Wednesday 28th December 2005
Ottoman hopes for AIM Empire
The Ottoman Fund, an investment company planning to back early stage residential property developments in Turkey, joined AIM today – following a £150 million placing at 100p.
Numis is both adviser and broker to Ottoman, which hopes to capitalise on the changing ‘economic and political climate’ resulting from Turkey’s eagerness to enter the EU. Sir Timothy Daunt, a former British ambassador to the country, is chairman.
Development Capital Partners will oversee Ottoman’s investments. Back in March the firm raised £50 million for a similar AIM-listed venture, Bulgaria-focused Black Sea Property. A stake in a new holiday apartment complex at the Pamporovo mountain and ski resort has since been secured for this fund.
Development Capital’s Tom Pridmore has high hopes for Ottoman too. ‘The second home/holiday market in Turkey is strong and is competing well against other similar destinations (Spain, Portugal, Croatia etc) where prices tend to be higher and undeveloped premium front-lines sites are rarer,’ he explains.
The shares edged up 6.5p to 106.5p in early trading.
Elliott Davis
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