X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Taurus Investment Holdings has been as active as anyone in buying Boston real estate during the past year, most notably on Newbury Street, but the locally based firm’s global footprint is also rapidly expanding, as evidenced by a series of acquisitions just completed in Turkey. The investments are being made in a partnership with Apollo Real Estate Advisors for their Taurus of Galata Gayrimenkul Yatirim AS fund.

Focused on residential, the vehicle has now acquired seven multifamily properties totaling more than one million sf of space, including ground floor retail in certain assets. Taurus and Apollo aim to buy and develop residential buildings throughout Istanbul’s city center, pursuing both restoration and new construction, according to company officials. The program plans to spend between $125 million and $155 million via private equity and debt finance, with an exit strategy to sell to owner occupiers or investors seeking rental income.

Taurus secured more than 75 residential and commercial units in securing the seven latest deals. The Bereketzade Apartments in Galata Kuledibi has six floors and approximately 20,000 sf, with the 15 residential units offering views of the Bosphorus, the Golden Horn and the Marmara Sea. The fund also secured the Nuri Ziya Apartments just off the main street of Beyoglu, another six-story building, featuring one retail shop and 18 apartments. The fund’s Hoca Ali Apartments are off the principal street of Istanbul’s Galata district, plus Taurus acquired the nearby Haci Mimi complex, a 30-unit complex centered around a common garden.

Also purchased during the shopping spree, is the seven-story, 14,000-sf Vakif Building, an historically protected structure that has retained its original Art Nouveau detailing, and the Eysan Hotel on the waterfront in Kadikoy. That six-story, 40,000-sf property offers a panoramic view of the Galata Tower and Sultanahmet peninsula.

According to Taurus, Istanbul is an up-and-coming market that fits its global profile for emerging markets promising the potential for increased returns, with the group active throughout Europe and North and South America. The firm also has seven international offices in addition to 14 in the United States, and has purchased and sold more than 20 million sf since being founded in 1976. In between his trips globally to eye new deals, Taurus President Peter Merrigan was a guest this week at RealShare Boston, as reported by GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.