The Ottoman Fund has sold a parcel of land in Bodrum, Turkey for $28.5m. The buyer is Besa Marin Turizm Isletmeleri A.S and the sale price is at a premium to The Ottoman Fund’s valuation of this asset as at the end of February 2014 (in the accounts the value is $26.7m).
The Board say they plan to return cash to shareholders once a capital reduction of the Company’s Turkish subsidiary has been approved. However they caution that this could take several months.