Bahrain-based Shamil Bank has announced that it has met its investment target of $90mln (EUR 57mln) for a Shariah compliant fund targeting Turkey's property market. The Shamil Bosphorous Modaraba is projected to provide investment returns of 60% over three years. Investments will focus on residential and mixed-use real estate developments in Istanbul as well as secondary homes on the Antalya coast in the south of the country. Total costs of targeted projects is estimated at $450mln (EUR 284mln).
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