased the remaining 50% stake in Cevahir shopping center in Istanbul from Turkish construction firm Cevahir Holding, the Ihlas News Agency, or IHA, reported.
In November last year St. Martins had purchased Istanbul Metropolitan Municipality's 50% stake in the shopping mall for $421 million.
St. Martins said in a press statement that with the last transaction the amount it paid for all the shares of the shopping mall amounted to $750 million.
St. Martins mandated Pradera and Jones Lang LaSalle to run the mall.
Cevahir is considered the largest shopping mall in Turkey.
Agency Web sites: www.iha.com.tr; www.ihavideo.net
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
06-03-07 1352GMT
