Dogan taps into real estate sector with 50m euros

Turkish group Dogan, the owner of the largest media group and leading petrol station network in Turkey, has purchased a 55,800 square-metre plot in Bucharest for 48.9 million euros, Bloomberg reveals. As a result, Dogan has tapped into the real estate sector, after it already entered the Romanian market with its media division. Dogan Media holds TV channel Kanal D in partnership with Ringier. The Istanbul-based group purchased the plot in Bucharest after it bought Romanian real estate company D-Yapi Real Estate Investment and Construction SRL, in order to develop a shopping centre, Dogan announced in a statement released on the Turkish Stock Exchange. D-Yapi Real Estate, a Turkish company, conducts real estate projects exclusively for Dogan. Dogan Media International, part of the Dogan Media Group, is the largest media-entertainment company in Turkey with revenues worth over 1.2 billion dollars and a 42% market share in terms of advertising revenue. The company is involved in radio and television, newspapers, magazines and books, owns printing houses and also works in new media.