INVESTOR’S GUIDE 2014
EDITORIAL 1
INVESTOR’S GUIDE 2014 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Sedef Güneş Advertising sales manager Eda Ünsalan Aytemur Nuran Yıldız Corporate communication director Mürüvvet Can Cover design Emre Çıkınoğlu
WELCOME Welcome to the 2014 edition of Investor’s Guide Turkey. The competition for prime assets in Europe’s major real estate markets is leading
Graphic designer Onur Bilgin
investors to turn to recovering markets, regional cities and secondary property in
Publisher Sirkus Publishing Rumeli Cad. Itır Sok. 3/2 Nişantaşı 34371 İstanbul
report published jointly by the Urban Land Institute and PricewaterhouseCoopers.
Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul
search of returns, according to Emerging Trends in Real Estate Europe 2014, an annual
One of last year’s darlings, Istanbul has dropped several places but remains in the top 10 for investment. Investors generally like Istanbul because it is a high-growth market, backed by a strong economy. Turkey’s demographics are also very appealing, with a young and rapidly growing population of 75 million. Retail is still attractive because “affluence is developing” and “the middle class is establishing itself”. However, there is
All or some of the content (texts or images) cannot be used without written permission of Sirkus Publishing. Sirkus Publishing is not responsible for the accuracy of the information provided by the contributors.
a lack of quality assets, which could put off many international investors.
Further information Networking Turkey +90 212 225 42 52 info@networkingturkey.net www.networkingturkey.net
Turkey has undergone a profound transformation over the last decade and its economic
Turkey’s Association of Real Estate Investment Companies (GYODER) predicts foreign investors will put USD 10 billion into the Turkish market over the coming years, especially as they will now receive the right to reside in Turkey, regardless of the amount invested.
fundamentals are quite solid. It is the 17th largest economy in the world and the 6th largest economy in Europe. Favorable geographical position, population growth and demographic advantage, increase in per capita income, urban renewal and development adequacy, mass capacity and power in the Turkish construction sector and easiness of doing business are all demand drivers of the real estate market in Turkey. This guide you’re holding attempts to reveal current conditions of the Turkish real estate market as well as providing an insight for global investors.
2 CONTENTS
INVESTOR’S GUIDE 2014
Investor’s Guide Turkey 2014
4 NEWS 12 OUTLOOK 14 ISTANBUL REMAINS IN THE TOP 10
managed to be listed among the top ten countries in the international tourism market both in terms of tourism revenues and the number of arriving tourists. Ömer Latif Yalçın
An annual forecast published jointly by the Urban Land
26 A VALUABLE SALES TOOL: RENDERING
Institute and PricewaterhouseCoopers, Emerging Trends
The real estate business is becoming complex and
in Real Estate Europe 2014 has been released. One of
challenging. Thus, renderings are valuable sales tools
last year’s darlings, Istanbul has dropped several places
helping real estate companies to visualize their project
but remains in the top 10 for investment. Investors
better. Mustafa Tutar
generally like Istanbul because it is a high-growth market, backed by a strong economy.
28 SELECTED PROJECTS
18 REAL ESTATE INVESTMENT FUND: A NEW INSTRUMENT IN THE MARKET
38 WHO’S WHO
Given the flexibility of the real estate investment fund model, within a short time, real estate investment funds are expected to gain popularity as a new financing tool for real estate projects. Serkan Gül
20 TOP LOCATIONS IN ISTANBUL FOR FUTURE DEVELOPMENTS Paying attention to new transportation axes, projects under development and the supply-demand balance, it seems that 11 particular districts would be the new arteries of Istanbul in the near future, according to Epos Property Consulting and Valuation.
22 A SHINING STAR: TURKISH TOURISM SECTOR Turkey has already evolved into one of the countries that have a say in the world tourism industry. The country has
40 AERIUM 41 CEFIC 42 ECE TÜRKİYE 43 EKSPERTIST PROPERTY INV. & CONSULT. 44 ENTEGRE PROJECT MANAG. & CONSULT. 45 GYODER 46 HERGÜNER BİLGEN ÖZEKE ATTORNEY PARTN. 47 KONUTDER 48 METRO PROPERTIES TURKEY 49 PAKSOY 50 PRIME DEVELOPMENT TÜRKİYE 51 PROPIN 52 SAYDAM TASARIM ARCH. RENDERINGS & ANIM. 53 TSP-TOTAL SOLUTION PROVIDER 54 TURKISH COUNCIL OF SHOP. CENTERS 55 TURKISH GREEN BUILDING COUNCIL 56 TURKMALL REAL ESTATE
NEWS >>>
4 NEWS
INVESTOR’S GUIDE 2014
FDI INTO TURKEY STOOD AT USD 12,686 BILLION IN 2013 Foreign direct investments (FDI) into Turkey stood at USD 12,686 billion in 2013, according to data released by the Turkish Ministry of Economy. Making up the total, the capital
foreign investment last year while, at
the total number of foreign-owned or
inflow topped USD 10.1 billion while
the sector level, the country received
partnered companies to nearly 37,000.
real estate purchases by foreigners
USD 3.7 billion of cash inflow through
Germans constitute the largest group of
exceeded USD 3 billion. The overall
financial intermediaries, followed by
foreign business owners in Turkey with
amount experienced a drop of 4% when
the USD 2.5 billion attracted by its
over 5,600 companies, followed by the
compared with 2012.
booming energy sector.
British with 2,600 companies as of the
Accounting for 52% of the total, the EU
Last year saw 2,960 company
funded companies, nearly 22,000, are
remained Turkey’s principal source of
establishments by foreigners, taking
operating in Istanbul.
end of 2013. The majority of foreign-
RESIDENTIAL SALES UP 65% IN 2013 The number of houses sold in Turkey rose by 65% in 2013 over the previous year, with 1.16 million home sales recorded compared to 701,621 in 2012. The surge in sales was due to lower
Statistics” report for January 2014,
First-time sales for the first month
mortgage costs and declining
Ankara was on the heels of Istanbul
of the year amounted to 40,155,
interest rates during the last year
with 137,773 (11.9%). Izmir was
making up 45.8% of all house sales
and an increase in the housing
next with 72,421 (6.3%).
in Turkey that month. The number of
stock, particularly because of
second-hand sales was 47,484.
massive production by the Housing
In January 2014, 87,639 houses
Development Administration of
were sold, which was almost no
House sales to foreigners rose in
Turkey (TOKİ). Urban transformation
change compared with the same
January when compared to the
projects in a number of
month of the previous year. Istanbul
same month of the previous year.
metropolitan municipalities also
again had the highest share with
In that month, 1,207 houses were
contributed to the availability of
17,489 or 20%. Ankara and Izmir
sold to non-Turks. This number was
new housing.
had 11.6% and 6.1%, respectively.
12,181 for all of 2013. In terms of
The city that saw the largest number
In January, for the first time,
was the first province, with 464
of sales was Istanbul with 234,789,
TurkStat began making a distinction
sales in January of this year. Those
comprising 20.3% of total sales
between first and “second-hand,”
following Antalya were Istanbul
in 2013. Out of the house deeds
or previously owned home, sales. A
with 243 house sales, Sakarya with
changing hands across Turkey, only
first sale means simply the sale of
119, Muğla with 75 and Aydın with
40% were mortgage-based.
a house for the first time since its
70 house sales.
house sales to foreigners, Antalya
construction, while a second-hand According to the Turkish Statistics
sale is any sale not directly from the
Institute’s (TurkStat) “House Sales
builder or contractor.
INVESTOR’S GUIDE 2014
NEWS 5
TURKISH TOURISM INCOME INCREASED BY 11.4% IN 2013 According to the data released by Turkish Statistics Institute (TurkStat), the total Turkish tourism income increased in 2013. In the fourth quarter of 2013, tourism
Tourism income in 2013 increased by
abroad. Tourists travelling individually
income increased by 5.5% compared to
11.4% and reached USD 32.3 billion
were accounted for USD 24.8 billion
the same quarter of 2012 and reached
compared to the previous year.
of the total income, while another USD
USD 7.76 billion. While 77.4% of this
7.4 billion was generated by packaged
income was obtained from foreign
78.9% of this income was obtained
tours. Average expenditure per capita in
visitors, 22.6% was obtained from
from foreign visitors and 21.1% was
the entire year amounted to USD 824.
Turkish citizens living abroad.
obtained from Turkish citizens living
COASTAL PROPERTY MARKET TO BOOST IN 2014 Turkey’s growing marine tourism sector is expected to boost interest in property in coastal resorts in 2014 thanks to a raft of world class marinas. Many of the marina less than a year
Commented Julian Walker, director
highly fashionable hang-outs for the
or two old, attracting an increasing
at Spot Blue International Property:
world’s sailing jet set, who attract chic
number of lifestyle property investors,
“Turkey’s upped its game in maritime
restaurants and boutique shopping, as
said Turkish property agency Spot Blue
tourism in recent years and we’re
well as higher property prices. Istanbul’s
International Property.
beginning to reap the rewards. That
hosting of the World Marine Conference
said, there’s more to come, as the
in June this year will raise awareness
Resorts with world-class marinas
Government has a target number of
of Turkey’s world-class marinas even
along Turkey’s pretty Aegean and
berths to hit before 2023. Areas such
more.”
Mediterranean coastlines have become
as Bodrum and Göcek have become
property hot spots, not only for foreign investors but also members of Turkey’s rising affluent middle class, many of whom are based in Istanbul. Some of Turkey’s newest and most desirable marinas include Palmarina in Yalikavak-Bodrum, newly opened in June 2013, D-Marin Marinas in Göcek and Didim, the latter being Turkey’s largest marina, the Setur and Camper & Nicholson marinas in Çeșme, and three further Setur marinas in Finike, Kaș and Antalya.
6 NEWS
INVESTOR’S GUIDE 2014
ISTANBUL’S LARGEST-EVER OFFICE LEASE SIGNALS HEALTHY 2014 Colliers International has preleased over 60,000 m2 of the Torun Tower in Istanbul on behalf of Torunlar REIT in what it claims is the largest-ever office lease recorded in Turkey. Denizbank, one of the leading
space spread to 35 floors, due to be
Turkey, will create confidence to the
institutions of the Turkish banking
completed in June 2014.
market and attract more interest from
sector, has leased Torun Tower,
local and foreign institutional real
Torunlar REIT’s new office project.
Kerim Cin, Managing Partner at
Colliers International acted as
Colliers International, stated that:
the exclusive representative of
“The immense size of this lease
Meanwhile, according to a report
Torunlar REIT in this transaction. The
transaction, between Denizbank
by Colliers International, an office
transaction, which consists of 60,023
and Torunlar REIT, together with
supply of 1,777,885 m2 will be added
m² of leasable class-A office space
the fact that it is a pre-lease, proves
to Istanbul’s existing office stock in
in total, represents the largest ever
the level of improvement, that the
the next three years, 31% of which
office lease recorded in Turkey.
class-A office market has come along
will be constructed in the CBD, 30%
estate investors and developers.”
in the last 10 years in Turkey and
in Kozyatağı/Ataşehir region, 16% in
Torun Tower is a new class-A office
its bright growth potential into the
Maslak, 15% in Kağıthane/Cendere,
project, which is located in CBD
future. We are confident that large
5% in Ümraniye and 3% in Istanbul-
of Istanbul, with 65,600 m² office
lease transactions such as this one, in
East.
BILFINGER TO MANAGE 6 MORE SHOPPING CENTERS IN TURKEY The portfolio of retail space in Turkey managed by Bilfinger Real Estate is expanding. Following the management contract for Turkey’s major Metropol Istanbul project, the Frankfurt-based real estate services provider has accepted further contracts for six shopping centers in Turkey. The mixed-use retail, office, and
beginning or at the end of 2014.
of shopping center space under
residential complexes are located
Bilfinger Real Estate is responsible
management and ranking among the
in Istanbul, in the Eastern Anatolian
for center management and leasing
top three center managers in Turkey,
city of Erzurum, in Diyarbakir in
activities of the six complexes,
we will in future shift the focus on
Southeastern Anatolia, in Zonguldak
which have a total of 690 stores and
the office segment. As a result of the
on the Black Sea coast, and in Kayseri
over 250,000 m² of leasable retail
continuing construction boom, the
in Central Anatolia. Three of the
space.
Turkish office market is expected to
shopping centers newly added to
grow by one million square meters
the portfolio under management
Leyla Özulucak, Managing Director
of premium space by 2017. We have
are currently under construction.
of Bilfinger Real Estate Turkey: “With
identified considerable potential
They are expected to open at the
over one million square meters
here for winning further contracts.”
INVESTOR’S GUIDE 2014
NEWS 7
HILTON TO DEVELOP FOUR NEW HOTELS IN ISTANBUL AND IZMIR Hilton Worldwide has signed agreements on another four hotels to further boost its portfolio in Turkey to 24 trading properties and 25 in its development pipeline. Through this latest agreement, Hilton Worldwide is expanding its existing presence in Istanbul and the port city of Izmir, home to Turkey’s third largest urban population, with two new hotels in each city.
Located in central Istanbul, the new build hotel will open in 2016 and boast signature guest services of the award winning Hampton by Hilton brand, supported by its renowned 100% satisfaction guarantee. DoubleTree by Hilton Izmir – Alsancak sees the existing Yıldızhan Hotel convert in 2014 following a USD 1 million refurbishment. The 115 guest room property benefits from a central location, close to the existing Hilton Izmir. Hilton Garden Inn Izmir Bayraklı is a 182 guest room hotel, due to be operated by Ozgun Insaat. Due to benefit from a convenient location just north of the city’s port and central district, the hotel will The deals span the DoubleTree
to our guests, be they domestic or
also offer all core HGI signature
by Hilton, Hilton Garden Inn and
international travelers.”
features when it opens in 2016.
which are rapidly expanding in
Hilton Garden Inn Istanbul Beylikdüzü
Patrick Fitzgibbon, Senior Vice
Turkey.
is a 126 guest room hotel located
President development, Europe and
Hampton by Hilton brands, all of
within a mixed use retail space in one
Africa, Hilton Worldwide said, “We
Jim Holthouser, Executive Vice
of Western Istanbul’s fastest growing
remain very optimistic about the long
President, global brands, Hilton
suburbs. When the property opens
term potential of Turkey as a dynamic
Worldwide said, “Turkey is one
in 2015 it will boast signature HGI
business and tourism destination,
of the world’s most exciting and
brand attributes including an all-day
one which continues to break its own
dynamic destinations, where we
dining restaurant, 24 hour Pavillion
international visitor number records
are developing a truly multi-brand
Pantry, business and fitness centers.
year-on-year. It remains one of our
presence. These four hotels across
core global growth markets, and
three different brands, located
Hampton by Hilton Istanbul
these additions to our portfolio speak
in the great cities of Istanbul and
Dolapdere is a 170 guest room hotel
to our commitment to this region.”
Izmir, will offer even greater choice
to be operated by Gevrekli Turizm.
8 NEWS
INVESTOR’S GUIDE 2014
THE FIRST REGENERATION PROJECT OF TURKEY: PALM CITY MERSIN Welcomed as the first shopping center of Mersin in 2003 under the name Carrefour Mersin Shopping Center, Carrefour Mersin enjoyed a significant renovation and facelift in parallel with the ever-increasing importance, development and needs of Mersin – one of the fastest growing cities in Turkey. of shops, kiosks, restaurants and megastores from 33 to 66 with a leasable area of over 34,000 square meters built on a total surface area of 95.000 m². Its free open-air car parking lot with a capacity of 1,250 vehicles, easy and direct access due to the one-level design of the Shopping Center, makes it extremely comfortable and practical for all the families, as well as senior and disabled people. As a result the Owned by Aerium and managed by
footfall and turnover figures in the
footfall of Palm City increased by
Cefic, Palm City Mersin Shopping
shopping center, have already been
150% in 2012 and is continuously
Center is a first ever significant
achieved.
increasing in 2013 and 2014.
successfully going through all
Additionally, the best use of green
Decathlon, the famous sport and
the different phases including
resources maximize the
leisure international brand will soon
releasing, refurbishment, renovation,
sustainability and environmental
be opening in Palm City Mersin one
reconstruction, restructuring,
protection. The design of Palm City
of its very firsts sizeable stores
extension, eviction, repositioning,
Mersin Shopping Center, is made
(exceeding 5,000 m²) alongside
and rebranding.
by taking into consideration the
the gallery. Moreover this amazing
needs of visitors in harmony with
addition to the shopping centre,
This project is an exceptional one
environmental data and climate
to fulfill people’s longing for
not only in terms of design but also
conditions. The shopping
entertainment and socialization
for the innovative methodology and
center now benefits fully from
areas, an ultra-modern cinema
development process, regenerating
comfortable daylight. A big food
complex with ten saloons has been
theshopping center activity and
court area, leisure areas, attractive
added and will be covering more
bringing it back to the life at a highest
terrace with modern design were
than 2,000 m².
standard while keeping Carrefour
created and the landscaping was
hypermarket active and alive through
completed with live plants to
In addition Palm City Mersin is
all phase of construction works.
provide more pleasurable shopping
recently awarded for the “Best
experience and visit to the
Shopping Center Renovation” in the
customers in the shopping center.
world, at the prestigious Global RLI
regeneration project in Turkey,
The essential goals, to ensure customers enjoy with modern,
2013 Awards in London and also at
pleasant, convenient shopping
With a successful regeneration,
the Dubai Cityscape 2013 Awards for
experience and to gain highly
operation and repositioning, Palm
the “Best Retail Project” in Emerging
satisfied tenants by increasing the
City Mersin has doubled the number
Markets.
INVESTOR’S GUIDE 2014
NEWS 9
ECE TAKES OVER ANOTHER SHOPPING CENTER IN TURKEY ECE continues its expansion on the Turkish market with taking over the concept design, leasing and management of a new shopping center in Afyon, a western Anatolia city. The shopping center will comprise a
project is Afyon Girişim A.Ş.
the city of Afyon which has 700,000
leasable area of 42,000 m² on four
Andreas Hohlmann, Managing
inhabitants. The center will be well-
levels. It will include approximately
Director of ECE Türkiye says: “Afyon
connected to public transportation
160 specialist shops, a hypermarket,
is located at an important railway
and will also be easily reachable on
restaurants, cafés, a food court
and freeway hub between the cities
foot.
with ca. 2,000 seats, entertainment
of Izmir, Konya, Ankara and Istanbul.
facilities, and a movie theater with
The new shopping center is built
Hüseyin Karacak, CEO of Afyon
10 screens. Furthermore, 1,150
in the city center. With the quality
Girişim A.Ş: “We are delighted
parking spaces are available to visitors
and the branch mix of many popular
to realize this project with ECE.
traveling to the center by car.
international brands and with
The company’s experience with
synergies which we will establish
international projects will secure the
The excavation of the foundation ditch
jointly with the investor, our project
success of the shopping center. This
marked the construction start for the
will become a shopping magnet in the
project was launched by business
shopping center. At the beginning
region.”
people from Afyon for Afyon and the
of March, the work on the shell
citizens will be proud of the result.
construction will begin. The investor
The shopping center is constructed on
of the approximately EUR 90 million
the former bus terminal premises of
EMLAK REIT SELLS A LARGE PLOT IN ISTANBUL A consortium of three Turkish firms has won a giant plot of land in Istanbul’s Zeytinburnu district, sold by Turkey’s largest housing developer, Emlak Konut Real Estate Investment Trust (REIT). The new owner of the 111,000 m² land
The first session of the tender was
bid in Emlak GYO’s history,” Kurum
in the Kazlıçeşme neighborhood is a
held last month, and the joint venture
also noted, claiming that the tender
joint venture of Özak-Yenigün-Delta,
of Aşçıoğlu Inşaat-Nokta Yatırım
“indicates investors’ trust in the
which placed the highest offer of TRY
placed the highest bid with TRY 1.8
country’s economy, stability and
4.24 billion (approx. EUR 1.39 billion)
billion.
construction sector.”
during the tender, held on January 16. Emlak Konut CEO Murat Kurum has
The project has commercial and
Emlak Konut REIT announced it would
said the land is the largest area
residential areas, and may include
receive 37% of the tender amount,
available in Istanbul suitable for
shopping malls and business
which corresponds to TRY 1.568
project development. “We can say
centers, as well as cultural and social
billion.
that this tender received the highest
facilities.
10 NEWS
INVESTOR’S GUIDE 2014
GREEN VALLEY UNVEILS A NEW PROJECT IN TRABZON Close on the heels of the success of its iconic projects across Turkey, UAE-based Green Valley International Real Estate has announced the launch of a new project worth approx. EUR 43.5 million in Trabzon, Turkey. Tailored for buyers from the Middle
for growth, and we are proud to be
all world-class amenities associated
East and the Gulf countries, the
playing a pivotal role by unveiling
with high-end communities,
USD 60 million-project in Trabzon
a new project in Trabzon. The iconic
complete with recreational, social
is the company’s fifth in the
development offers a huge return
and entertainment facilities.
country, following other residential
on investments for GCC nationals in
complexes in Bursa, Yalova and
Turkey and we offer this great chance
Turkey lifted restrictions on property
Sakarya provinces.
for GCC nationals to invest in this
ownership by foreign buyers in 2012,
booming market.”
opening the market to investors
Mr Wiaam Mahmoud Rabah,
from Russia, the Arab world, and
Chairman of Green Valley Real
Comprising of 36 buildings with a
Southeast Asia. Long-term residency
Estate, said: “The real estate sector
total of 604 apartments, the project
permits are also granted to investors
in Turkey offers a huge potential
is competitively priced and offers
acquiring property in Turkey.
TESCO EYES PLAN TO REDUCE EXPOSURE TO TURKEY British retailer Tesco, under pressure to turn around declining sales in its domestic market, is considering reducing its exposure to Turkey, the the Financial Times reported in February. unprofitable Chinese operation into a state-run Chinese company as a minority partner. “We don’t comment on rumour or speculation,” a Tesco spokesman said. Tesco said in October that its 191 stores in Turkey had a poor first half and that some restructuring of operations in the east of the country was possible. The company’s chief financial officer, Laurie McIlwee, said Tesco, the world’s third-largest retailer,
Migros, the paper reported, citing
then that its western business around
is looking at combining its operations
people familiar with the situation.
the Mediterranean coastline was “very
in Turkey, where it trades as Kipa, with
A deal could be along the lines of that
profitable” and that Tesco had no plans
the country’s biggest food retailer
which last year enabled it to fold its
to exit Turkey.
INVESTOR’S GUIDE 2014
NEWS 11
MEDIA MARKT PLANS TO OPEN 10 STORES IN 2014 German corporation Media-Saturn Holding GmbH, announcing its growth plans in Turkey, has said the company will open 10 Media Markt stores nationwide in 2014. Media-Saturn Holding Turkey CEO
will be intensifying their investments
they are present in the best possible
Bülent Gürcan said the company
while improving the opportunities
way.
will shift 25% of its investments to
for employment provided by the
Turkey in 2014 and despite the fact
company, adding that the presence
Peter Leisten, Vice President
that foreign electronics retailers are
and success of international
responsible for international sales
leaving the Turkish market, Media
companies similar to Media-Saturn
at Media-Saturn, said the withdrawal
Markt will be opening 10 new stores
Holding in Turkey paves the way for
of other multinational technology
this year. Noting that they entered the
other multinational companies to
retailers from the Turkish market has
Turkish market in 2007, he said the
enter the market.
placed more responsibility on the
company has expanded into Anatolia by opening 37 new stores since then.
company’s shoulders and that Turkey The company, which has annual
ranks at the top of the company’s
revenue of €21 billion, emphasized
long-term investment plans with its
Gürcan said they believe in the
the importance of localization and the
young, dynamic population and high
potential of the Turkish market and
fact that each store serves the place
interest in technology products.
DARTY TO SELL ITS TURKISH OPERATIONS TO BIMEKS Darty plc has announced that as part of its Nouvelle Confiance strategy to concentrate on its core businesses it has entered into binding heads of terms with Turkish specialist technology retailer Bimeks to sell the Group’s Turkish operations. Under the heads of terms the Group will
be finalised shortly and the transaction
progress in implementing the strategy
transfer its 28 stores and store staff
will complete by the end of the Group’s
of focusing on our core businesses.
for nominal consideration and transfer
current financial year.
“We believe that this transaction is in
the stock of the business for an amount
the best interests of both our Turkish
to be agreed following a valuation
Alan Parker, Chairman of Darty plc,
exercise. This amount will be finalized
said: “I am delighted that we have
at completion. The Group will retain
reached agreement to sell our Turkish
Murat Akgiray, the Founder and
responsibility for closure of the head
business to Bimeks. We have made
Chairman of Bimeks, said: “The store
office and non-store locations and the
good progress with the Darty brand
locations and product portfolio will
settlement of all remaining liabilities
in Turkey, but our business today is
complement those of Bimeks very
of the Turkish business. It is anticipated
sub-scale. While the Turkish market is
well. This, together with the recent
that the overall impact of the proposed
growing and dynamic, we concluded
acquisition of ElectroWorld, supports
transaction will be broadly cash neutral
that we could not expect to make
our multi-channel strategy and our
on the Group. The transaction is subject
significant progress with the business
long-term commitment to our investors
to, inter alia, the approval of the Turkish
over the coming years without making
and customers. We are on track to
competition authority. It is expected
a further significant investment. This
becoming the leading technology
that a sale and purchase agreement will
agreement allows us to make further
retailer in Turkey.”
employees and our shareholders.”
12 NEWS
INVESTOR’S GUIDE 2014
INVESTOR’S GUIDE 2014
NEWS 13
OUTLOOK >>>
14 OUTLOOK
INVESTOR’S GUIDE 2014
ISTANBUL REMAINS IN THE TOP 10 An annual forecast published jointly by the Urban Land Institute and PricewaterhouseCoopers, Emerging Trends in Real Estate Europe 2014 has been released. One of last year’s darlings, Istanbul has dropped several places but remains in the top 10 for investment. Investors generally like Istanbul because it is a high-growth market, backed by a strong economy.
INVESTOR’S GUIDE 2014
OUTLOOK 15
European City Investment Prospects Source: Emerging Trends in Real Estate Europe 2014 Note: Investment prospects for existing investments
The competition for prime assets in
The report highlights that investors are
other recovering markets, such as
Europe’s major real estate markets is
becoming increasingly comfortable with
Spain. The report highlights that 67%
leading investors to turn to recovering
taking more risk in search of returns.
of respondents believe that there
markets such as Ireland and Spain,
One of the biggest beneficiaries of this
are now good buying opportunities
regional cities and secondary property
is Dublin, which has raised dramatically
in Spain, with the acquisition of the
in search of returns, according to
in the city investment rankings, moving
Parque Principado shopping center
Emerging Trends in Real Estate Europe
up from 20th in last year’s report to
in Oviedo by Intu and the Canadian
2014, an annual report published jointly
second in 2014. Dublin’s real estate
Pension Plan Investment Board for EUR
by the Urban Land Institute (ULI) and
market has been transformed from
162 million highlighted as an indicator
PricewaterhouseCoopers (PwC).
a “no-go” location among investors
of mainstream interest in the market.
only two years ago, to being one of the
However, skeptics argue that debt is
The report finds that 71% of
hottest markets in Europe, with both
very hard to attain and that it is a risky
respondents think that a shortage of
domestic and international investors
market to invest in before there are
suitable assets for acquisition will have
attracted by pricing levels and Ireland’s
signs of any growth.
a moderate or significant impact on
improving economic outlook. The report
their business during 2014. As a result
finds that 51% of respondents now see
The competition for core assets has also
of this increasing competition, 59%
good buying opportunities in Ireland.
led to an increase in investors looking
of respondents believe that prime
beyond prime assets in major European
property in Europe’s core markets has
The weight of international capital
markets such as London, Munich and
now become over-priced.
is leading investors to also turn to
Paris, and instead buying solid income
16 OUTLOOK
INVESTOR’S GUIDE 2014
producing assets in secondary cities.
property.
For example, office investors in Munich
Simon Hardwick, real estate partner at PwC Legal, said “We believe the real
can achieve yields of approximately
“The resurgence of investment in
estate investment market in 2014 will
4%, but those willing to invest in
Ireland and how far the Spanish real
be dominated by a battle for assets.
smaller German markets such as
estate market recovers, will be two of
International capital will continue to
Stuttgart can achieve up to 6.5%.
the key stories in 2014” commented
flow into Europe, seeking to acquire
Investors are also looking to acquire
Joe Montgomery, chief executive of ULI
prime assets in core locations. Intense
secondary properties in major markets,
Europe. “Investor appetite in Dublin
competition for the limited supply
which have good existing income
has been growing over the past 12
of suitable property will inevitably
streams or which, with careful asset
months with significant volumes of
continue to have an impact on prices
management, could be transformed
international capital chasing the best
– particularly in global gateway cities,
into core assets.
assets. Investor interest is now moving
including London. This will result
to Spain, where there are signs that
in investors having to look at other
An interesting consequence of the
opportunistic investors, who entered
opportunities and to accept more
“Battle for Assets” is that investors
the market when Sareb opened for
risk. This is reflected in the renewed
are increasingly considering
business last year, are now being
interest in development, as well as the
development as a way of adding high
followed by mainstream institutions.
fast improving outlook for “non-prime”
quality assets to their portfolios. The
However, with limited signs of tenant
locations and properties. However,
report demonstrates that 71% of
demand and rental growth, questions
we are sceptical about whether the
respondents believe that development
remain as to how far the market
positive sentiment will lead to a
is an attractive way to acquire prime
recovery can go.”
headlong rush into the most risky
Expectations Regarding Amount Invested, Rents and Capital Values for 2013 Source: Emerging Trends in Real Estate Europe 2013 Note: The scale for this Exhibit 1 = increase to 5 = Decrease
City Investment Prospects Source: Emerging Trends in Real Estate Europe 2013 Note: On a scale of 1 to 5
INVESTOR’S GUIDE 2014
OUTLOOK 17
European City Investment Prospects 2014 Source: Emerging Trends in Real Estate Europe 2014
Note: Investment prospects for existing investments
markets. Investors’ interest remains
upbeat on the prospects for debt
The government’s 2012 decision to
focused primarily on sustainable
with nearly 90% expecting greater
lift restrictions on foreign property
returns from quality assets in good
availability, while southern European
ownership is attracting investors
locations.”
and Benelux countries were more
from Russia, the Middle East and Asia.
cautious on the outlook.
Turkey’s Association of Real Estate
The report highlights that there will
Investment Companies predicts
be significant capital available in
Prospects for existing assets in
foreign investors will put USD 10
Europe’s real estate markets during
Moscow and Istanbul have dimmed
billion into the Turkish market over
2014 with 71% of respondents
slightly as well, but both cities are
the coming years, especially as they
believing there will be an increase
still well-regarded for development:
will now receive the right to reside
in equity for refinancing or new
Moscow is Number 4 and Istanbul
in Turkey, regardless of the amount
investment this year. Although
Number 6. Turkey’s “property capital”
invested.
some of the equity will be domestic,
also maintains its Number 4 ranking
significant investment is expected
for new investment.
to continue to flow from sovereign wealth funds, especially those based
One of last year’s darlings, Istanbul
in Asia. Nearly 80% of respondents
has dropped several places but
believe that capital from Asia Pacific
remains in the top 10 for investment.
will increase during 2014, with 67%
Investors generally like Istanbul
of respondents believing that capital
because it is a high-growth market,
from The Americas will increase this
backed by a strong economy.
year.
Turkey’s demographics are also very appealing, with a young and rapidly
The outlook for real estate debt
growing population of 75 million.
availability is also improving, with
Retail is attractive because “affluence
51% of respondents expecting the
is developing” and “the middle class
availability of debt for refinancing
is establishing itself”. However, there
or new investment will increase this
is a lack of quality assets, which could
year, with only 15% of respondents
put off many international investors.
expecting it to become more scarce.
And, “in Turkey the valuations remain
However, respondents were not
volatile and really depend on location
expecting dramatic improvements to
and new developments”. Plus, “prices
pre-recession levels and there remain
are too high” and “political stability
significant geographical differences
is considered an issue”, according to
in perspective. The UK was the most
one interviewee.
18 OUTLOOK
INVESTOR’S GUIDE 2014
REAL ESTATE INVESTMENT FUND: A NEW INSTRUMENT IN THE MARKET Given the flexibility of the real estate investment fund model, within a short time, real estate investment funds are expected to gain popularity as a new financing tool for real estate projects. The Capital Markets Board (the “Board”)
QUALIFIED INVESTORS - CONTRIBUTION
has introduced a new financing model in
SHARES
Turkish law for real estate projects with its
The contribution shares of the real estate
Decree, coming into force on 1 July 2014,
investment funds do not have any nominal
on the Principles Regarding Real Estate
value. The value of the contribution shares
Investment Funds1 (the “Decree”).
is determined on the basis of the total value of the fund’s assets. Accordingly,
STRUCTURE
if the fund is managed profitably by the
A real estate investment fund may only
Founder or portfolio manager and the
be established, with the approval of
value of the assets increases following
the Board, by Portfolio Management
the establishment of the fund, the value
Companies and Real Estate Portfolio
of the contribution shares owned by the
Serkan Gül, Partner
Management Companies (the “Founder”)
investors will increase proportionately,
Hergüner Bilgen Özeke
that are registered with the Board.
which will constitute the return of the
Attorney Partnership
contributors’ investment in the fund. Real estate investment funds do not have legal personality, the assets are held by
The Founder or portfolio manager may
the fund on the basis of the fiduciary
collect performance fee from the investors
ownership principles on behalf of its
over the revenue and sale profit generated
investors except for the real estate related
from the real estate investments and/
rights, which are registered before the
or increase in the value of the fund’s real
relevant Land Registries in the name of the
estates, provided that such fee is expressly
fund.
set forth in the internal regulation of the fund and the issuance certificate.
The estate of the fund may be managed 1. Published in the Official
by the Founder or portfolio manager that
Contribution shares may only be issued to
Gazette dated 3 January 2014 and
is hired by the Founder. However, the
qualified investors, which are generally
numbered 28871.
estate of the fund is deemed separate
defined as the legal or real persons
2. Defined in articles 31 and 32 of
and different from the estate of the
holding cash deposits and financial assets
the Decree on the Rules regarding
Founder and/or the portfolio manager.
exceeding TRY 1 million or institutional
Establishment and Operations
Accordingly, the assets of the fund cannot
investors such as intermediary firms,
of the Investment Institutions
be levied; even for the collection of public
banks, portfolio management companies,
published in the Official Gazette
receivables, put in pledge and provided
World Bank etc2.
dated 17 December 2013 and
as a guarantee for the obligations of
numbered 28854 - Article 2 of
the Founder and/or portfolio manager.
The Founder should apply to the Board
the Decree on the Sale of Capital
The obligations of the Founder and/or
with the issuance certificate (ihraç
Market Instruments published in
portfolio manager to third parties cannot
belgesi), the standard form and other
the Official Gazette dated 28 June
be set off with the receivables of the fund
relevant documentation as may be
2013 and numbered 28691.
from such third parties.
requested by the Board for the issuance of
INVESTOR’S GUIDE 2014
OUTLOOK 19
the contribution shares. Following the
FUND ESTATE
On the other hand, real estate
approval of the issuance certificate by
At least 80% of the total value of the
investment funds are not allowed
the Board, the contribution shares of
fund’s assets should be real estate
to make short-term real estate
the fund may be issued and submitted
related investments, as real property,
investments on an ongoing basis. They
to the investors through appropriate
real estate related rights, shares of
may not directly manage or operate
distribution channels.
real estate investment companies and
real estate projects or undertake the
joint stock companies 75% of the total
construction works with respect to the
The liquidation of the assets of the
assets of which consist of real estate
real estate projects, as well.
real estate investment funds (in
investments, real estate certificates
particular real estates) are more time
and other real estate investment
All buildings and other similar
consuming than other type of financial
funds. The remaining part of the estate
constructions to be acquired by the
instruments, such as equity, forex
may consist of other types of rights
fund must have occupancy permits
transactions etc. (liquidity issue). The
and investments such as deposits,
and condominium ownership should
Decree adopts a flexible approach with
investment funds etc.
be established over the respective
respect to such liquidity issue: Return
properties. Agreements granting rights
of the contribution shares may be
The total net asset value of the fund
in favor of the funds such as promise
restricted under the fund documents
should reach at least TL 10,000,000
to sell agreements, promise to sell
(internal regulation, issuance
within a year at the latest, following
agreements in return of land share,
certificate, etc.) with certain time
the commencement of the sales of
revenue share agreements etc. must be
periods (e.g. once a year, at the end of
the contribution shares. The assets
registered with the land registry.
fund’s term etc.). Moreover, the Decree
of the fund should be subject to asset
does not impose any minimum cash
valuation by institutions recognized
PROSPECTS
requirement to ensure the liquidity of
by the Board, at least once every year.
Turkish real estate market (as an
the fund. Instead, such liquidity may be
The asset valuation should also be
emerging market) needs constitutional
ensured by the Founder by any means
conducted prior to each real estate
foreign investments and alternative
deemed appropriate. The Founder may
transaction of the fund.
investment tools to become a mature
also opt for purchasing (maximum 50%
investment jurisdiction. Given the
of) the contribution shares in its name,
SCOPE OF INVESTMENTS
relative flexibility of the legislation,
to ensure the liquidity for the return of
The fund is entitled to purchase all
it seems that real estate investment
the contribution shares.
types of real estate (land, residence,
funds may attract the attention of
office buildings, shopping centers,
local and global market players and
It is possible to apply a commission
hotels, etc.) and real estate related
contribute to the achievement of the
for sales and/or return of contribution
rights (construction right, usufruct
above goal.
shares, provided that terms and
right, etc.). The fund may also use
conditions regarding such commission
credits (amounting to maximum
are expressly set forth in the internal
50% of the fund’s assets) and grant
regulation and the issuance certificate.
mortgages over the fund’s assets for
Such commissions will be included in
such credits.
the fund’s assets as revenue.
20 OUTLOOK
INVESTOR’S GUIDE 2014
TOP LOCATIONS IN ISTANBUL FOR FUTURE DEVELOPMENTS Paying attention to new transportation axes, projects under development and the supply-demand balance, it seems that 11 particular districts would be the new arteries of Istanbul in the near future, according to Epos Property Consulting and Valuation. make the region a new center of attraction. Recent public investments are also contributing the development of the district. Vadi Istanbul and Skyland Istanbul projects are the first developments of Cendere Valley. On the other hand, new developments in the Cendere axis have already reached to Kağıthane. KAĞITHANE Kağıthane district appears to be the new center for office developments. Despite being located out of the Central Business District (CBD) of Istanbul, Kağıthane stands out with its rapid development in line with CBD, providing easy transportation ISPARTAKULE – BIOCITY
Istanbul will be established with
access. The district shelters significant
Rapidly developing in line with
beginning from Ispartakule to north-
office, shopping center and mixed-use
Bahçeşehir, Ispartakule district offers
side phase by phase.
developments in the pipeline. Most
large plots for new developments. The
particularly, old and large industrial
plots are mainly owned by Housing
SEYRANTEPE – AYAZAĞA
sites in Kağıthane are suitable for new
Development Administration of Turkey
Seyrantepe – Ayazağa district
mixed-use projects and these plots
(TOKİ) and Emlak Konut REIT. Exclusive
particularly stands out with being in
are attracting a serious number of real
projects of significant developers in
close proximity to Maslak – Levent
estate developers. The district is likely
the district places Ispartakule at a
– Zincirlikuyu axis and providing
to be a secondary center for business in
premium. The new BioCity project will
easy transportation access. Having
the upcoming years, with a connection
certainly contribute to the district in
been located close to the city center,
to CBD through an underground route.
a positive way. Additionally, the Canal
industrial sites in Seyrantepe are
Istanbul project’s route (Küçükçekmece
owned by private entities or public
ZEYTINBURNU – TOPKAPI –
– Sazlıdere – Yeniköy) is in close
and planned to be transformed for
BAYRAMPAŞA
proximity. It is expected that the new
new developments. New projects
Drawing attention with it location
city to be developed around the Canal
of prominent local developers will
close to the city center and major
INVESTOR’S GUIDE 2014
OUTLOOK 21
transport links, Zeytinburnu – Topkapı
spaces. However, the transportation
Bosphorus Bridge and the third airport
– Bayrampaşa district is rapidly
infrastructure of the district needs to
projects will definitely contribute to
developing as well. The transformation
be improved.
this popularity. The demand for single-
of industrial sites in the district has
family detached homes and duplex
significantly accelerated. Residential
SULTANBEYLI – TAŞDELEN –
apartments is expected to concentrate
projects developed for high-income
SANCAKTEPE
on the district.
groups have been realized in the
The third bridge’s connections to
district while tourism investments
Sultanbeyli, Alemdağ and Mevlana
GÜNEŞLI – BASIN EKSPRES
are planned in the coastal line. The
neighborhoods is now becoming the
Güneşli – Basın Ekspres district
recently opened “Marmaray” project
main highway access roads of Asian
benefits from being in close proximity
would have a positive effect on the
side of Istanbul. Besides, the planned
to Atatürk Airport and linking TEM
district’s rapid development.
underground route between Üsküdar
and E-5 highways with easy access
– Taşdelen will improve the district’s
transportation. It is expected to draw
ARNAVUTKÖY
accessibility. A considerable number
more attention after the underground
Arnavutköy have become a main
of premium residential projects
route is completed. Mixed-use,
topic in the real estate agenda,
are already under development in
shopping center, hospitality and
after national-scale investments
Sultanbeyli – Taşdelen – Sancaktepe
premium residential projects are
concentrated on the district.
district.
currently under development in
Particularly, Canal Istanbul and the
the district. The Basın Ekspres axis,
third airport projects have changed
KARTAL
particularly, holding a great potential
the destiny of the district suddenly.
A secondary center according to
to be a new center of attraction, when
Such large-scale projects are
Istanbul Provincial Environmental Plan,
the office supply and transportation
anticipated to be the main driving
Kartal becomes more attracting for
infrastructure is considered.
force of new investments and they
developers after public investments
will trigger the urban development
like the Justice Palace and the Public
BOMONTI
in the district, which is expected to
Hospital. The district offers large-
Bomonti district is on the rise after the
inhabit a population of over a million
plots and easy-access transport links,
Piyalepaşa tunnels and linking roads
people. Land prices and transactions
encouraging developers for new
delivered. Beşiktaş and Kağıthane
in Arnavutköy have been increased
projects. Office buildings along the E-5
tunnels have also contributed to
already.
highway and new residential buildings
the development of the district.
on the coastal line are currently under
Residential projects targeting high-
development in Kartal.
income groups are the popular real
ATAŞEHIR Developed following the housing
estate developments in Bomonti.
settlement in East Ataşehir, West
ZEKERIYAKÖY – USKUMRUKÖY
Additionally, a premium hotel brand
Ataşehir provides a significant supply
One of the earthquake-resistant
has recently opened a large-scale
of new housing stock. The planned
environments of Istanbul, Zekeriyaköy
hotel. The development of the district
“Istanbul Finance Center” project
– Uskumruköy district has already
has leaded the way for many real
will make a major contribution,
become a popular location for luxury
estate projects in Feriköy district. The
transforming the district into a trading
residential developments. The district
ministry and the municipality are also
center. A great deal of residential and
is now more appealing after it is
active in the district within the scope
office buildings are currently under
connected to the central business
of urban transformation plan.
development in Ataşehir, as well as
district through Sarıyer-Çayırbaşı
several retail and accommodation
tunnel road. Its proximity to the third
22 OUTLOOK
INVESTOR’S GUIDE 2014
A SHINING STAR: TURKISH TOURISM SECTOR Turkey has already evolved into one of the countries that have a say in the world tourism industry. The country has managed to be listed among the top ten countries in the international tourism market both in terms of tourism revenues and the number of arriving tourists. Ömer Latif Yalçın, Licensed Appraiser-Branch Responsible TSKB Real Estate Appraisal Company
INVESTOR’S GUIDE 2014
OUTLOOK 23
The tourism industry leads the fastest developing and growing industries in the world. With the removal of the borders, figuratively speaking, the world has started to get smaller and people have engaged to the tendency of travelling to even further distances. Currently, the tourism industry constitutes a significant part of the world’s gross domestic product. This dynamic industry, continuing to grow
2000-2013 Foreign Visitors To Turkey
despite the economic recession in the world, also poses as the driving force
foreign visitors in its area by 15% as
of 35 million. Turkish tourism has
for the other sectors.
compared to the previous year.
closed 2013 with an increase of 9.5% in respect of the number of foreign
European Region seems to be the
Turkey, which has started the
focal point of world tourism. The most
investment drives in tourism during
significant share in tourism, following
1980’s, has increased these even
According to the data received from the
Europe, is held by the Eastern and Asia/
further during the 2000’s and has
Atatürk and Sabiha Gökçen Airports,
Pacific Regions. Other than these two
evolved into one of the countries
and Haydarpaşa, Pendik and Karaköy
regions, the South and North America
that have a say in the world tourism
ports; an increase of approximately
region takes the 3rd largest share.
industry. The country has managed to
12% is observed in the number of
Thus, it can be concluded that the
be listed among the top ten countries
foreign tourists coming to Istanbul in
world tourism is concentrated around
in the international tourism market
2013, compared to 2012. The number
three economically developed regions
both in terms of tourism revenues and
of foreign tourists coming to Istanbul
with high levels of income.
the number of arriving tourists.
has exceeded 10,000,000 for the
visitors, at a level of 34.8 million.
first time. According to the tourism During the last three years, the Turkish
While the number of tourists visiting
statistics; 31% of the foreign tourists,
tourism sector has been influenced at
our country was around the level of 10
who have visited our country during
the minimum level from the regional
million at the beginning of the 2000’s,
the 11 months’ period over January –
instability, experienced due to the
this figure has now reached the level
November, have come to Istanbul.
economic developments in the world, Europe and the Mediterranean region, and positive growth figures have been achieved in 2013. While the number of foreign visitors in countries, which are competitors of Turkey, such as Spain, Egypt and Hungary, where economic and political instability is experienced, Turkey has been able to increase the number of
2000-2013 Foreign Visitors To Istanbul
24 OUTLOOK
INVESTOR’S GUIDE 2014
ISTANBUL ACCOMMODATION
number of visitors from the Arab
20 billion in Turkey with respect to
FACILITIES
countries was approx. 700,000 in
tourism revenues in 2007, has reached
The accommodation facilities in
2009, this figure has reached 1 million
USD 32 billion in 2013, by an increase
Istanbul offer 63,813 rooms and
680 persons in 2013. It is a fact that
of nearly 60%.
132,294 beds in total. With the
the hotel capacity within the scope
increasing number of foreign visitors
of urban hotels in Istanbul, which
It is aimed for the number of visitors
and international organizations every
especially attracts attention by its
to reach 37-38 million and the tourism
year, Istanbul poses as a significant
historical heritage, has increased over
revenues to be USD 35 billion in 2014,
market for hotel investors. The bed
the past 10 years and the interest has
while the goal for 2023 is 50 million
capacity in Istanbul in general, which
increased along with the attractive
tourists and USD 50 billion in tourism
is low compared to major European
rated at the facilities in operation. It
revenues.
cities, has increased at an accelerated
is advised that the current total bed
level with the hotel investments made
capacity in Istanbul is around 150,000
In our country, which has evolved into
in the recent years. Approximately
persons, but that this figure will reach
a center of attraction for foreigners
84% of the total bed capacity is on
around 200,000 once the facilities that
with the increasing number of tourists
the European Side. Hotel investments
are under construction are taken into
and tourism revenues over the past 10
on the Anatolian Side have been
operation.
years, the foreign hotel management
accelerated over the recent years, and
groups that are operating are Marriott,
16% of the hotels are on the Asian
During the first 6 months of 2013, the
Hochtief, Hyatt, Hilton, Kempinski,
Side.
number of foreign visitors coming
Mövenpick, Four Seasons, Wyndham,
to Istanbul has increased by 16.8%
Barcelo, Carlson, Viceroy, Mandarin
The average occupancy ratio of 5-star
as compared to 2012 and reached
Oriental Group, Raffles, Jumeriah,
hotels in Istanbul is at the levels
4,941,118. Among the foreigners
The Edition, Shangri-La Hotels, Le
of 75-80%. Meanwhile, the hotel
visiting Istanbul during the first half
Meridien, Inter Continental Hotel
accommodation prices vary from 60
of the year, the largest share is held by
Groups and Accor.
Euro to 350 Euro, depending on the
Germany with 11%, followed by Russia
hotel concept.
with 6%. During 2013, Istanbul has
There are also local hotel groups
achieved 68% average occupancy ratio
in Turkey carrying out their own
In 2013, 20% of the visitors coming
and average daily room sales figures of
operations, such as Dedeman, Divan,
to Istanbul have been from the
EUR 160.
The Marmara, Princess Hotels and
nearby Gulf and Arab countries and neighboring countries. While the
Swiss Hotel. The revenues that were around USD The leading destinations preferred by tourists coming to Turkey are primarily the Antalya region and the southern coast, and Taksim, Sultanahmet, Beşiktaş and Atatürk Airport regions in Istanbul and areas in the close vicinity of Istanbul. In 2013, Antalya has ranked first in respect of the foreign visitors coming to touristic centers, by 11.1 million persons. Antalya is followed by Istanbul by 10.5 million visitors. 2013 Foreign Visitors (Million Person)
INVESTOR’S GUIDE 2014
OUTLOOK 25
When we look at Antalya in general, the total bed capacity at the tourism facilities is around 470,000, and the number of rooms is around 220,000. When the facilities currently under construction, having a bed capacity of around 70,000, are taken into operation, the bed capacity will exceed 500,000. A majority of the facilities in the Turkey Tourism Income (Billion USD)
region are serving during the AprilNovember period, and the bed-sale
ANTALYA ACCOMMODATION
40,000 persons. In the region where
concept is applied in the region in
FACILITIES
the best examples of resort hotel
general.
Antalya holds 30% of the market
management and the ‘all-inclusive’
share of foreign visitors coming to
system may be found, the bed
The bed occupancy ratios in the
Turkey. In the market share of visitors
capacity in the province in general is
province in general are 75-80%
coming to Antalya, tourists from the
around around 470,000 persons, with
on the average, while the bed sales
Russian Federation and Germany
the facilities built during the recent
average is 45-50 Euro/bed.
emerge to the forefront.
years.
In Antalya, the shining star of the
It is observed that nearly all of
Hillside Su Hotel, Dedeman Hotel,
Mediterranean receiving increased
the facilities on the seafront in
Sea Life Hotel, Kemer Resort’s Hotel,
interest over the years, the number of
the Antalya province are serving
Club Magic Life Kemer Imperial Hotel,
foreigners who have come to visit and
primarily in the 5-star, ‘all-inclusive’
Manavgat Seven Seas Hotel, Asteria
chosen settled life has now exceeded
system.
Elite Resort Hotel, Euphoria Palm
During the last 1.5 years, Adam&Eve,
Beach Holiday Village, which are among facilities of high recognition in the Antalya region, have changed Turkey
hands.
Istanbul
2012
2013
2012
2013
January
981,611
1,104,754
451,662
532,276
17.8
17.9
With the increase in the targeted
February
997,571
1,268,440
494,124
617,015
24.9
21.6
number of visitors in 2014, and
March
1,460,563
1,841,154
659,826
838,201
27
23.8
considering that a number of the
Aprıl
2,168,715
2,451,031
818,788
936,961
14.4
20.6
facilities that are under construction
May
3,232,926
3,809,190
867,511
1,058,771
22
21
in the Antalya region will be taken
June
3,882,592
4,073,906
939,508
957,894
2
16.8
into operation in 2014, it is believed
July
4,571,389
4,593,511
966,337
926,266
-4.1
12.9
that the interest in the region will also
August
4,470,202
4,945,999
950,062
1,074,950
13.1
13
continue in the coming years.
September
3,991,415
4,266,133
940,156
1,006,014
7
12.2
October
3,050,981
3,402,460
913,134
998,442
9.3
11.9
November
1,631,647
1,709,479
727,772
770,288
5.8
11.4
December
1,343,220
---
652,790
754,789
15.6
11.7
9,381,670
10,474,867
Total
31,782,832
The number of tourists coming to Turkey and Istanbul
26 OUTLOOK
INVESTOR’S GUIDE 2014
A VALUABLE SALES TOOL: RENDERING The real estate business is becoming complex and challenging. Thus, renderings are valuable sales tools helping real estate companies to visualize their project better.
Mustafa Tutar Owner, Saydam Tasarim Architectural Renderings & Animation We have established Saydam Tasarim
Marketing / Sales – 3D visualizations
and developments because of an
in 2006 with the goal of ensuring
enhance marketing by giving viewers
uncertainty in their final appearance.
the project design is visualized as
an eye-catching view of a project in
3D visualizations take such uncertainty
imagined for all actors of a project
multiple forms of media, including
away and give officials more
including architects, sales teams, and
television ads and website videos.
confidence in bidding in a project’s
consumers.
favor. Communication – 3D visualizations
Architectural visualization or 3D
give viewers the ability to easily
As a result quality of projects and
architectural renderings are the
understand the most complex projects
perception of projects can be
products of a process converting
without having to know how to read
increased by the strategic use of 3D
an architectural design into three
architectural drawings.
visualization, especially if potential
dimensional virtual models prior to construction.
customers / investors seem skeptical Appeal in Community – Stunning,
about a particular project or location of
photo-realistic visualizations improve
project.
The result is a virtually rendered 3D
a project’s elegance and style with the
image or a 3D movie.
use of high-resolution billboard prints.
The real estate business is becoming complex and challenging. Renderings
A part of architectural rendering
Reduce Construction Costs– 3D
are valuable sales tools helping real
or architectural visualization, 3D
visualizations enable contractors to
estate companies to visualize their
architectural rendering is a step
understand projects better and take
project better.
forward in representing the real-like
the guesswork out of bidding. Without
project, depicting the project design
the uncertainty, contractors don’t have
Please feel free to contact us for the
before it is completed.
to overbid projects.
best advices on visualization services.
With the use of architectural renderings, real estate companies
Approval of Government– Many
benefits from;
local governments reject buildings
INVESTOR’S GUIDE 2014
OUTLOOK 27
28 PROJECTS
INVESTOR’S GUIDE 2014
SELECTED PROJECTS >>>
30 SELECTED PROJECTS
INVESTOR’S GUIDE 2014
EMAAR SQUARE DEVELOPER: Emaar Türkiye LOCATION: Çamlıca-Üsküdar/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: Developed by Emaar Turkey, Emaar Square will comprise over 1,000 luxury homes, a 180 room five star hotel, a 40,000 m2 office building, and a shopping centre, the largest in Turkey. The shopping centre will offer city dwellers a world class shopping and leisure destination with over 150,000 m2 of GLA. The project in Çamlıca is scheduled to be completed by the end of 2015.
ZORLU CENTER DEVELOPER: Zorlu Real Estate Development LOCATION: Zincirlikuyu/Istanbul STARTING AND COMPLETION DATES: 2011-2013 PROJECT FEATURES: Zorlu Real Estate has invested 2.5 billion Dollars in a major real estate project in the very heart of Istanbul, to be completed by 2013. Zorlu Group started th ZC journey in order to add an everlasting value to the future of Istanbul. Together with Emre Arolat - Tabanlıoğlu Architecture Group, residences, shopping mall, Raffles Hotel, performance&arts center and offices are combined. 50,000 m2 closed area and 3,000 people capacity performance&arts center is a masterpiece.
MALL OF ISTANBUL DEVELOPER: Torunlar REIT LOCATION: Başakşehir/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Located in Başakşehir district of Istanbul, Mall of Istanbul by Torunlar REIT is an ambitious mixed-use project featuring 1,092 residential units, a shopping centre with a GLA of 154,000 m2, 180 office units, a 12,000 m2 theme park, and a five-star hotel. With TRY 1,1 billion investment, the project will be completed in 2014.
INVESTOR’S GUIDE 2014
VIA/PORT VENEZIA DEVELOPER: Via Properties, Gürsoy Investment LOCATION: Gaziosmanpaşa/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: The very first project of Bayraktar & Gürsoy Investment partnership, Via/Port Venezia is a mixed-use project located on a 82,000 m2 of land in Gaziosmanpaşa district of Istanbul. Designed in reference to the city of Venice, the project comprises of 2,000 luxurious residential units, a shopping centre with a 71,000 m2 of GLA, and 25,000 m2 thematic office spaces.
VADISTANBUL DEVELOPER: Artaş-Aydınlı-Keleşoğlu – AFK Joint Venture LOCATION: Istanbul/ Turkey STARTING AND COMPLETION DATES: 2013-2015 PROJECT FEATURES: Developed jointly by Artaş, Aydınlı, and Keleşoğlu Construction in Ayazağa district of Istanbul, Vadi Istanbul is an ambitious project comprising of 3,111 residential units, a 55,000 m2 shopping centre, a 28,000 m2 shopping street on a 700-meter street, 240,000 m2 of office area, and both 5 and 4-star hotels. Planned to be constructed in two phases, the project is scheduled to be completed in 2015.
TEMA ISTANBUL DEVELOPER: MESA, Artaş, Öztaş, Kantur-Akdaş Joint Venture LOCATION: Atakent/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: Tema Istanbul is a mega mixed-use development project that will alleviate the forces and stress on the metropolitan center of Istanbul by creating a sub-center in the West. The project will consist of different functions on a land surface of 1.5 million m2. Housing, shopping, hotels, entertainment and recreational facitilies are the major aspects involved, aimed to contribute to Istanbul becoming one of the World capitals in business and leisure. The cost of this symbolic project investment is estimated around 2 billion US $.
SELECTED PROJECTS 31
32 SELECTED PROJECTS
INVESTOR’S GUIDE 2014
QUASAR DEVELOPER: Viatrans A.Ş. - Meydanbey JV LOCATION: Mecidiyeköy/Istanbul STARTING AND COMPLETION DATES: 2012-2015 PROJECT FEATURES: Quasar Istanbul is the first meta-luxury real estate project in Turkey, aims to be the best center for arts, culture and fashion in Europe and Asia. The project, presents first of the globally renowned Fairmont Hotels, Fairmont Residences, the world’s first branded Fairmont Offices and the exclusive Quasar Residences in Turkey, designed by Marcel Wanders and managed by Fairmont Quasar Istanbul. The most valuable ever Swiss real estate investment in Turkey is developed on the land of an ancient Liqueur Factory, historically designed by Robert Mallet Stevens, which will be reconstructed as a contemporary centre of culture, arts and fashion.
FOLKART TOWERS DEVELOPER: Folkart Construction LOCATION: Bayraklı/Izmir STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Folkart’s new project, Folkart Towers, is located in Bayraklı district of Izmir, which has recently been introduced as the new business centre of Izmir. 46 floors featuring a sports complex, a shopping centre, an office and residential floors. Office spaces will be located in the upper floors, while shopping areas are planned to be in the ground floors.
AKASYA ACIBADEM DEVELOPER: Saf REIT LOCATION: Acıbadem/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: The Akasya Meydan is located at the south entrance of the shopping mall and offers visitors extraordinary event services within Akasya, the new meeting point of the city. It is an open-air space that acts as an integral part of the shopping mall. Akasya Park provides visitors with a rejuvenating resting area right in the middle of Akasya. KidZania is the first established edutainment center in the world to provide children aged 4-14 with opportunities to prepare for the real world, by allowing them to role-play adult activities and professions. Standing out with its architectural features, Akasya Gurme hosts various restaurants and delicatessen shops, which offer distinct tastes from around the world.
INVESTOR’S GUIDE 2014
NUROL PARK DEVELOPER: Nurol REIT LOCATION: Güneşli/Istanbul STARTING AND COMPLETION DATES: 2013-2016 PROJECT FEATURES: Accurately reading the lifestyle of the future, particularly the metropolis needs, and carrying out its projects with “Investment for Life” insight, Nurol REIT put Nurol Park, its mixed project at Istanbul Güneşli, up for sale. Constructed on an area of 55,000 m2, the project will include total 1,118 housing units, approximately 70 street stores as well as an office block and hotel on an area of 22,000 m2. There will be 154 residences, 84 lofts and 880 tower flats. The project contains housing units with different alternatives from 1+1 to 4+1.
BIO ISTANBUL DEVELOPER: Bio Istanbul Project Dev. and Inv. Inc. LOCATION: Başakşehir/Istanbul STARTING AND COMPLETION DATES: 2014-2016 PROJECT FEATURES: The project is designed to create a wholly integrated community with an unparalleled level of infrastructure and amenities. Istanbul Children’s Hospital, Innovation Campus and Bio University are the focal points of the knowledge-based community. The development includes distinct residential communities, built around courtyards and gardens within secure grounds, and neighborhood amenities comprising a vibrant ‘downtown’ area centered around a lively pedestrianized streetscape of retail and commercial outlets. The buildings are low-rise, with underground private parking facilities and extensive play areas in safe, car-free zones.
42 MASLAK DEVELOPER: Bay Construction LOCATION: Maslak/İstanbul STARTING AND COMPLETION DATES: 2010-2014 PROJECT FEATURES: 42 Maslak project is structured on a 250 meter long block and this mixed project consists of two towers of 42 floors , 4 concepts and five different living areas. 472 Residences, 16 Penthouses with skypools and 8 meters ceiling height, 8,000 m² A++ Flat Offices, 11,300 m² A++ Multi-Offices (Home Offices), A five stars 200 room Business Hotel, 32,000 m² City Mall which have Shops, Restaurants, Bars and Art Center. 42 Maslak has officially got the Leed Platinum Level Green Building certificate for the Flat Offices.
SELECTED PROJECTS 33
34 SELECTED PROJECTS
INVESTOR’S GUIDE 2014
GREENIST DEVELOPER: Saray Döküm LOCATION: Güneşli/Istanbul STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: The Greenist Project, located next to sister project of Hilton Garden Inn Istanbul Airport Hotel (opening Fall 2014) and Güneşli Park, is composed of 174 independent units varying from 75 m2 to 350 m2, nesting 1+1, 2+1, 3+1 and 4+1 apartment houses, having spacious fitness facilities with indoor and outdoor swimming pools, surface and terrace gardens, large landscape pools, playgrounds etc. The 220 room Hilton Garden Inn Istanbul Airport Hotel is recognised with the “Encouragement of Investors Award” by the leading ecological and environmental protection association, ÇEDBİK, recently.
SPINE TOWER DEVELOPER: Tilaga LOCATION: Maslak/Istanbul STARTING AND COMPLETION DATES: 2009-2014 PROJECT FEATURES: Spine Tower offers all sweeps of the Bosporus which connect the Marmara Sea with the Black Sea, the dark green shade of Belgrade Forests and the renovated city with a scenic from Levent to Pera with a visual angle up to 360 degrees to the individuals who prefer to work at Maslak, the new center of İstanbul and rising asset of the business world. 57-storey high rise tower covering an indoor area of 138,000 m2 in total contains 29 office floors covering 42,000 m2, 109 residences and 5,000 m2 commercial area.
ISTANBLOOM DEVELOPER: Esin Construction LOCATION: Zincirlikuyu/Istanbul STARTING AND COMPLETION DATES: -2014 PROJECT FEATURES: Located in Zincirlikuyu district of Istanbul and bringing nature and business life together through six court gardens, the Istanbloom project by Esin Yapı is consisting totally of 46 floors with 170 housing units, 4 for penthouses and 4 for office floors. With office areas of around 9, 700 m2, the project has the possibility of constructing modular office areas.
INVESTOR’S GUIDE 2014
PALLADIUM TOWER DEVELOPER: Tahincioğlu Real Estate LOCATION: Ataşehir/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Palladium Tower by Tahincioğlu Real Estate is an A-class office building, with 43 floors. Designed in accordance with Feng Shui system, the project offers 55,000 m2 of leasable area, as well as a 150-person lounge, 11 meeting and seminar rooms, a sports centre, an leisure areas. A LEED Gold certificate nominee project is located in Kozyatağı district of Istanbul, next to Palladium Shopping Centre, and it is scheduled to be completed in the third quarter of 2013.
AKBATI DEVELOPER: Akiş REIT LOCATION: Esenyurt/Istanbul STARTING AND COMPLETION DATES: 2007-2011 PROJECT FEATURES: Akbatı was designed as a shopping mall by the world famous Development Design Group DDG. Akbatı, whose modern design,inner gardens, and galleries reflect the best qualities of contemporary urban living, brings one of Istanbul’s largest shopping malls together with two integrated residence buildings featuring 350 apartments and top-notch amenities. Akbatı has been designed and constructed as a life center which would upload the sense of quality and comfort with its shopping mall and residences.
LAPIS HAN DEVELOPER: Gürallar Construction LOCATION: Kartal/Istanbul STARTING AND COMPLETION DATES: 2013-2014 PROJECT FEATURES: It’s an office project. High visibility and prestige of Lapis Han which is located on E-5 (highway) right in front of the metro station in Kartal. The project has 700 meters from both Kartal Education and Research Hospital and Europe’s biggest Courthouse built on an area of 6,897 square meters with a construction area of 32,000 m2. The construction of Lapis Han with the plan of 160 offices and 26 stores. Areas from 57 m2 to 216 m2, that can be combined with one another, moreover 3,000 m2 of offices in the project’s area of social reinforcement.
SELECTED PROJECTS 35
36 SELECTED PROJECTS
INVESTOR’S GUIDE 2014
ÇUKUROVA TOWER DEVELOPER: Çukurova Real Estate LOCATION: Kartal/stanbul STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: Çukurova Tower by Çukurova Real Estate is located on 7,068 m2 of land in Kartal and comprises of 253 residential units. Designed by Tago Architecture, the project stands out with environment-friendly building materials, large green areas, and leisure areas Çukurova Tower is scheduled to be completed in October 2014.
MANDARIN ORIENTAL DEVELOPER: Astaş Holding LOCATION: Cennet Koyu (Paradise Bay)-Bodrum / Muğla STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Astaş Holding, is developing a new project with a 600 million Euro investment, managed by Mandarin Oriental Hotel Group, in the Türkbükü district of the Bodrum Peninsula. Mandarin Oriental, Bodrum offers 82 exclusive guestrooms and 20 suites with panoramic views over the Aegean Sea and designed for guests with refined tastes. Offering a luxurious paradise for owners, The Residences at Mandarin Oriental, Bodrum include 98 villas and 116 residences.
NEF MERTER 13 DEVELOPER: Nef LOCATION: Merter/Istanbul STARTING AND COMPLETION DATES: 2014-2016 PROJECT FEATURES: Located right in between 9 of Istanbul’s universities and within walking distance of the city’s primary transport artery and subway, Nef Merter 13 consists of four housing blocks, each with 14 storeys, and one 13-storey home-office block. With the shopping and dining area designed on the concept of a public square in the shape of an inner courtyard, Nef Merter 13, designed by the world-renowned architectural group ADDON+, is set to inject a breath of fresh air into the area, for the benefit of the residents of the project and the region in general.
INVESTOR’S GUIDE 2014
NEF ATAKÖY DEVELOPER: Nef LOCATION: Ataköy/Istanbul STARTING AND COMPLETION DATES: 2014-2017 PROJECT FEATURES: Nef’s new project in the city center, in the region of İstanbul-Ataköy, where the education, service and commercial industries are heavily concentrated, is to commence sales in 2014. Designed by the world-renowned architectural firm HOK, the project, consisting of one 16-storey office block and five 19-storey residential blocks, will answer the needs of a broad clientele with its apartment, dorm, residence and office concepts.
RÖNESANSBIZ MECİDİYEKÖY DEVELOPER: Rönesans Gayrimenkul Yatırım (RGY) LOCATION: Mecidiyeköy/Istanbul STARTING AND COMPLETION DATES: 2012-2013 PROJECT FEATURES: As a Class-A office building, RönesansBIZ Mecidiyeköy brings a remarkable freshness to the area with its well-organized spaces and its efficient functionality. The building has an easy access to public transportation, including subway, metrobus and buses. Consisting of 8 office floors and 3 parking levels, the project offers an airy space to the tenants with its courtyard and balconies at multiple locations throughout the building. With a total construction area of 22,770 m², RonesansBIZ Mecidiyekoy Office Building is a LEED Gold achiever as of 2013.
INCEK LIFE DEVELOPER: Sinpaş REIT LOCATION: Incek/ANKARA STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: Located on a 150,000 m2 of land in Ankara, the ambitious residential project, Incek Life, is being developed by Sinpaş REIT. The project comprises of 448 residential units and 38 villas offering 22 different options in size, and it is scheduled to be completed in August 2014. Designed in reference to the Turkish architecture in Republican Era of Turkey with large green areas, Incek Life offers leisure, safety, prestige, and comfort together.
SELECTED PROJECTS 37
WHO’S WHO >>>
40 WHO’S WHO
INVESTOR’S GUIDE 2014
ÆRIUM Founded in 2003, ÆRIUM is an independent pan-European real estate investment manager, headquartered in Luxembourg, with offices in London, Paris, Geneva, Dusseldorf and Istanbul. With over $8 billion under management throughout Europe and Turkey, ÆRIUM ranks amongst the leading independent platforms in Europe. Anthony Khoi
Yağmur Yaşar
President,
CFO,
ÆRIUM has launched 16 closed-ended funds since 2003 with a
Aerium Turkey
Aerium Turkey
record of out-performance, and also manages separate account mandates for long-term institutional investors. Acquisitions to date total over 660 assets across Europe and Turkey,
ÆRIUM TURKEY
with a typical asset size of between $30 million and $150 million.
Hakkı Yeten Caddesi, Terrace Fulya Center 2, D:40, Teşvikiye, 34365, Şişli Istanbul, Turkey
In 2005, Ærium became one of the first foreign investors to purchase Turkish commercial properties.
P +90 212 215 50 95 F +90 212 215 50 96
Despite a global financial crisis, Ærium has achieved an exceptional track record and has found unrivalled success in managing and
ÆRIUM UNITED KINGDOM
developing its portfolio of properties through proactive asset
49 Grosvenor Street W1K 3HP London, UK
management strategies.
P +44 207 838 7900
In 2014, Ærium employs over 100 people that manage $800 million
F +44 207 838 7858
in property, with an additional $3 billion under development. Ærium has proven it is not only a market pioneer, but also a leader and
www.aerium.com
expert in Turkey’s shopping centre sector.
INVESTOR’S GUIDE 2014
WHO’S WHO 41
CEFIC Operating in Europe since 1986 and in Turkey since 1994, CEFIC is active as a consulting firm supporting its clients in investment, development, design, leasing, property and facility management as well as sales, marketing & promotion of shopping centers and commercial properties. Anthony Khoi
Arda Taşarkan
Nihat Evcimen
CEFIC is operating with an international know-how and tailored
President
Business
Finance &
solutions to strongly support investors, developers and tenants for
Development
Administration
the most efficient results in growth and added value.
Director
Director With its team of 85 professionals, CEFIC manages over 700,000 m2 GBA of shopping centers and commercial properties in Turkey.
Ihlamur Yıldız Cad. No:8 Toprak Centre A Blok
Its deep market knowledge and experience have established CEFIC
4.Kat Beşiktaş, Istanbul, Turkey
as the leading expert in its field in Turkey. CEFIC is highly recognized by the industry with one of the best track records for accomplished
P +90 212 327 11 40
achievement during the past 20 years in the Turkish market.
F +90 212 258 03 37
CEFIC continues to strive for excellence and performance in the art www.ceficturkey.com
of shopping center leasing and management.
42 WHO’S WHO
INVESTOR’S GUIDE 2014
ECE TÜRKİYE ECE Türkiye is an investor and full-service provider specialized in all aspects of SC development, architectural design, planning, project management, leasing, center management, budgeting, finance and legal services. Founded in October 2000, the company currently operates some of Andreas
Nuri Şapkacı
Pınar
the most prestigious shopping centers in Turkey, such as Marmara Park,
Hohlmann
Deputy
Yalçınkaya
MetroCity, Maltepe Park, CarrefourSA Bahçepark, Neomarin and Beylikdüzü
General
General
Hacaoğlu
Migros in Istanbul, ANKAmall and Acity in Ankara, Antalya Migros and
Manager
Manager
Deputy
Terracity in Antalya, CarrefourSA Karşıyaka in Izmir, and Espark in Eskişehir.
General
At the same time, ECE Türkiye continues its expansion with new projects
Manager
and refurbishments in the growing Turkish market. The construction of the new development project in the heart of the western Anatolian city Afyonkarahisar is going to start at the beginning of March. Park Afyon SC will comprise a leasable area of 42,000 m2 on four levels. It will include approx. 160 specialist shops, a hypermarket, restaurants, cafés, a food court and a movie theater with ten screens. ECE Türkiye is responsible for the conceptual design, leasing and the long-term
Fulya Durak
Marcus Eggers
Director
Director
Leasing
Center
By 2015, ECE Türkiye and Akasya Group will realize Akasya Park Ümraniye
Management
SC in Istanbul. Together with the directly adjacent CarrefourSA Ümraniye
management of the center.
SC, the project will become one of Istanbul’s largest retail destinations with a total of 240 stores on a total leasable area of around 100,000 m². Defterdar Yokuşu No.3 Tophane, 34425 Karaköy, Istanbul
Park Vera SC in Ankara with a leasable area of approx. 40,000 m² is under construction. Located next to each other on the arterial “Istanbul Road”,
P +90 212 377 77 00
Acity and Park Vera SCs will generate “one unique retail destination”
F +90 212 377 77 01
in Yenimahalle-Ankara. With the opening of Park Vera in fall this year, both centers will reach together to 89,000 m² leasable area offering a
www.ece.com
complementary branch and tenant mix for their customers. In order to position itself successfully in the growing competition in the Turkish capital and to maintain ANKAmall’s attractiveness, ECE Türkiye together with its project partners Yeni Gimat REIT and Migros A.Ş. is realizing a comprehensive modernization of the shopping center, which was opened in 1999. The refurbishment is planned to be completed by 2015. ECE Türkiye is the Turkish subsidiary of the ECE Group. With its nearly 50 years of experience, the German ECE Group is the European market leader with 189 shopping centers under management.
INVESTOR’S GUIDE 2014
WHO’S WHO 43
EKSPERTIST PROPERTY INVESTMENT & CONSULTANCY Ekspertist Real Estate, is a company focused on land development issues in the Marmara region, and in particular Istanbul, Turkey. LAND DEVELOPMENT AND CONSULTANCY Whilst carrying out our land development works, Ekspertist Property has developed an infrastructure of Geographic Information, a System Bekir Cantemir
that is used to track public/private sector investment and planning
Founder &
decisions.
Chairman In the development of this program and especially in the Istanbul and Marmara Region, big investment projects (bridges, airport etc.) by The Turkish Government, we have collated all the information and can access any queries through same coordinated system. In addition, all the Marmara Region Environmental plans, scaled 1/25.000, Master Reconstruction plan scaled 1/5.000 and Application Fatih Cantemir
Faruk Daşar
Nuran Kılıç
Reconstruction plans scaled 1/1.000 are also connected and available
Director of
Director of
Aliyazıcı
within this same coordinated system.
Real Estate
Property
Commercial
Management
Research
Director
In the program developed by Ekspertist Real Estate, technical data is a legal, accurate and a reliable source of information. Therefore, as a company our strength lies in having this legal and
Muhittin Üstündağ Cad. No: 11
technical data to hand, so on your behalf we can evaluate and ensure
Koşuyolu, Kadıköy, Istanbul
market conditions are appropriate for your Investment.
P +90 216 428 11 00
ANCESTRAL PROPERTY RESEARCH
F +90 216 428 11 01
Research of Real Estate left to you by your ancestors, or Ottoman title deeds left from the Ottoman periods can all be investigated in
www.ekspertist.com
this same framework, by taking into account your family’s property
info@ekspertist.com
ownership history, and with your best interest in mind, solutions are created for any legal or technical issues that may be encountered. Real estate which you own the title deed for, are normally recorded in the land register, but if these records are obsolete, they may be used on behalf of the public in a government project, and be processed in town planning. So in order for your lost real estate to be brought forth, legal and technical issues will need to be resolved and therefore returned to your rightful ownership or, to achieve a financial gain by being sold… Trust ‘Expertist Real Estate’ who will perform all these services and ensuring your best interest.
44 WHO’S WHO
INVESTOR’S GUIDE 2014
ENTEGRE PROJECT MANAGEMENT & CONSULTANCY ENTEGRE is one of the leading Development Consultancy and Project Management Companies in Turkey and provides services to its clients with utmost care of customer satisfaction. ENTEGRE is a wholly independent management and consultancy firm whose main target is to provide Project Management Services in order to secure clients’ objectives in the projects. ENTEGRE supports international major developers, financiers in order to develop outstanding valueKemal OKUMUS
added projects. Since 2003, ENTEGRE has a professional expert
MRICS, President
staff of over 100 engineers/architects with extensive experience in office, hotel, residential, shopping center, industrial and technologic facility projects. ENTEGRE’s main aim is to secure client’s objectives in the projects it takes place. ENTEGRE coordinates the activities of designers, consultants and trade contractors and acts as the single point of contact between them and client’s Project Representative. ENTEGRE believes in “Lean Thinking” to improve Project Management, Implementation Efficiency and use industry best practices in the
Ali ÇOBAN
Oğuz SARP
Melih
application of its key skills to achieve overall success. In addition,
Director of
Director of
ERAKMAN
ENTEGRE gives “Green Building” certificate services (LEED or BREEAM)
Operations
Operations
Project Coord.
and generates innovative, environmentalist solutions. Entegre Services • Project Management • Construction management • Technical Due Diligence • Design Management • Entegre Plus Green Project Management
Bülent ÖZKAN
Argun YUM
Murat FİGEN
Project
Project
Project
Coordinator
Coordinator
Coordinator
E5 Ankara Asfaltı Halk Sok. No.56 Sıddıklar İş Mrk. K.4 Kozyatağı, Istanbul P +90 216 355 26 50 www.epy.com.tr
• Cost Consultancy
INVESTOR’S GUIDE 2014
WHO’S WHO 45
GYODER GYODER, was established in 1999 for the purpose of encouraging the development of the newly booming real estate industry in Turkey. As “The Real Estate Platform of Turkey” that collects all sub-sectors under the same roof, GYODER added “Real Estate” definition to its brand name in April 2013 and became “The Association of Real Estate and Real Estate Investment Companies”. Aziz Torun Chairman
Today, GYODER has nearly 300 corporate members ranging from project developers, consulting companies, REICs to appraisers, constructing companies. GYODER works to foster real estate standards and generating
Cumhuriyet Caddesi Pegasus Evi No:48
cooperation between all local authorities, relevant state bodies, private
Zemin Kat C Elmadağ/ Taksim, Istanbul
institutions, academics and NGOs, in shaping quality environments and exchange of information among them. As a common voice of the real
P +90 212 282 53 65
estate industry, it contributes to the improvement of the legislation
F +90 212 282 53 93
regulating the real estate sector such as Law on the protection of the consumer, zoning plans, communique on REICs, VAT Law, Reciprocity Law,
www.gyoder.org.tr
Corporate Tax Law and Regulation on Energy Savings in Buildings. GYODER aims to make real estate more institutional by creating reliable data and knowhow. It releases annually reports on Turkish Real Estate Sector. GYODER organizes along with Capital Markets Board of Turkey and Istanbul Stock Exchange workshops on IPO’s of REICs and analyst meetings with the Association of Capital Market Intermediary Institutions of Turkey. It publishes monthly new home price indices along with REIDIN.com. Turkish Real Estate Summits, organized annually by GYODER since 2000, have become sector’s traditional meeting and idea sharing events with their international participants. Since 2009, GYODER had been organizing Turkey’s primary regional real estate and investment fair. GYODER organizes “Developing Cities Summit” in order to present investment opportunities in developing cities in Turkey to sector representatives and national and international real estate investors. To spread the awareness on Turkey, an international road show starting in the UK has been planned by GYODER in cooperation with the Investment Support and Promotion Agency of Turkey (ISPAT). First Road Show was held on November 2012 in London. GYODER is also representing the Turkish Real Estate Sector in foreign associations, institutions, exhibitions, fairs and conferences with globally known EPRA, NAREIT, MIPIM, Cityscape Global, ULI, Barcelona Meeting Point and Expo Real.
46 WHO’S WHO
INVESTOR’S GUIDE 2014
HERGÜNER BİLGEN ÖZEKE ATTORNEY PARTNERSHIP Hergüner Bilgen Özeke is one of the largest law firms in Turkey, representing major multinational and local corporations and persons, as well as international and multilateral financial institutions and agencies. Hergüner is a full-service law firm, with major practice areas that include corporate law; mergers and acquisitions; banking and finance; capital markets; project finance; Serkan Gül
Tolga Danışman
competition law; intellectual property; information technology and
Corporate
Dispute
telecommunications; energy and infrastructure; dispute resolution
Partner
Resolution Partner
and arbitration; real estate; aviation and transportation.
specialized
specialized in Real
in Real Estate
Estate matters
matters
Hergüner is a “Standout,” and an award winning firm for real estate. The firm represents the world’s leading international retailers, real estate funds and developers based in the USA, Europe and UAE and local players in development projects, including large-scale
Süleyman Seba Cad. Sıraevler 55, Akaretler, 34357
shopping centers, offices, residential complexes, urban regeneration
Beşiktaş, İstanbul, Turkey
projects, city-size tourism facilities and commercial leases. The firm’s client portfolio is extensive, including Pramerica, Wafra,
P +90 212 310 18 00
VastNed, Merrill Lynch, Prime Development Union Invest, ECE, Metro
F +90 212 310 18 99
Asset Management, Aerium, Extensa and ADIA.
www.herguner.av.tr
The real estate team has significant experience in port development and acquisition projects and has been assisting DP World and APMT.
info@herguner.av.tr
The team’s transactional experience is diverse and unique, forged especially by structuring acquisition and development mechanisms for commercial projects. Since 2003, the team has been assisting Tesco Plc and its local subsidiary in acquiring real properties in cities throughout Turkey to build and develop hypermarkets.
INVESTOR’S GUIDE 2014
WHO’S WHO 47
KONUTDER Housing Developers and Investors Organization (KONUTDER) was found on 9th June 2011 by 16 big housing producers of Turkey and 47 real persons representing these producers. KONUTDER members, who play an important role for producing branded residences in a considerable amount in Turkey, have put their signature under building over 200 thousand residences so far. The member companies of KONUTDER who Ömer Faruk
provide approximately 3 billion dollars per annum for Turkish economy
Çelik
provide employment opportunity to approximately 30 thousand people
Chairman
directly or indirectly. KONUTDER was found as a platform that will make the sound of this
Ömer Avni Mah. İnebolu Sok. Dünya Han No: 15/3
sector louder and that eliminate all complications for a healthy growing.
Setüstü Kabataş Beyoğlu-Istanbul Turkey
While housing sector has made a lot of progress with the projects developed within each period, it also faces so much trouble including
P +90 212 245 05 66 pbx
the structural or cyclical problems. The solution of the troubles requires
F +90 212 245 05 64
a broad-based partnership. KONUTDER take the required steps to overcome these troubles, act commonly with share holders and make
www.konutder.org.tr
attempts to provide the appropriate conditions that mean maximum
info@konutder.org
benefit for all consumers. KONUTDER have been a respectable nongovernmental organization in which specific companies that make business in this sector, have common goals and share common troubles are banded together for the first time. We have started to handle the issues that we cannot solve individually and that make acting together mandatory. We think that the development for civilized living areas is possible with corporate and professional investors and that there is a requirement for providing a consistent and sustainable investment ambience for this to happen. And we also are aware that one or two bad examples which are among the companies making business in this sector may provide a huge loss of trust and damage to this sector. So we intend to become a specific structure where the housing developer and investor companies have self discipline and also where these structures make all specifications comply with minimum quality standards without the necessity of public intervention for both short and long terms.
48 WHO’S WHO
INVESTOR’S GUIDE 2014
METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate entity of METRO GROUP. The company combines comprehensive retail competence with extensive expertise in real estate and consistent execution. When it comes to investing in developing, and managing modern retail and wholesale locations, METRO PROPERTIES is the partner of choice. Eyüphan
Osman Koçak
Hüseyin
The company is committed to contributing to the success of its
Boyvadaoğlu
Finance
Okumuş
clients and adding value to the customers and manages to be the
Management
Director
Head of Centre
sales divisions’ landlord and solutions provider at the same time.
Management
This is what is meant by DRIVING REAL ESTATE VALUE. The core
Director
responsibility of METRO PROPERTIES Turkey is to enhance the value of its real estate assets in the long term through active asset and strategic portfolio management. METRO PROPERTIES acts as a Real Estate Solution Provider and Investor for the expansion of METRO GROUP Sales Lines from scratch to completion. From new builds to conversions, from modernisations İlker Aydın
Göksel
Avni Ulusoy
to extensions, from own investments to 3rd party projects: METRO
Head of
Atikeler
Head of
PROPERTIES Turkey offers its customers turnkey solutions for retail
Development
Head of
Construction
property. The service range also includes the management and
& Asset
Finance &
Management
leasing of shopping centers.
Management
Administration METRO PROPERTIES TURKEY PORTFOLIO A total land of 1,174,464 m2 A total leasable area of 462,905 m2 , of 161 stores Total car park area for 21,298 vehicles, 9 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep, Izmit, Konya, Istanbul Kartal and Merter 20 METRO Cash&Carry stores
Deniz Tolunay
120 employees nationwide
Özkızılırmak
6,000 people employed across all centers.
Head of Legal Affairs Division Marmara Forum Garden Office Kat :3 Osmaniye Mah. Çobançesme Kosuyolu Bulvarı No:3 PK 34146 Bakırköy/Istanbul P +90 212 454 43 00
F +90 212 451 07 41
info@metro-properties.com.tr www.metro-properties.com.tr
INVESTOR’S GUIDE 2014
WHO’S WHO 49
PAKSOY Paksoy is a leading law firm in Istanbul, focused on helping clients in a wide range of legal areas and acting for the leading global investors and strategic players in their transactions, or projects, investigations, compliance issues and disputes. Since its inception in 1997, Paksoy stands as one of the strongest local legal brands in Turkey with a senior team of lawyers working on major transactions, Serdar Paksoy
Elvan Aziz
Senior Partner
Partner specialized in
spaksoy@paksoy.av.tr
investments, real estate projects and disputes.
Real Estate Matters
Paksoy handles a wide variety of real property transactions
eaziz@paksoy.av.tr
including all aspects of joint ventures, the sale and purchase of land, long-term leasehold contracts, construction loans and leases of residential and commercial properties. Paksoy real estate team’s practice covers land development and due diligence for foreign and domestic clients investing in Turkey, as well as advising many clients who provide loan facilities to real estate developments. Paksoy’s experience also covers all aspects of PPP investments
Zeynel Tunç
such as project contracts, permits and authorisations, public, or
Partner specialized in
administrative law, litigation, and regulatory framework. The firm
Energy, Infrastructure &
advises contractors as well as owners in construction, operation and
Construction Matters
maintenance of complex structures, plants, infrastructure systems,
ztunc@paksoy.av.tr
malls and mine operation sites. Paksoy’s experience expands from tendering process to contract execution, advice on zoning processes and environmental law requirements. Paksoy represents the lenders,
PAKSOY
sponsors, project companies, institutional investors, contractors and
Attorneys at Law
operators in various types of projects and assists them in navigating
Sun Plaza Bilim Sok. No:5 K:14 Maslak, 34398
the complexities on phase of a transaction including evaluation
Istanbul, Turkey
and due diligence, drafting, reviewing, negotiating the security documents, project documents and financing agreements as well as
P +90 212 366 47 00
overseeing loan agreement implementation processes.
F +90 212 290 23 55
Paksoy, a full service law firm with a culture and passion to provide www.paksoy.av.tr
practical, innovative and creative solutions to the issues its clients
contact@paksoy.av.tr
face, strives to make contributions that will create value for them. The firm provides legal services and specialist input (e.g. tax, compliance, and antitrust) to domestic and global clients, financial institutions, private and public companies, foreign investors and private equity funds doing business or making investments in Turkey, and help their ventures on all their legal needs for successful business results.
50 WHO’S WHO
INVESTOR’S GUIDE 2014
PRIME DEVELOPMENT TÜRKİYE Prime Development generates creative and effective solutions that ensure long-term success for its projects in the real-estate sector. Employing a professional team with on average over 14 years of international experience in the development and management of shopping center projects, Prime Development embraces an approach that prioritizes design, functionality, comfort, social responsibility and environmental Artuğ Çetin
Yeliz Korukluoğlu
CEO
Deputy General Manager
awareness. With an expert team of project developers, architects, civil engineers, leasing and financing specialists as well as experienced in the management and marketing of shopping centers, Prime Development has mastered the ideal formula for success as being a one-stop-shop in their specific field. Prime Development does not only develop shopping centers but also undertakes the responsibility of managing them - an art in its own; offering the expertise and reliability of a successful partnership in order to guarantee the centers to well remain an attraction and point of interest
Carsten Probst Philipp von Co-Founder
for many years to come. The latter is of crucial importance and hence
Wilmowsky
supported by Prime Development’s fully integrated center management
Co-Founder
experts. Prime Development (PD) wants to grow into one of the leading retail development and service companies. This growth philosophy is a strategic
Bağdat Caddesi No. 325/1
one and always be based on the individual market dynamics. In addition
34738 Erenköy – Istanbul
the second and sometime even more important factor is the people factor, which consists of the internal and external side, both are of equal
P +90 216 385 83 85
importance to PD.
F +90 216 385 99 41
Prime Mall İskenderun (Hatay) www.pd-global.com
35,500 m2 leaseable area 126 shops
Prime Mall Antakya (Hatay) 37,500 m2 leaseable area, 125 shops International Property Awards 2009 Best Retail Development Prime Mall Gaziantep (Gaziantep) 57,000 m2 leaseable area, 165 shops Europe Property Awards 2013 Best Retail Development Best Retail Architecture
INVESTOR’S GUIDE 2014
WHO’S WHO 51
PROPIN PROPIN Property Investment Consultancy, is a property investment consultancy company specializing in the “office” segment of the commercial property sector. PROPIN provides advisory and agency services to property users, landlords, property investors and developers in this field. The company’s service covers Istanbul and other big cities where the office market is developing. Aydan Bozkurt
Ebru Ersöz
Managing
Managing
Founded in 2005, PROPIN has made an impact in the sector within a
Partner
Partner
short space of time, exemplified by its quality work and the quality of its service with experienced team. Obvious indicators of its success
Esra Engin
are the references from the most prestigious Turkish and global
PR
companies. PROPIN, with a quality and productivity accompanied by expertise,
Büyükdere Caddesi, Gökfiliz İş Merkezi
provides a full range of service to its customers in the office segment.
No.8/22 K.9 Pk.34387 Mecidiyeköy/Istanbul
Its guiding principle is never to make concessions on business ethics from its inception. The values it offers emphasize the importance it
P +90 212 217 85 55
attaches to maintaining the trust it has built up in the sector forever.
F +90 212 217 85 53
PROPIN’s professional team is ready to work with you: to answer your questions in any of your advisory and agency needs in the office
www.propin.com.tr
sector of the commercial property market.
info@propin.com.tr
PROPIN’S SERVICES Agency Services
ISTANBUL OFFICE MARKET 4TH QUARTER OF 2013
User Representation
• Tenant / Buyer Consultancy
• “Built-to-Suit Model” Development Consultancy
• Contract Renewing Consultancy
Landlord Representation
• Property Marketing Consultancy
• Contract Renewing Consultancy
Advisory Services
• Market Research Reports
• Office Feasibility Reports
• Project Development Consultancy
52 WHO’S WHO
INVESTOR’S GUIDE 2014
SAYDAM TASARIM ARCHITECTURAL RENDERINGS & ANIMATION Saydam Tasarim is leading visualization company in Turkey with the experience of domestic and overseas real estate projects since 2006. We have established Saydam Tasarim with a goal : ensure that the real estate project visualizied as imagined and collabrated within all audiences from architects to sales and consumers. Mustafa Tutar Owner
We always follow innovation in the industry for best service in photorealistic architectural visualization and film: Our company is located in Istanbul Turkey.
Saydam Tasarim Architecural Renderings & Animation
Please feel free to contact with Saydam Tasarim get the best service in visualization and film.
Acibadem Cad. Palmiye sok. No 1 / 13 Uskudar/Istanbul
We provide : • Photorealistic Architectural Visualization
P : +90 216 340 11 40
• Films & Animation
F : +90 216 340 10 18
• Photography • 2-D Illustration & Plan
info@saydamtasarim.com www.saydamtasarim.com
References • Sinpaş REIC Bosphorus City - Mipim 2013 Winner • Saf REIC - Akasya Residential and Mall Project . Mipim 2013 Winner • GMW London / TAV Madinah Airport • GMW İstanbul / TAV Riyadh Airport • Torunlar REIC Mall of İstanbul • Torunlar REIC Torun Center • GAP Tarlabasi 360 • Vodafone Besiktas Arena • GarantiKoza Kozapark • GarantiKoza Koza World of Sports • Ulker Fenerbahce Arena • SurYapi EXEN • TurkMall Uniq İstanbul • EgeYapi Batisehir
INVESTOR’S GUIDE 2014
WHO’S WHO 53
TSP-TOTAL SOLUTION PROVIDER We strive to be a true solution partner for our customers with the everchanging needs. TSP, as a leading organization since 1999, has been providing services successfully in Real Estate and Integrated Facility Management with more than 1,500 employees in over 100 facilities located in 30 different cities in A. Gökçenur
Levent Bağan
Savaş Arıhan
Turkey. Services mainly consist of Real Estate Development and Marketing,
Çelebioğlu
Partner
Partner
Facility Management, Consulting and Property management including
Partner
Extended Stay Facilities. TSP has proven itself both nationally and internationally. Fully owned by Turkish stakeholders, the company offers services to clients, including highly
Bahçelievler Mahallesi, Yanyol ( D-100 ) Sokağı No:14-B,
prestigious multi-national companies such as Vodafone, British American
Metroport Busidence, B.Evler, Istanbul, Turkey
Tobacco, Hilton, Finansbank, Fox Entertainment and Turkey’s largest and
Behçelievler / Istanbul / Turkey
pioneering investments like Zorlu Center, Mall of Istanbul, Onaltıdokuz, Bu Yaka, Torun Center, Quasar etc.
P + 90 212 441 09 00
Having confirmed its global knowledge to local conditions, TSP offers www.tsp.com.tr
customized solutions with creativity and provides value-added services for
facebook.com/TSPFacilityManagement
your company, thanks to its benchmarking skills, operational strength in its
linkedin.com/company/tsp-total-solution-provider
services and the experience gained over an area of more than 15 million
twitter.com/TSPfacilitymngt
square meters. Consultancy: TSP, during the constructional design phase of your property, aims its efforts at operational efficiency by introducing all technical, legal and financial service scenarios for your consideration. In this regard, TSP Consulting carries out strategic and conceptual evaluations and creates operation models for projects during the architectural phase. Facility Management: TSP provides and manages all the services that corporations and contactors need for their properties with an integrated approach. It provides a performance-based management model through solid SLAs and KPIs for all its services and offers you optimal budget solutions. Engineering: TSP Engineering manages daily operations of all electrical and mechanical systems in your property as well as providing preventive and periodic maintenance for them, irrespective of their types or brands. Real Estate: TSP plans and materialized the most efficient business deals on your behalf, undertakes your sales operations and long-term accommodation services.
54 WHO’S WHO
INVESTOR’S GUIDE 2014
TURKISH COUNCIL OF SHOPPING CENTERS In December 2008, 16 founding members created the Turkish Council of Shopping Centers (AYD) with the purpose of supporting Turkish retail industry through difficult times brought about by the global financial crisis. Through a union of powers, this number has now reached 201 members. Hulusi Belgü
Avi Alkaş
Coşkun
A total of 101 operational shopping centers currently run by those
Chairman
Vice Chairman
Bayraktar
members represent more than 60% of the industry in terms of GLA.
Vice Chairman AYD’s vision is focused on creating shopping centers which seamlessly blend with the city and its community, allowing consumers to enjoy pleasant shopping experiences, as well as adding value to and elevating Turkish retail industry to the level of global standards. The mission that AYD undertakes in this vision is to contribute to healthy development of the retail industry along with retailers, Fuat Atalay
Nuri Şapkacı
Nihat
Vice Chairman
Vice Chairman
Sandıkcıoğlu
consumers and industrial solution partners.
Secretary
The Council’s main mission and targets are as follows:
General
To act as the responsible leader for the shopping center sector • To represent the industry in legislative studies with governmental and local authorities • Standardization
Veko Giz Plaza Büyükdere Cad. Meydan Sok. No:20
• Training (management, marketing, law)
A Blok Kat: 14/47 34396 Maslak, Istanbul, Turkey
• To supply reliable information to the industry by conducting customer surveys
P + 90 212 353 54 73-74
• To issue and publish monthly SC Index (turnover, foot-fall)
F +90 212 353 54 75
To contribute to the development of the retail sector www. ayd.org.tr
• To work out projects that would help increase the efficiency-by-the-
ayd@ayd.org.tr
square-meter in shopping centers • To organize training courses for shops and stores on a center-bycenter basis • To encourage new and successful retailers • To represent the industry in various platforms • To cooperate with national and international organisations and the public
INVESTOR’S GUIDE 2014
WHO’S WHO 55
TURKISH GREEN BUILDING COUNCIL The Turkish Green Building Council (TGBC) aims to contribute to the building industry’s development by means of the spread of principles of sustainability. TGBC which was established in 2007, has now more than 100 supporting members. TGBC, is the leader NGO for the green building sector in Turkey. TGBC leads the national green building movement and closely follows what is happening in the area Duygu Erten
of sustainability globally while working together with international
Chairman of
green building councils. The construction sector is the most active
TGBC
sector in the Turkish economy and as new development continues to thrive across the country, it is crucial to ensure this is done in a sustainable fashion.
Başlık Sokak Hızır Apt. No:2 Daire.8 Levent, Istanbul, Türkiye
TGBC conducts its activities with the belief that buildings and settlements designed and constructed with an ecological sensibility
P +90 212 269 59 41-42
allow us to live and work in healthier places and lead healthier lives.
F +90 212 284 21 14
TGBC organises educational programs, develops pilot projects with government and universities and conducts lobbying activities to
info@cedbik.org
increase public awareness about the necessity of green building while also encouraging the building industry to develop along principles of sustainability. Systems evaluating the environmental impacts of buildings and their surroundings are effective tools when aiming for green transformation of construction industry. TGBC is currently working to fill this void by adapting an environmental certificate system for buildings specific to the geographical, climatic, political, social and technological context of Turkey. TGBC started working on a certification system for green homes.The aim of the Green Homes Certification is to provide a healthy society, an adaptable environment and an improved economy. The system will incorporate feedback from all sorts of stakeholders like academics, NGOs and government institutions as well as TGBC members. TGBC has been granted Full Council Status with the World Green Building Council (WGBC) on June 2012 and continues to develop its substructure through an increasing participation both with other Green Building Councils (GBC’s) in the world and with the local construction sector.
56 WHO’S WHO
INVESTOR’S GUIDE 2014
TURKMALL REAL ESTATE Turkmall is leading the Turkish shopping center development and investment industry since 1992. We have developed more than 80, and completed more than 50 shopping center in 20 years and have added value to their regions and our retail partners. Turkmall has been awarded with Excellence in Retail and Real Estate Hans Otto
Levent
Hilmi Özçakır
prizes such as Best Retail Developer of Western Europe 2011 by World
Nagel
Eyuboğlu
Ceo
Finance Awards.
Founder &
Vice Chairman We have developed approximately 6 million m² retail construction area,
Chairman
resulting in approximately 3 million m² leasable retail space; we have concluded over 2,500 lease contracts and are welcoming more than 150 million visitors each year. With the priority of developing Turkey’s retail market, Turkmall concludes important partnerships in projects which determine the dynamics of the Turkish shopping center industry. M.Murat
Serdar
Tolga Ergut
Sekmen
Çetinkaya
Leasing
Vice President
Financial Director Director
Our partnerships with international groups and our successful JV Company Multi Turkmall have proven our partnership philosophy and our leadership persistence. We delivered Turkey’s and Europe’s most important award winning shopping center to the market, including Forum Mersin, Forum Istanbul and Bulvar Samsun. The dynamic spirit of the Turkmall brand was further reflected by our IKEA franchise partnership for Turkey, Romania and Bulgaria. Our partnership with FIBA Holding under the name Starmall in China has
F.Ulaş Erdem
Rezzan
Özgür Yavuz
been another one of our unique initiations. We have established joint
Asset & Mall
Gülsün Kurt
International
ventures in many other countries as well.
Management
Commercial
Projects
Director
Director
Director
Our activities continue in Turkey, Kazakhstan, Tajikistan, the Balkans, North Africa, the Middle East, Russia and Asia.
Maslak- Ayazağa Caddesi, No : 4 34396 Ayazağa/Istanbul /Turkey
Taking responsibility of more than 30 partnerships in more than 10 countries, and a delivered investment value of 3 billion Dollars gives us
P +90 212 350 91 00 office@turkmalls.com www.turkmalls.com
F +90 212 351 45 32
excitement and inspiration for the future.