Austrian-based Meinl European Land (MEL) will pay about EUR 122 mln for 90,000 m[sup]2[/sup] of land on the Asian side of Istanbul, Turkish newspaper Vatan reported. MEL has been awarded the property by the state-run Emlak Konut Gayrimenkul Yatirim Ortakligi and may develop a shopping centre and a residential complex on the site. The entire development will cover some 500,000 m[sup]2[/sup].
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
