Bloomberg News

Torunlar Gains on Winning Bid for Bosporus Land: Istanbul Mover

March 29, 2012

Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO), a Turkish real estate invesment trust, rose the most in almost three weeks, after winning a government land sale auction.

Torunlar surged as much as 8.3 percent before paring its gain to 3 percent at 5.46 liras by the close in Istanbul.

Torunlar submitted the highest bid of 355 million liras ($199 million) to buy about 72,000 square meters of land and a 49-year right to use 3,935 square meters of docks along the Bosphorus in Istanbul’s Beykoz district, according to Ibrahim Kirsan, deputy head of the asset sales agency.

Five companies competed in the sale, Kirsan, who managed the auction, said in Ankara today.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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