Serdar Bilgili targets up to €250m for Turkish property fund

The real estate investor and former president of Istanbul football club Besiktas has held a €32m inital close on the private equity real estate fund, which is targeting hotel and residential opportunities in the country.

Serdar Bilgili is raising a private equity real estate fund targeting between €150 million and €250 million for hotel and residential for-sale opportunities in Turkey.

The chairman of Bilgili Holdings is leading the effort to raise the vehicle, which has already held a first close on €32 million and is expected to operate under the BLG Capital banner, according to people familiar with the matter.

Bilgili is well-known across Turkey as a real estate investor, whose portfolio companies redeveloped the Akaretler Row Houses and W Istanbul in Besiktas, Istanbul, into a high-end mixed-use area comprising 60,000 square metres of space.

The BLG Capital fund is expected to target high-end hospitality deals, including conversion projects, and residential for-sale housing, including student housing, in Turkey, particularly Istanbul.