Lexist has advised the TWF IFM Real Estate Construction and Management joint stock company on the regulation to establish the Istanbul Financial Center.
TWF is the Turkiye Wealth Fund, a USD 33 billion sovereign wealth fund established in August 2016 and owned by the Government of Turkiye.
According to Lexist, “Istanbul aspires to be a global financial hub through the creation of a mega project, the IFC. To realize the IFC, new legislation was required. On July 7, 2023, the IFC regulations came into force upon publication in the Official Gazette.”
According to the firm, “the IFC project is a critical step in enhancing the financial services sector in Turkiye. The land and air rights of the project are equivalent to 3.5 million square meters – twice the size of London’s Canary Wharf. Tenants of the IFC will enjoy certain tax exemptions and tax reductions.”
The Lexist team included Partners Murat Erbilen and Mesut Kaya and Associate Sevde Nur Paksoy, supported by the firm's wider team.