Turkish developers Varlibas Holding AS and GAP Insaat AS plan to sell real estate certificates to fund construction of the country's tallest building.
The sale would be the first time such securities are used in Turkey and it can only take place if their use is approved by the country's financial regulator, Varlibas Holding Chief Executive Officer Erdinc Varlibas said at a news conference in Istanbul today.
The certificate is "a kind of sukuk," GAP Insaat Chief Executive Officer Feyzullah Yetgin said at the conference, referring to the sharia-compliant bonds. "But it's more designed for investors in real estate projects, not companies."
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