Istanbul’s lavish ‘Crystal Tower’ sold to Greek bank - multiple sources- Google it
The National Bank of Greece (NBG), which owns Finansbank in Turkey, bought a 40-story office tower in central Istanbul for $303 million, daily Hürriyet has reported March 18.
The 170-meters high Crystal Tower was sold by Koru Property Investments, a subsidiary of Soyak Group in Turkey. The building, located in Istanbul's Levent district, has a 60,000 m2 area of usage.
The deal is reported to be one of the largest transactions in the Turkish commercial property market in recent years. The NBG is expected to use the tower as the new head office of Finansbank.
The operations in Greece yield 50 percent of the NBG’s pretax pre-provision profits are, complemented by 35 percent from Turkey and 15 percent from Southeastern Europe, according to figures released by the Greek company.
The total assets of Soyak Group, which operates in the real estate, energy, cement and casting sectors in Turkey, stood at $1.578 million in 2012.
"It is expected that the National Bank of Greece, will use the “Crystal Tower” as the new headquarters for its subsidiary in Turkey, Finansbank." Sounds like NBG is planning to keep Finansbank, or at least may only sell a portion of it, if any. Otherwise, why would they make a 3 million purchase for new headquarters? Therefore they must have other means to raise capital, and it will be nice when the news comes out.
Another poster mentioned that NBG may be planning the sale of bonds.