Reportage seals deal with Turkish, Azeri groups for real estate JV

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UAE-based Reportage Properties has joined forces with Turkish group Mesa Holding and Azeri investment company Sabah to launch a new venture - RMS Capital Investment - that will focus on boosting investments in the global real estate market.

The new venture, set up by leading real estate companies of Turkey, UAE and Azerbaijan, aims to achieve remarkable success not only regionally but also globally with innovative and sustainable projects in the sector.

It will strive to offer the highest value to its customers and business partners with future projects and investments, said the company in a statement.

In the RMS Capital Investment partnership structure, Reportage will hold a 34% stake, while MESA and Sabah Investment Group will each have 33% stake.

The trio will develop partnership projects in Dubai, Istanbul and Baku in 2024 and 2025 at a total investment of $600 million.

The funding for these projects will come from the JV partners, while the central management of the projects will be organized from Dubai.

Speaking at the signing ceremony, Mesa Holding CEO Mert Boysanoğlu said: "We have been working in this sector for 55 years. We make both investment and production in many different sectors. RMS actually started its life as a group that wanted to invest in the global world, especially in housing investments."

"As three groups, we have an investment plan of approximately $600 million this year. The first one will start with a project in Dubai, and then we will continue in Turkey and Baku. I am signing this agreement with full faith that this group will not only do business in these regions, but also become a more global player," stated Boysanoğlu.

Andrea Nucera, the Managing Director of Reportage Properties, said: "We aim to make a difference in real estate development by redefining real estate through excellence, sustainability and innovation."

"As three of the world's leading real estate companies, we will grow in our own agenda and increase our potential with RMS cooperation," he stated.

Sabah CEO Orkhan Mustafayev said: "The joint venture between Reportage, Mesa and Sabah is an important moment not only for us but also for the markets we already operate in. Over the years, we have built important relationships with our clients based on trust."

"This joint venture is another milestone for us to provide better opportunities for our clients, enhance our reputation and build new, successful partnerships. RMS now combines the reputations of all three partner companies and our customers can benefit from the combined powerhouse that this joint venture represents," he added.