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Makara Capital Unit in Protocol With Turkish Developer: Correct

(Corrects company designation in headline, first paragraph, in story published Jan. 4)

Jan. 4 (Bloomberg) -- Makara Capital Partners Pte Ltd, a Singapore-based investment and private equity firm, and Turkey’s Emlak Planlama Insaat Proje Yonetimi AS agreed to form a venture to develop real estate in Turkey.

ST Invest, Makara’s unit set up for investing in Turkey, and EPP, as Emlak Planlama is known, announced the agreement in a statement today. The companies are considering a project in Istanbul this year that would be worth about $500 million, Makara Chief Executive Officer Ali Ijaz Ahmad said in an interview.

“The strategic relationship with EPP allows for meaningful collaboration, given the group’s extensive local knowledge and experience, particularly with respect to the highly valued Istanbul market,” Ahmad said. Makara and EPP have been looking at several other projects in Turkey, he said.

Other Singapore companies are also investing in Turkey, which was raised to investment grade by Fitch Ratings in November. Government of Singapore Investment Corp., the state’s sovereign wealth fund, bought shares from the secondary offering of Turkiye Halk Bankasi AS in November. Temasek Holdings Ltd., an investor group owned by Singapore’s Finance Ministry, also bought Halk Bank shares, the Wall Street Journal said on Dec. 5.

Toki, a homebuilder controlled by the Turkish government, owns 49 percent of EPP.

To contact the reporter on this story: Ercan Ersoy in Istanbul at

To contact the editor responsible for this story: Benedikt Kammel at

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