Trump, Dogan sign Istanbul real estate project deal

Wed Apr 16, 2008 5:55am EDT

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ISTANBUL, April 16 (Reuters) - U.S. property tycoon Donald Trump is to build an office, residential and shopping complex in Istanbul together with Turkey's prominent Dogan family, the Dogan Group said in a statement.

The project is the latest in a string of major real estate projects in the fast-growing city, many of them incorporating upmarket shopping malls, despite a recent slowdown in the pace of economic growth.

The complex in Turkey's largest city will consist of an office tower, a second residential tower and a shopping mall. The statement did not give a value for the development.

Trump already has projects in New York, Las Vegas, Chicago, New Orleans, Dubai, Honolulu and Panama City and said the Istanbul development would be the Trump Organization's first in Europe.

Donald Trump signed a deal on the project in New York with Mehmet Ali Yalcindag, executive committee chairman of the Dogan family's media company Dogan Yayin Holding (DYHOL.IS), said the statement, obtained by Reuters on Wednesday.

"No doubt Trump Towers will bring an added value to the international brand definition of Istanbul," Yalcindag said after the signing ceremony. Turkish company Tasyapi will carry out construction work on the project, with Brigitte Weber Architects preparing the project's architectural design.

The towers are scheduled to be completed by 2010 and will cover an area of 23,000 square metres (247,600 sq ft) in the upmarket Istanbul district of Sisli. (Reporting by Daren Butler; Editing by David Holmes)