Kat Tourism Real Estate A.S., which bid the high offer of YTL 850 million ($680 million) for the 12.5-hectare Ataköy property, is prepared to cooperate with Qatar-based real estate company Barva on the project.
"We have bought a property located on the shore of Istanbul's Zeytinburnu district from Emlak Real Estate Investment Trust (Emlak GYO), a subsidiary of Turkey's Mass Housing Administration (TOKI) in cooperation with the Qatari real estate development company, Barva," said Avni Çelik, chairman of the board of Sinpas Group, which is the parent company of Kat Tourism.
"I believe that we might cooperate with Barva on the Ataköy project as well after TOKI's Ataköy tender is approved. I will be able to give more specific information after the partnership is finalized," he said.
Kat Tourism put YTL 34 million, which amounts to 4 percent of the bid price, into TOKY's bank account on the conditions of the tender, said Çelik, adding the company would negotiate with TOKI to pay the remaining cost, either through installments or through a down payment, after TOKI approved the tender.
"Kat Tourism Real Estate A.S. was established under the umbrella of Sinpas Group with the sole objective of submitting the Ataköy tender and making this investment," Çelik said, clarifying a TOKI representative's statement that said Sinpa_ and Kat companies had a joint venture.