Kazikli coastal development

RNS Number:3778S
Ottoman Fund Limited (The)
06 March 2007


For Immediate Release                                               6 March 2007

                            The Ottoman Fund Limited
                                        
  Land purchase and shareholder agreement signed in respect of Kazikli coastal
                                  development

The Ottoman Fund Limited ("Fund"), which invests in the development of local
housing and holiday homes in the major cities and coastal resorts of Turkey, is
pleased to announce the purchase of a 50% share of 274,524m2 of land in Kazikli
village in Milas, Mugla, details of which were previously announced at the
memorandum of understanding stage on 18 January, 2007.

Following the acquisition the shareholders agreement for the new 50/50 joint
venture company with Ado Group has also been signed by the parties.

Approval of the application of a new zoning plan for the site has been received
from the local authorities.  Subsequent to this approval, a revaluation of the
site has been carried out by Colliers International which would indicate that
the current market value of the Fund's share of the property has increased to
US$12,350,000 from the acquisition price of  US$10,000,000 (excluding taxes and
fees).

The Chairman of the Fund, Sir Timothy Daunt, said: "The Board of the Fund is
pleased to announce the completion of the acquisition of the Kazikli site and
signing of the shareholders agreement. The pace of the approvals obtained, and
reflected in the revised valuation, clearly demonstrate that the Fund's aim in
creating value during the land development phase has been achieved."

List of contacts

Development Capital Management 020 7355 7600
Roger Hornett
Ertan Sevinc
Tom Pridmore

Buchanan Communications 020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd 020 7776 1500
Iain McDonald
Bruce Garrow




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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