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Ozak Gains in Istanbul on Real-Estate Development Project

May 24 (Bloomberg) -- Ozak Gayrimenkul Yatirim Ortakligi AS, a Turkish real-estate investment trust, gained after signing an agreement with Emlak Konut Gayrimenkul Ortakligi AS, the country’s biggest developer.

The shares added 0.4 percent to 2.58 liras at the close in Istanbul, after earlier gaining as much as 2 percent.

Ozak will pay Emlak Konut 52.2 million liras ($28 million), or 36 percent of 145 million liras of revenue it expects from office and commercial buildings it will construct on land owned by Emlak Konut in Istanbul’s Atasehir district, Ozak said in a statement to the Istanbul Stock Exchange today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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