Och-Ziff, Tekfen of Turkey to Sell Joint Unit to Omurga Yapi

Och-Ziff Capital Management Group LLC (OZM), the hedge fund run by Daniel Och, and its Turkish partner Tekfen Holding AS (TKFEN), a construction company, applied to the country’s antitrust regulator to sell their real estate unit.

Sculptor Turkish Real Estate, a special-purpose vehicle owned by Och-Ziff and Istanbul-based Tekfen Holding, will sell the joint venture, called Tekfen OZ Gayrimenkul Gelistirme AS, to Omurga Yapi Yatirimlari AS, a Turkish real estate company, according to a filing with the Ankara-based regulator.

Och-Ziff holds 83 percent in the joint venture, set up in 2007, with the rest owned by Tekfen Holding, said Omer Egesel, chief executive of Tekfen Holding’s real estate unit Tekfen Emlak, in a telephone interview.

“The two partners agreed to sell the joint venture after deciding to terminate investing in new projects,” Egesel said.

Tekfen OZ built and sold several office projects in Istanbul as well as residences in Turkey’s resort town of Bodrum, Egesel said. The sale is expected to close soon, he said, declining to give details on the deal’s size.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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