Tulip Real Estate v. Turkey Tulip Real Estate Investment and Development Netherlands B.V. v. Republic of Turkey (ICSID Case No. ARB/11/28)
Majority shareholding in local investment vehicle that held rights under a license to complete a real estate development project in Turkey; loans; "direct out-of-pocket expenses"; performance bond.
Claims arising out of the alleged Government's termination of a mixed-use residential and commercial real estate development project in Istanbul, known as Ispartakule III, in which the claimant held interests.
Tertiary: L - Real estate activities
68 - Real estate activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Griffith, G.
Jaffe, M. E.
Knieper, R.
Decided in favour of State
450.00 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

None - all claims dismissed at the merits stage
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Tomka, P. (President)

Booth, C. (Member)

Schreuer, C. H. (Member)