Mutlu Aku Is Said to Seek Buyer for Unused Land in Istanbul

Mutlu Aku & Malzemeleri Sanayi AS, Turkey’s biggest car-battery maker, plans to sell 70,000 square meters (750,000 square feet) of unused land in Istanbul, two people with knowledge of the matter said.

The company, controlled by Istanbul-based Mutlu Holding AS, is selling the land after winning planning approval to develop the site last month, according to the people, who declined to be identified because the process is private. Mutlu Aku received bids ranging from $120 million to $140 million and a transaction may be announced in coming weeks, one of the people said.

The property is in Istanbul’s Kartal district on the Asian side of Turkey’s largest city, the person said. TSKB Gayrimenkul Degerleme AS, an independent property-assessment firm, valued the land at 157.8 million liras ($86.7 million) in March, according to Mutlu Aku’s first quarter financial statement.

Mutlu Aku Chairman Attila Turker and Chief Executive Officer Ali Nuri Turker didn’t return phone calls seeking comment.

Mutlu Aku rose as much as 2.1 percent in Istanbul trading. The shares gained 0.4 percent to close at 5.64 liras today, giving the company a market value of about 320 million liras ($176 million).