OTM Ottoman

RNS Number:0881S
Ottoman Fund Limited (The)
01 March 2007


For immediate releas                                              1 March 2007

                            The Ottoman Fund Limited
                                        
         Joint Venture with Akfen Group and tender for state owned land
                                        

The Ottoman Fund is pleased to announce that it has formed a joint venture
partnership with the Akfen Real Estate Investment Company (owned by the Akfen
Group). In addition the partnership confirms it has entered into a tender
process for 96,505 square metres of state owned land in the borough of Besiktas,
on the European side of Istanbul. It is anticipated that several other major
institutions will be competing in the tender.


Akfen Group is one of the largest conglomerates in Turkey and amongst its many
activities it is a leading property developer and investor in both Turkey and
the surrounding region. The joint venture has been formed between Akfen Group
and Osmanli Yapi 4, a local subsidiary of the Fund.


This is an initial sealed bid tender and is subject to the approval of the
Turkish Privatisation Administration. The tender committee may then invite the
Fund jointly with Akfen Group, to participate in the next stage; an auction
attended by the short-listed bidders. There is no guarantee that the Fund /
Akfen tender will be successful.


Chairman of the Fund Sir Timothy Daunt said, "We are pleased to announce the
Ottoman Fund's participation in the tender for this prestigious parcel of land,
which, if successful would further strengthen the Fund's development pipeline."

The Fund, which is quoted on AIM, is managed by Development Capital Management 
(Jersey) Limited.

List of contacts

Development Capital Management 020 7355 7600
Roger Hornett
Ertan Sevinc
Tom Pridmore

Buchanan Communications 020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd 020 7776 1500
Iain McDonald
Bruce Garrow




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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