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of the motorway is estimated at €3bn.
The highway was proposed two years ago, but as the authorities in Bosnia were unable to agree on the route, it was put on hold until now. In February, the route was finally defined, unfreezing the project.
Tekfen Holding has announced that it is to merge subsidiaries Tekfen Real Estate (Tekfen Emlak Gelistirme) and Tekfen Construction (Tekfen Insaat) because of the ongoing problems undermining the country’s construction and housing markets.
“The recession, declining demand and a decrease in profitability within the real estate development sector in recent years led us to consider restructuring our real estate development business,” Istanbul-based conglomerate Tekfen Holding said in a filing with the Borsa Istanbul on September 19.
“After the completion of the merger transactions, our real estate development activities will continue under the legal entity of Tekfen Construction,” it added.
Tekfen Holding is engaged in construction activities in sectors including power generation, airports, petroleum and roadways. It primarily operates in Turkey, Russia, the Middle East, North Africa and Europe.
Shares in Tekfen Holding closed the day 0.42% lower on September 19 to trade at TRY19.15.
Turkey’s Polat Holding is planning a mixed-use real estate project that will take place on a bank of the Danube River in Hungarian capital Budapest, Turkish business daily Dunya has reported.
Polat Holding, which has interests in the Turkish energy and construction sectors, will invest €60mn in the project. It will have 200 residential units, a hotel with 100 rooms, eight stores with 3,000 square metres of leasable area and a restaurant.
“We have already signed eight contracts for units in the project, dubbed the Duna Pearl, which will be developed in Ujlipatvaros, one of the busiest quarters of the city” Adnan Polat, the chairman of the Turkish company, told reporters.
Polat Holding is also planning another project for Budapest. It will have 1,300 residential units and commercial units, according to Adnan Polat.
9.2.5 Retail corporate news
● BIM
95 TURKEY Country Report October 2019 www.intellinews.com