Ottoman Fund : OTM – annual results

Ottoman has announced its results for the year ended 31 August 2013 (so somewhat out of date now). OTM’s NAV rose from 63.5p to 65.9p over the period. The main driver of the uplift was a reassessment of the valuation of OTM’s Riva asset – a large parcel of development land. OTM sold part of this land after the end of the period for $12m and, when they have managed to transfer the proceeds to Jersey, OTM is planning a distribution to shareholders. The Riva land, located on the outskirts of Istanbul, is the largest asset in OTM’s portfolio.


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