Turkey’s BLG Capital is planning to invest in luxury real estate projects in Italy after selling its stake in a $2.2 billion Istanbul port development, as high interest rates at home push it to expand abroad.

The private equity firm, which manages around $8 billion in assets and is known for upscale restorations of historical buildings, is working on multiple Italian deals including hotel projects in Milan, Chairman Serdar Bilgili said in an interview.