Real estate mortgage bank Eurohypo is considering investing as much as EUR 1.5 bn in Turkey in 2007, according to ceo Bernd Knobloch. The bank, which entered the Turkish market 15 months ago, invested some EUR 600 mln last year, 2% of its total trade volume, he told the Turkish newspaper Daily News.
Real estate mortgage bank Eurohypo is considering investing as much as EUR 1.5 bn in Turkey in 2007, according to ceo Bernd Knobloch. The bank, which entered the Turkish market 15 months ago, invested some EUR 600 mln last year, 2% of its total trade volume, he told the Turkish newspaper Daily News.
Eurohypo revenues rose 24% in 2006 as it transacted deals valued at EUR 35 bn. Eurohypo may increase its investment in Turkey to EUR 1.5 bn this year, Knobloch said. Steps Turkey is taking towards full membership of the European Union are crucial and foreign capital influx has tripled as Europe trusts Turkey more. So far, Eurohypo has financed shopping centres and hotels in Turkey but investments in the office market are to follow, he added.
Knobloch said that in the future Germany's second- largest bank Commerzbank, which acquired Eurohypo last year, might be interested in real estate financing in Turkey.
