Shares in Turkish real estate firm Ronesans Gayrimenkul Yatirim BIST:RGYAS fell around 7% on Wednesday after the Singaporean sovereign wealth fund GIC Private Limited sold part of its stake in the company for 2.1 billion lira ($49.46 million).
According to a filing by Ronesans Gayrimenkul Yatirim on the Turkish stock exchange platform, 15 million shares were sold at a price of 140 lira per share. Upon completion of the transaction GIC's stake will decline to 13.85% from 18.38%.
Bookrunner Unlu Menkul Degerler said shares subject to the wholesale transaction are already listed on Turkey's Borsa Istanbul.
($1 = 42.4583 liras)