Anadolu Cam Sanayii A.S. : Glassmakers Sisecam and Anadolu Cam complete sale of land in Istanbul for EUR 109mn.

Glassmakers Sisecam and Anadolu Cam informed in separate filings with the Bourse Istanbul that they have completed the sale of their common land plot in Istanbul's Zeytinburnu district, where their idle Topkapi plant is located, for a consideration of TRY 320mn (EUR 109mn).

Is Real Estate Investment Trust acquired the 75% of the land plot and NEF (Timur Gayrimenkul) acquired the remaining 25%, the statement detailed.Sisecam received TRY 24.5mn from the sale while Anadolu Cam received the remaining TRY 295.5mn, according to the statement.In October, Sisecam and Anadolu Cam informed that they had agreed to sell a total of 130,024 square meters of land plot (Sisecam: 119,575 m2 and Anadolu Cam: 10,450 m2) in Istanbul's Zeytinburnu district to a joint venture made up of Is Real Estate Investment Trust and Timur Gayrimenkul Gelistirme for TRY 320mn in cash (excluding VAT).A net profit of TRY 101.4mn would be recorded from the real estate sale, the glassmakers said.

600450 Anadolu Cam Sanayii A.S. : Glassmakers Sisecam and Anadolu Cam complete sale of land in Istanbul for EUR 109mn.
Date: 6 January 2014
Source: Al Bawaba Ltd., Acquiremedia 2014

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