Business case
The Republic of Turkey faced an ICSID arbitration brought by a foreign investor in relation to a large residential, office and commercial real estate development near Istanbul. The claimant sought damages for termination of the project and for the alleged loss of other real estate opportunities in Turkey.
The work separated losses allegedly caused by State conduct from project risks linked to the investor’s own funding constraints, delivery assumptions and market execution. After cross-examination, the Tribunal had a clear understanding on how to correctly differentiate the terminated-project valuation and the asserted spillover effect across the claimant’s wider Turkish pipeline.
Our experts challenged the claimant’s valuation against actual sales evidence, construction costs, delivery schedules and funding capacity. We also tested whether the claimed loss of other development opportunities was supported by contemporaneous evidence and by the investor’s actual ability to finance and execute them.