May 14 (SeeNews) - Turkish lender Turkiye Vakiflar Bankasi TAO [IST:VAKBN] said it has signed a contract to sell residential and office project Cubes Ankara to local real estate investment trust Vakif REIT for 252.5 million lira ($36.2 million/33.5 million euro).
Under the agreement, Vakif REIT will pay the purchase price in four equal six-month instalments, the bank said in a filing with the Istanbul bourse on Wednesday.
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The Cubes Ankara project, currently under construction, will include residential, office, commercial and entertainment areas. Located in the Cankaya district in Ankara, the project covers an indoor construction area of 207,853 square metres.
Vakif was established in 1996 as the first real estate investment trust in Turkey. The Vakiflar bank owns a 38.7% stake in the real estate company.
(1 euro = 7.53120 lira)