Emlak plans $1.8bn SPO

Turkish state-backed property developer Emlak Konut said that it is planning a 50% expansion of its share capital in a deal that could be worth around T3.25bn ($1.8bn), it said on Friday. Bankers said they expect a formal public tender process to mandate banks for the deal. The international tranche of the company’s November 2010 IPO was led by UniCredit.