Kuwait’s Al Mazaya raises stake in Istanbul project to 90%

Kuwait-based Al Mazaya Holding has acquired an additional 50 percent stake in one of its Turkish affiliates for KWD 7.7 million ($25 million), the company in a statement on the Dubai bourse, where it is listed.

The acquisition takes Al Mazaya’s stake in the Ritim Istanbul project—a six-tower property development project in Istanbul, Turkey–to 90 percent and will be paid for in cash and kind.  

The Ritim Istanbul project will thus become a subsidiary of Al Mazaya Holding Co. and its financial statements will be consolidated with that of the Kuwait group starting from the third quarter of 2016, the statement added.

In a related press statement, CEO of Al Mazaya Holding, Ibrahim Al Soqabi, said the acquisition reflected the high potential of the project, especially as 80 percent of it has already been sold while construction is reaching 95 percent completion.  

Ritim Istanbul is a large property development project on the Asian side of Istanbul that houses 1,113 residential units, 113 offices and 147 retail shops, spread over 39,000 square meters.