Unicorn ends capital raising for Turquoise Coast firm

Bahrain-based Unicorn Investment Bank yesterday said it successfully concluded capital raising for Turquoise Coast Investment Company, a real estate investment firm that seeks to benefit from the vacation homes market on Turkey's Aegean Coast. It did not say how much money it raised.

The company will invest in vacation homes developments that are currently being planned on the Bodrum Peninsula.

Turquoise Coast Investment allows investors to capitalise on the demand for vacation homes in Turkey, which is emerging as one of the fastest-growing markets for international buyers seeking either a holiday home or an attractive real estate investment abroad, Unicorn said in a statement.

"The demand growth has been fuelled by a number of factors, which include attractive pricing relative to other Mediterranean markets, the recent introduction of mortgage products targeted at foreign buyers and growth in direct international flights," the bank said.

Mohamed Marei, Director – Asset Management at Unicorn, said: "We are pleased at the positive response to this investment opportunity. The Bodrum Peninsula has emerged as a high-profile coastal tourism and vacation homes destination in Turkey."