Investor’s Guıde 2012
EDITORIAL 1
Investor’s Guıde 2012 Editor-in-chief Kuyaş Örs Editor Cüneyt Tabanoğlu Advertising sales manager Nuran Yıldız
WELCOME
Corporate communication director Mürüvvet Can Cover design Emre Çıkınoğlu
Welcome to the 2012 edition of Investor’s Guide-Turkey
Graphic designer Doğukan Bilgin
An economic crisis has left the European real estate industry in limbo, with preferred
Assistant graphic designer Ali Çelik
highly specialised non-core investments gaining attention as alternatives to traditional
Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 İstanbul
Istanbul, main driver of the real estate market in Turkey, once again ranked first for both
Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, İstanbul All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors. Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net
markets chosen more on their potential as safe havens than high-growth hubs, and with property types, according to Emerging Trends in Real Estate Europe 2012 survey.
investment and development in the survey. However, the city is a serious focus only for investors seeking higher-risk growth markets within the region and for those with sufficient resources to take the rough with the smooth, despite its objective popularity across investment and development categories. Turkey is among the most promising real estate markets and it is increasingly a country you need to pay attention to; thanks to its strong growth prospects and favourable demographics. However, for those either already invested or seeking to invest in the market, Turkey’s appeal is based on a long-term view of the future. With the right local partner and the right local project or asset, the country is a risk worth taking after all. This guide you’re holding in your hands attempts not only to reveal current conditions of the real estate market in Turkey, but also to provide an insight for global investors. Hope you enjoy it.
2 Contents
Investor’s Guıde 2012
Investor’s Guide Turkey 2012
4 NEWS
54 WHO’S WHO
24 outlook
56 AKİŞ GAYRİMENKUL YATIRIMI A.Ş. 57 AKŞAN YAPI 58 COUNCıL OF SHOPPıNG CENTRES - TURKEY 59 BUREAU VERITAS 60 CEFIC 61 CUKUROVA REAL ESTATE CONSTRUCTION 62 EGE YAPI GROUP 63 EPOS PROPERTY CONSULTıNG 64 EROĞLU PROPERTY 65 EVA REAL ESTATE APPRAISAL CONSULTANCY 66 GYODER 67 IMS PROJECT MANAGEMENT 68 KINAS CONSTRUCTıON 69 MULTİ DEVELOPMENT TÜRKİYE 70 NATA HOLDING 71 PROPIN 72 SERVOTEL CORPORATıON 73 TEKFEN REAL ESTATE DEVELOPMENT CO. 74 TNL REAL ESTATE DEVELOPMENT 75 TSKB REAL ESTATE APPRAıSAL 76 ULUHAN GRUP
24 ISTANBUL TOPS THE LISTS AGAIN For the second consecutive year, Istanbul ranked first for both investment and development in Emerging Trends in Real Estate Europe 2012 survey. Its popularity, the report said, is due largely to its strong economic growth prospects and favourable demographics.
32 Turkey: a safe haven for ınvestors? Turkey is among the most promising markets, but investors should be aware of challenging issues before entering the market.
38 projects 40 İstanbul Lounge 41 Platform Merter 42 Soyak Park Aparts 44 DOGA QL DRAGOS 46 Buyaka 48 Other projects
4 NEWS
Investor’s Guıde 2012
Goldman Sachs: “Turkey economic rebalancing will be short-lived Turkey’s current account deficit is likely to be “chronically high” because the rebalancing of the economy won’t last and authorities aren’t taking the measures required, Goldman Sachs said. “The current situation is reminiscent
Goldman published the report after
“Today’s data print reinforces our
of September 2010, when the central
industrial production in December
growing concern that the rebalancing
bank introduced a series of policy
climbed 2.7% from the previous
will be more shallow and short-
measures designed to help rebalance
month, consequently revising its
lived than the majority of market
the economy,” Goldman said. “The
economic growth estimate for last
participants currently expect,”
central bank’s main advantage at
year to 8.4% from 8.1%. The current
Goldman said. Inflation climbed to
the time was that inflation was
account deficit surged to 10% of
10.5% last month, more than double
exceptionally low, which meant it
estimated gross domestic product last
the central bank’s medium-term goal.
could lean heavily on the exchange
year as Turkish companies imported
The rate was 4% last March and 9.2%
rate channel.”
more goods to use in production.
in September 2010.
new land registry bill Clarıfıes the rights for Ownership The details of a new bill on land registry in Turkey are emerging which will define ownership more clearly and should make the buying process less bureaucratic. According to the ministry of
Under existing regulations it isn’t
capital will no longer be dealt with
environment and urbanisation the
clear whether a company should
under the procedures of the 36th
bill defines separate procedures
be classified as local or foreign and
Article of the Land Registry Law, which
for the possession of real estate
therefore which legal procedures they
regulates the position of foreign
by three groups; individual foreign
are subject to. In cases where a foreign
investors in Turkey. The new bill will
buyers, foreign companies and
company has bought shares in a Turkish
also restore the amount of land that
companies that are wholly or partly
company, or a foreigner has even a 1%
can be owned by a foreign buyer to a
owned by foreign investors.
share in the company, there are likely
maximum of 30 hectares. It had been
to be changes in the procedures.
reduced to two and a half hectares.
by foreign buyers and foreign
Currently if 51% of a company’s
Foreign companies seeking to purchase
companies and introduce important
administrative body consists of
more than 30 hectares of land will be
exemptions for property ownership
foreigners, it is defined as a foreign
permitted to own up to 60 hectares.
for companies with foreign investors,
company. Companies in which the
However, this increase will be
including mortgage exemptions,
shares of foreign partners are less
conditional on them beginning their
exemption for immovable assets
than 50% are categorised as foreign
relevant project within two years. If
that were acquired in the course of
capitalised companies which are
a foreign company fails to begin its
merger and demerger and exemption
treated differently from foreign
project within this two year period, the
for immovable assets that were put
companies. Under new regulations
real estate they have purchased will be
up for sale.
companies that are funded by foreign
expropriated.
It will clarify rights for ownership
6 NEWS
Investor’s Guıde 2012
Construction hopes for Q2 rebound following stressful half A current slowdown in the Turkish construction industry is only temporary and the sector will maintain its dynamism with new investments starting from the second quarter of this year, sector representatives say. Turkey’s construction industry, touted as the engine of fast economic growth, started applying the brakes when problems in the form of slowing demand and global fluctuations reared their ugly heads in the final quarter of last year. Having drawn attention to stagnation in domestic demand and industrial production, observers earlier warned that the construction sector would miss its buoyant old days for a certain period. Many said the problems, which got even worse in the final quarter of last year, would cast a shadow over the
“Construction sector would miss its buoyant old days for a certain period”
construction sector’s long impressive growth performance for at least half a
months of 2010. This encouraging start
the first quarter of last year to cool
year. This stressful period, latest data
to 2011 was followed by a 13.4% and
down an overheating domestic demand
indicate, translates into the six months
10.7% contraction in the second and
was also reflected in bank loans. The
that cover the final three months of
third quarters over the corresponding
growth in housing loans in Turkey was
2011 and the first quarter this year
quarters of 2010, respectively, the
some 2.5 % in the first half of 2011
combined. Turkey’s construction sector
İMSAD report read. The slowdown in
compared to the same six months of
grew by an average 15% in the past five
manufacturing also was reflected in
the preceding year, the IMSAD report
years, and economists argued it was
gross profit in the construction sector,
finds. This number declined to 0.27%
likely that the sector would continue
the report showed.
in November over the same period
this performance in 2012 and the
of 2010, marking the initial signs of
following years, albeit at a relatively
Another field to feel the stress in
contraction. Likewise, the willingness
slower pace. Turkish Building Material
the markets was capacity utilization.
among Turkish customers to buy a new
Producers Association (İMSAD) released
The capacity utilization rate in the
house declined by 0.6% in November
a report about an ongoing contraction
manufacturing of non-metallic
compared to the same four weeks of
in the construction business. The report
products declined to 77.1% in
the preceding year. When reviewing the
underlines the construction sector
December from 81.3% in August of
consumer confidence index, consumer
started to feel the pain of global risks
2011. However, these indices spelled
confidence in construction increased
in the final quarter of last year and that
no good for the final three months of
by 8.1% in January over the preceding
such bleakness is going to be reflected
2011 considering there is little room
month to 88.4% age points, last week’s
in the first quarter of 2012. The
to embrace a faster than expected
Turkish Statistics Institute data show.
construction sector entered 2011 with
rebound, the report argued.
The expectation for an increase in the
an encouraging 15.7% increase in the
number of workers in construction for
manufacturing of construction materials
Some strict measures taken by the
the next three months increased by
in the first quarter over the same
Central Bank of Turkey starting from
16.8% to 110 points in the same month.
8 NEWS
Investor’s Guıde 2012
Turkey is catching up quickly Turkey, where jewelry, fabrics and spices have been haggled over in bazaars for centuries, was among the last European countries to embrace modern shopping centres. It’s catching up quickly. Property developers attracted by one of the youngest populations in Europe are building shopping centres at a faster rate than in any other country on the continent except Russia. Istanbul, Turkey’s wealthiest and most populous city, is leading the way with about 30 centres in the pipeline. “The attraction of Turkey is the enormous power of young people wanting to go out and improve their lot and their willingness to spend,” said Frank Billand, board member in charge of shopping centres for Union Investment Real Estate. The Hamburg-based money manager
Forum İstanbul
owns four centres in Turkey valued at EUR 450 mln. Private consumption fuelled an
seven Turkish shopping centres and
equivalent properties in the UK
is controlled by Multi Corporation,
and 1 point more than in the Czech
the biggest developer in the country.
Republic, one of central and Eastern
8.2% increase in GDP in the third
Europe’s best-performing property
quarter, three times Germany’s
Investment demand will support
growth rate. The economy’s strength
retail property prices and ensure
encouraged Multi Corporation,
capitalization rates have a “modest”
Istanbul accounted for almost two-
Inditex and Abercrombie & Fitch to
gain even if rents decline, Kelvin
thirds of the shopping centre space
invest in a country which, according
Davidson, an economist at London-
that was built in Turkey last year and
to Cushman & Wakefield, has 76 sqm
based research firm Capital
will represent about 60% of the 1.4
of shopping centre space for every
Economics said. Capitalization rates
million sqm scheduled to open in the
1,000 inhabitants. That compares
measure the amount of income a
18 months through 2012, Cushman &
with 240 sqm in the European Union.
building can generate compared with
Wakefield estimates.
investment markets.
its value. Emerging Economy
By the end of 2013, the city of
Canada Pension Plan Investment
Steady Returns
13 million will have 132 centres
Board chose Turkey over Russia and
Capitalization rates for prime Turkish
compared with 93 at the start of
Ukraine for its long-term investment
shopping centres were little changed
2011, Jones Lang LaSalle predicts.
in emerging European economies.
at about 7.25% in the second half of
By then, there will be 275 sqm of
Canada’s second-largest pension
2011 after declining by 1 point from
shopping centre space to lease for
manager holds a 27% stake in the
two years earlier, Jones Lang LaSalle
every 1,000 inhabitants, or 15%
Forum Turkey Fund, which owns
said. That’s still 3 points more than
more than the EU average.
Investor’s Guıde 2012
NEWS 9
Rent Cuts
since trading for the first time in
Increased competition has prompted
Not every part of the market is
April 2011, while Torunlar REIT has
some shopping centres to focus on
thriving. The Sapphire Istanbul
declined 43% since the company’s
new ways of winning customers.
shopping centre in Istanbul,
IPO in October 2010.
Turkey’s largest shopping centre,
occupying six floors of Turkey’s
Forum Istanbul, attracts 2 million
tallest building, opened in March
Economy Slowing
visitors a month with 265 retail
2011 and the owners already plan
Turkey’s rate of economic expansion
brands, an aquarium, ice skating,
to cut rents. The 54-story tower’s
will probably drop to 2% this
bowling and a 10,000 sqm dinosaur
shopping centre competes with
year, the International Monetary
exhibit.
three others in the central business
Fund said. The rent cuts are also a
district. The 65,000 sqm Zorlu Centre
response to the Turkish currency’s
will open in 2013 and the city’s
slump. The lira fell 16% last year
main shopping area is just three
against the Euro as rising corporate
miles away. Kiler REIT, the centre’s
investment and a credit-fuelled
majority owner, said it will cut rents
consumer spree fuelled a record
by as much as half and fix them at
current account deficit.
a favourable rate against the Euro. Tenants include Sweden’s Hennes
While Istanbul’s centre may
& Mauritz AB, the world’s second-
be getting saturated, a subway
largest clothing retailer.
extension has enabled developers to build shopping centres in satellite
“Bargaining power is back with
towns, said Ismail Kazanç, chief
the tenants” in Turkey’s biggest
financial officer of Torunlar REIT.
cities because of the amount of
Torunlar is constructing the 135,000
space under construction and the
sqm Mall of Istanbul, part of a
prospect of slower economic growth,
TRY USD 267 mln plan for 660
Ecem Nalbantgil, a Bank of America
residential units, a 300-room hotel
Merrill Lynch analyst, said. Kiler REIT
and 25,000 sqm of offices three
shares have lost 56% of their value
miles north of the airport.
Mall of İstanbul
Istanbul Sapphire
10 NEWS
Investor’s Guıde 2012
Property prices in Turkey continue growing The prices for the brand new properties in Turkey have been increasing steadily over the last 12 months and are expected to continue growing in 2012. According to the latest figures from
0.89% in whole Turkey: 0.93% in
Istanbul; 0.39% in Izmir and 0.45%
the REIDIN report, the new property
Adana, 0.55% in Ankara, 1.27%
in Kocaeli. The rental prices didn’t
price index was fixed at 9.88% in
in Antalya, 1.08% in Istanbul and
change at all in Ankara and fell down
December showing increase for 0.78%
1.14% in Izmir. Prices were stable
for 0.65% in Bursa.
in comparison with November. The
in Kocaeli and decreased 0.11% in
prices of the branded projects in
Bursa during December 2011.
European side of Istanbul increased
The Turkish residential property market is likely to see further rapid
for 1.17% per month and on the
Generally the same situation is on
growth in 2012 as the country’s
Asian side were up for 0.47%.
the rental market. Rental prices for
economy unlike many of its European
existing homes increased 0.70% in
neighbours, is stable with slight
The report also states the prices
Turkey overall and were up 1.54% in
growth in some sectors, which
increase for the existing homes for
Adana, 1.69% in Antalya, 1.09% in
positively effects real estate market.
Propin: “Istanbul office market was active through Q4 2011” Propin Property Investment Consultancy, a full-service property consultancy firm in the office segment, finds out that Istanbul office market experienced one of the most active periods in the final quarter of 2011. Main findings of the research are as
towards the lowest level of the
in the office market of Istanbul.
follows:
recent year in Out of CBD-Europe
Competition came with this increase
• In the general vacancy rate of Class
and it was observed as 10.3%. No
in the instant office market. As a
A office buildings in CBD an increase
changes were seen in CBD and Out of
result, the companies began to offer
was observed. The vacancy rate
CBD-Asia.
bigger spaces that could be used
increased to the level of 11.1%.
• The general average rent of the
according to the needs of the users
• The average rent of the office
office buildings reached the highest
in addition to marketing areas per
buildings in CBD increased to the
average rent amount in CBD and Out
capita so as to make difference. The
highest level in recent years in
of CBD-Europe in the recent year
rent approximately corresponding to
class-A office buildings and it was
while no significant difference was
the size of 500 sqm that was made
observed as USD 29.3/sqm/month.
observed when compared with the
by Windowist from HTC through
On the other hand, a small decrease
third quarter in Out of CBD-Asia.
the consultancy of Propin, and the
was experienced in the average rent
rent that was made by Bank El Habib
of class-B office buildings and it
Propin informs that in 2011 the
in Servcorp Tefken Tower, again
occurred as USD 14.8/sqm/month.
supplies of the companies offering
through the consultancy of Propin,
• The general vacancy rates of Class
instant office systems such as Regus,
are among the clarifying examples of
A buildings showed a recession
Servcorp and Windowist increased
this situation.
12 NEWS
Investor’s Guıde 2012
Details emerge of Istanbul’s Finance Centre The Turkish government has completed preparations for the Istanbul Finance Centre to be constructed soon, said Turkish environment and urbanisation minister, noting that the new finance centre would be bigger than the world’s largest finance centres in New York, London and Dubai. The Turkish government had announced
functionality of the Grand Bazaar –
was not on the agenda, speaking at a
the financial institutions currently
constructed in 1455, still one of the
press meeting in Ankara.
situated in the capital Ankara would
world’s largest covered markets with
move to Istanbul in the framework of
over 4,000 shops – and the silhouette
State-owned lenders Vakıfbank
the Istanbul Finance Centre project,
of Topkapı Palace, the primary
and Halkbank will also move to
which aims to turn the city of 15 million
residence of the Ottoman sultans for
the finance centre. The centre’s
into a regional financial hub.
nearly 400 years,” said Bayraktar.
first quarter will house private
According to the centre’s master
The minister said major financial
institutions and the second quarter
plan revealed by the minister, nearly
institutions such as Turkey’s Banking
will host bank headquarters. Hotels,
560,000 sqm of offices, 90,000 sqm of
Regulation and Supervision Agency,
residences and a shopping centre
land and 70,000 sqm of hotels would
Capital Markets Board and the
are also planned as part of the third
be constructed. However, the Turkish
Central Bank would move to the
quarter. Additionally, a mosque,
government has not yet announced how
four main quarters to be built on
schools, fire department and police
the massive project would be financed.
the 2.5-million sqm lot in Ataşehir.
station will be included in the fourth
financial institutions and regulatory
However, Turkey’s Central Bank
quarter of the massive project, which
“The project will be composed of four
governor said the bank had “no plan
will employ nearly 30,000 people,
main areas. We were inspired by the
of moving to Istanbul” and the issue
according to the ministry.
Turkish government plans to turn the Ataşehir district into a large finance centre
14 NEWS
Investor’s Guıde 2012
Shopping centres are still in-demand December 2011 results of the Shopping Centre Index, a joint project by Council of Shopping Centres – Turkey and Akademetre Research, has been announced. Sales index increased 14% in 2011
11% in technology products and
Kodal, president of Council of
compared to 2010, according to the
electric appliances sales and 2%
Shopping Centres – Turkey, said
latest data provided. The index has
in hypermarket, supermarket and
“2011 generally brought pleasurable
reached 143 points by the effect
delicatessen sales, compared to
results for the shopping centre
of Christmas and New Year and
2010.
market. In 2012 shopping centre
also shopping centres reached the
investments will be running, but
highest sales figures of previous
Foot-fall index increased by 5% year
investments should be planned
years.
average in 2011 compared to 2010.
within accurate calculating.” Kodal
Shopping centre foot-fall increased
also pointed out that 2011 had
All categories showed an increase
during cold weather in the final
been a year of exceeding of targets,
in sales in the year of 2011. There is
quarter of the year, this increase also
highlighted retails has not come to
an increase of 16% in shoe and bag
reflected in sales.
the intended level yet; adding that
sales, 15% in clothing and accessory
even though the sales had increased,
sales, 15% in sales of food and drink,
Reviewing December figures and
it hasn’t been reflected to the
11% in other shopping categories,
assessing the year 2011, Hakan
increase of rents.
Sales Index, Source: Council of Shopping Centres - Turkey
Foot-fall Index, Source: Council of Shopping Centres - Turkey
16 NEWS
Investor’s Guıde 2012
ECE Turkey takes over management of Neomarin Shopping Centre ECE Turkey, a subsidiary of Germany-based ECE, has taken over the management and leasing out of the Neomarin Shopping Centre in the Pendik district of Istanbul, bringing the number of shopping centres it manages in Turkey to 10. The Neomarin Shopping Centre is
of retail space hosts 130 local
one of Istanbul’s newly developing
owned by Bosphorus Real Estate Fund,
and international brands with 20
districts with new office buildings
an opportunistic fund managed by
restaurants and cafés for approx. 600
and residential projects close to the
Krea Group and Peakside Capital that
people and has a car park capacity for
shopping centre. Located right in the
invests in projects in Turkey.
1,200 cars, a hypermarket and also
heart of this new development, the
children’s entertainment facilities.
centre is easily accessible by car from
The Neomarin Shopping Centre
Pendik with 1.85 million people
the E5 highway, as well as with public
in Pendik with its 36,000 sqm
living in the surrounding area is in
transportation and on foot.
Multi opens luxury ‘Fashion Street’ in Ankara European retail specialist Multi Development has unveiled a new upscale concept to its Forum Ankara Outlet shopping centre in Turkey. American Vintage, Morine Comte Marant, Bil’s, Fred Perry, and Austin Reed. Italian Fashion hosts important Italian fashion brands like Armani Jeans, Versace Jeans, Ferre, and Roberto Cavalli. Vepa Outlet offers brands like BCBG and New Balance; Gant, while &Style presents Abercrombie & Fitch, FrankNY, Hollister, Onitsuka Tiger, Scotch & Soda and Kuki House. Forum Ankara
Forum Ankara outlet shopping centre opened in 2008 to host
Forum Ankara Outlet’s “Fashion Street”
BSSD which hosts leading fashion
local and international brands.
opened in November 2011 to offer
brands like Gucci, Dolce&Gabbana,
The Fashion Street offers a great
smart shoppers in Ankara world-famous
Ermenegildo Zegna, Beymen, Diesel,
shopping experience that marries the
fashion brands at very reasonable
Dior, Etro, Giorgio Armani, Kenzo, Prada,
convenience of a shopping centre with
prices for the first time in an outlet
Yves Saint Laurent, and Demstock
the pleasure of shopping in an open
concept, Multi said.
with D&G, Gianfranco Ferre, Hugo
air environment. The natural stone
Boss, Cavalli, and Ralph Lauren.
used in its architectural design, special
The fashion brands featured at the
Bilstore features brands that include
street lighting and the winter garden
9,000 sqm fashion street showcases
An Original Penguin, American Retro,
further enhance the experience.
18 NEWS
Investor’s Guıde 2012
Iş REIT invests TRY 300 mln in ÇINARLI BAHÇE Iş Real Estate Investment Trust started developing the first of three projects worth TRY 300 mln in Tuzla on the outskirts of Istanbul’s Asian side. Çınarlı Bahçe will be comprised of 476
the needs of IS Bank. Five thousand
Tanes said they will not have
apartments, and the target revenue
people will work at the centre.
residences in the integrated project
from sales is TRY 150 mln, said Tanes.
but plan for the trade centre to
Average price-per-sqm is TRY 2,500.
The third, an integrated project, will
include food and beverage stores and
The apartments’ prices start from TRY
be built next to the Technology and
to appeal to the whole Tuzla area. “We
180,000, and 65% of Çınarlı Bahçe
Operation Centre on a 21,000 sqm site.
are still in talks with an international
residences were sold since sales started
Plans include a five-star hotel, offices
chain to run the hotel,” he said.
last October.
and a trade centre. These projects will
The groundbreaking ceremony for
be completed gradually over three
both the Technology and Operation
The second project will be a Technology
years, said Tanes. “Tuzla is developing
Centre and the integrated project is
and Operation Centre, designed to serve
every year with new investments.”
scheduled for May 2012.
Morgans Hotel Group wins new long-term management agreement in Istanbul Morgans Hotel Group has announced that it has entered into a hotel management agreement for an approximately 128-room Mondrian-branded hotel to be located in the Old City area of Istanbul, Turkey. This hotel is expected to be the seventh Mondrian hotel in the expansion of the company’s iconic brand. Upon completion and opening of the
provide our guests with an exciting
The hotel is expected to include a 128-
hotel, Morgans will operate the hotel
lifestyle hotel experience that
room Mondrian hotel, original food and
pursuant to a 20-year management
only Morgans can provide, while
beverage options conceived by The Light
agreement, with a 10-year extension
generating an attractive return for
Group, function space, a spa, renovated
option. The hotel is scheduled to open
the Company. We are looking forward
from an existing historic Turkish bath,
in 2014.
to a long and successful relationship
and additional facilities and amenities
with the property’s owner, Bella
indicative of a lifestyle hotel. Morgans
Group.”
will contribute approximately USD 10
“We are very excited to announce the development of Mondrian Istanbul,
mln in the form of equity and key money
our fourth management contract
The future hotel will be located in
and will have a 20% ownership interest
for a Mondrian-branded hotel in an
an area referred to as the Old City of
in the venture owning the hotel.
international location that we have
Istanbul, which is the oldest part of
announced this year,” said Michael
Istanbul, and the location of most of
Already this year the company
Gross, CEO of Morgans Hotel Group.
its historical attractions, such as the
announced it has entered into
Topkapi Palace, the Hagia Sophia, the
hotel management agreements for
“As an important gateway city,
Sultanahmet Mosque, or Blue Mosque,
Mondrian-branded hotels located in
Istanbul serves as a bridge between
the Grand Bazaar, the 1,500 year-old
Doha in Qatar, Nassau in The Bahamas,
Asia and Europe, where we will
Basilica Cistern and so on.
and London in the UK.
20 NEWS
Investor’s Guıde 2012
HBA will undertake the interior design of Raffles Istanbul Zorlu Centre Preparing to host the most famous brands of the world, Zorlu Centre made an agreement with HBA (Hirsch Bedner Associates) for the interior design of Raffles Istanbul Zorlu Centre. Turkey’s 5 function mixed-use project
the development, provision and
as the historical and characteristic
Zorlu Centre; which will gather circles
management of alluring art programs.
features of Istanbul in its internal
of business, finance, entertainment
Having made its signature on world-
design. To be carried out with more
and art; prepares to attract attention
class designs proven by many rewards
than USD 175 mln of investment except
with the design of its functions. The
such as Gold Key, Hospitality Design,
the land value, Raffles Istanbul Zorlu
interior design of Raffles Istanbul
Travel& Leisure “IT LIST” and Condé
Centre will have a total of 180 rooms;
Zorlu Centre, the premium hotel brand
Nast Traveller Gold List, HBA offers
130 of which are standard and 50 of
to be active within Zorlu Centre, will
neatly planned innovative design
which are suites. In order for a restful,
be taken on by the globally known
solutions.
comfortable and luxurious experience
design brand HBA. Each and every
of the unique beauty of Istanbul, the
internal decoration design of the
Projecting to start offering services
rooms will have more spacious areas
intercontinental company HBA reflects
in the last quarter of 2012, Raffles
compared to average: the standard
a sentimental response to the location,
Istanbul Zorlu Centre will earn the
rooms will have up to 63 sqm while
architecture and customer vision. HBA
luxury concept a new meaning with its
suites will have up to 370 sqm of
presents an extensive interior design
“exclusive personal service” approach
room width. Having a ball room with
services pack all the way from planning
while becoming a centre of attention
1,200 people capacity for elite events,
to the implementation. While their
with its unique and magnificent
Raffles Istanbul Zorlu Centre will have
interior graphic design studio Graphis
design. Eliminating the concept of
2 very special restaurants and bars as
International thoroughly integrates
“impossible” with its service approach
well as indoor and outdoor swimming
with the project goals with branding,
of “premium luxury”, the hotel is
pools and a heliport. Another unique
publishing and coverage graphics
expected to reflect the “Business &
part of Raffles Istanbul Zorlu Centre
services; the art specialists promote
Leisure” concept of Raffles as well
will be its 3,000 sqm world-class SPA.
Zorlu Centre
24 OUTLOOK
Investor’s Guıde 2012
ISTANBUL TOPS THE LISTS AGAIN For the second consecutive year, Istanbul ranked first for both investment and development in Emerging Trends in Real Estate Europe 2012 survey. Its popularity, the report said, is due largely to its strong economic growth prospects and favourable demographics. However, for those either already invested or seeking to invest, Turkey’s appeal is based on a long-term view of the future. An economic crisis has left the
release of assets by banks to
Joe Montgomery, chief executive
European real estate industry in
investors.
of ULI Europe, said: “The profound
limbo, with preferred markets chosen
instability is affecting the providers of
more on their potential as safe
2012 marks the beginning of an era
equity and debt. We are operating in
havens than high-growth hubs, and
that will be defined by more negatives
an environment that is very difficult to
with highly specialised non-core
than positives in its early years, says
model.”
investments gaining attention as
Emerging Trends, which includes
alternatives to traditional property
interviews with and surveys of more
“The uncertainty over the level of
types, according to Emerging Trends
than 600 leading commercial property
banks’ exposure to sovereign debt
in Real Estate Europe 2012, the
professionals across Europe.
default, coupled with uncertainty over
annual industry forecast published by
the regulatory changes introduced as a
PricewaterhouseCoopers (PwC) and
The report predicts that this year,
result, has caused significant elements
the Urban Land Institute (ULI).
property financing will become
of the capital markets to be reduced to
a major casualty of the measures
a state of near paralysis.”
The report says that the prospects
banks take to tackle regulatory
for any turnaround this year hinge
and macro-economic pressures;
John Forbes, real estate partner at
on how recent regulatory measures
deleveraging will not free up capital
PwC and author of the report, said:
will affect banks’ willingness to
for fresh property lending; debt
“Debt will be the main story of 2012.
make commercial loans, and whether
will become more short-term and
There is general pessimism regarding
another financial industry collapse
expensive; and the need to find
the availability of debt this year, and
caused by sovereign debt issues
alternative sources of funding will
significantly lenders are the gloomiest
ultimately triggers a widespread
become imperative.
of all.”
Investor’s Guıde 2012
“A mere 6% of lenders believe that debt will be as available as it was in 2011, with 42% believing that it will be moderately less available and 52% believing that it will be substantially less. This will be a huge challenge for many, but will create opportunities for others, in particular equity investors less reliant on debt, those who are able to take advantage of the opportunities from bank deleveraging and new debt providers entering the market.” “The good news is that the view of respondents regarding the availability of equity is much more positive. Most promising is the response from institutional investors: 65% believe that equity will be moderately more available, with a further 10% believing that equity would be substantially more available,” Forbes added. Over half of the cities surveyed in the annual Emerging Trends report on European real estate recorded a lower investment score than last year, including major markets such
European City Investment Prospects
OUTLOOK 25
26 OUTLOOK
Investor’s Guıde 2012
Ersun Bayraktaroğlu
be the only option for real estate investors due to Turkey’s
Real Estate Sector Leader, PwC Turkey
growing economic and demographic performance.
Similar to the last eight years, this year’s
According to the respondents, 2012 marks the beginning of
Emerging Trends in Real Estate Europe
an era that will be defined by more negatives than positives
2012 report provides an outlook on
in its early years. But, even under these circumstances, the
European real estate investment and development trends,
Turkish real estate market is ready to achieve another leap
real estate finance and capital markets, property sectors,
in 2012. The government has very recently announced a
metropolitan areas, and other real estate issues via taking
major urban renewal project. With this project, safe and
into consideration views from sector players. More than 600
sustainable cities will be developed under state-sponsored
surveys and interviews have been reviewed for this year’s
construction projects.
report. Apart from this, a new title deed regulation is under way to Our ninth report on Europe’s real estate trends put Istanbul
allow property ownership for foreign individuals without
on top not only for investment and development prospects
any reciprocity constrains. REIT’s, as 20% corporate tax free
but also for existing property performance. Although it is
instruments, are also encouraged by the authorities for the
said in the report that Istanbul’s ranking is more a reflection
sake of extending transparency and the institutionalisation
of its long-term economic future than a sign that investors
of the real estate sector in Turkey. All these efforts are for
are about to rush to place their capital in the market, we, as
the future of Turkey’s real estate. It is not only a “potential”
people living in this country, know that in the long run, when
but an altogether approach for a “real” success story in real
the markets stabilise, Istanbul and Turkey will most probably
estate for all.
as London, Frankfurt, Copenhagen,
increase, and 56% expected business
monetary policy threaten to result in a
Madrid and Rome. The top-ranked
confidence to rise also.
sharp slowdown in growth, 2012 may
cities in the survey tend to be either
The market is also positive over a major
not be a straight forward run for Turkey.
in western or northern Europe, or
urban renewal project announced in
Interviewees did not display concern
growing regions to the east.
the wake of last year’s earthquake. The
over these immediate blips, however;
government plans to “rehabilitate”
for those either already invested or
ISTANBUL
buildings that are at risk of destruction
seeking to invest, Turkey’s appeal
For the second consecutive year,
in an earthquake and launch a state
is based on a long-term view of the
Istanbul ranked first for both
- sponsored construction project
future.
investment and development. Its
to build safe and sustainable cities;
popularity, the report said, is due
analysts believe the size of investment
Recovery is anticipated by 2013, when
largely to its strong economic
could be USD 255 bn. “Regulations
it is believed GDP will ratchet back up
growth prospects and favourable
should not always be considered
to 4.2%- a long-term growth trend
demographics, which stand out across
as preventive. Amendments in the
that won votes of Emerging Trends
the region.
regulations regarding the renewal and
interviewees this year. “Turkey is
reinforcement of current buildings may
increasingly a country you need to pay
accelerate the market.”
attention to; it is the Brazil of Europe,”
Turkish survey respondents share the same enthusiasm. They were the
was how one onlooker described the
most optimistic about growth in head
But the country is not immune to
counts of all respondents, with 69%
Europe’s woes: With economists
saying they thought their businesses
anticipating growth of 2.7%,down
Retail property investors in Turkey
would grow in 2012. Just over half
from an estimated 7.2% in 2011, as
are particularly positive. Consumer
thought profitability would also
recession in the Eurozone and tight
spending rose by 15% in Istanbul’s
market.
Investor’s Guıde 2012
OUTLOOK 27
Ömer Egesel
other major European cities, the survey results shows that
General Manager, Tekfen Real Estate
Turkey’s appeal is based on a long-term view of the future.
Development In terms of the prospects for the segmentation, retail, It is noteworthy that Istanbul outscored
with its great potential, has been the most prior market
the European cities by ranking first in two
for international investors. It seems that the investors will
categories, development and new real estate investments
be focusing on investing primary assets which have long
for the second consecutive year. According to the report,
terms sustainable lease contracts rather than developing
its popularity resulted from its strong economic growth
new projects. It will be an important factor to analyze the
prospects and demographic qualities with a young and
demands of consumers well and develop the projects due
growing population. Despite the fact that the yield levels in
to their needs. It is doubtless that Turkish real estate market
Turkish market are not much more attractive compared to
will be the rising star of Europe in the near future.
prime shopping centres during the third
cities – have boosted confidence.
Rents are expected to remain stable
quarter of 2011 and by 10% elsewhere
That bullishness is reflected by the
this year, reflecting the continuation
in the country, while recent moves
selection of retail as the best sector for
of a flat line across all sectors for two
by international brands such as Nike
acquisitions in Turkey. Istanbul’s hotel
years in the office and industrial sector
and Zara to expand their operations
sector was also rated among the best in
and three years in the retail sector. But
– both in the capital and in secondary
Europe.
yields – which stand at around 7.75%
Metropolitan Area Investment Prospects for 2012 Source: Emerging Trends in Real Estate Europe 2012 survey. Note: On scale of 1 to 5.
Expectations Regarding Amount Invested, Rents, and Capital Values for 2012 Source: Emerging Trends in Real Estate Europe 2012 survey. Note: On scale of 1 to 5.
28 OUTLOOK
Investor’s Guıde 2012
Ömer İsvan
we deal with real estate. However this is not to be taken
President, Servotel Corporation
as an investor’s guide; fine opportunities will exist throughout Europe in 2012, including the weak-links
Emerging Trends in Real Estate
like Greece and Portugal. It is, as always, a matter of
Europe 2012 survey is, as usual, quite
pulling together the skill-set to find these projects, to
comprehensive and provides a good
evaluate and to envision them.
outline perspective with many valuable pointers to consider. My personal views for Europe and 2012 that
Conversely, for example, I agree that Turkey is by far the
may or not concur with the report are as follows:
leading hot spot although by no means is it a real estate arena where you can’t go wrong. I would definitely add
I expect a visible emergence of alternative capital
hotels to the retail assets that the report identifies as
sources while mainstream banks deal with confusion
an asset class to consider. Moreover, I disagree with the
and (as the report puts it) an ‘un-model-able’ market
indication of the report that a comparatively longer
scenario, and remain busy licking wounds. Sovereign
term view is needed for Turkey. Probably in fact, the
wealth, private equity, insurances and special-purpose-
opposite is true compared to the low margin-slow
funds will show their face. They won’t be there because
absorption Europe as a whole. We will continue to guide
banks aren’t, but because 2012 may see the most
our investors throughout the region project-by-project,
number of under-valued asset transactions in more
balancing the cost-benefit-risk triangle against the
than a decade and such are most suited to low-leverage
time-span in which the investor’s vision and cash can
position takers. The mix between purchase of existing
operate.
stock versus creation of stock will probably shift further in favour of the former.
Despite limited activity, Europe will see a higher proportion of opportunities which will attract longer
Whether in respect of geographical markets or asset
term money than before, perhaps a healthier base for
classes, the report provides a good overview, which is
real estate activity in general as these funds come with
useful to understand the macro environment in which
immunities against down-cycles.
for offices, 8% for retail, and 10% for
categories, the city is a serious focus
into the market, respondents said
industrial – are expected to decrease
only for investors seeking higher-risk
they were merely investigating the
this year one of only two cities were
growth markets within the region and
possibilities within Turkey, taking
respondents thought that would
for those with sufficient resources
time to understand and learn about
happen. Investment is also expected to
to take the rough with the smooth.
the market ahead of the pack – again
increase.
“It’s an emerging market so it isn’t
reinforcing its place as a decent long-
just about great returns; it’s tenants
term story.
Istanbul jumped to first place for
walking away, contracts not being
existing investments from second
contracts – a roller-coaster ride. But
“Turkey is removed from the rest of
place in 2011, which reflected
we look at our centres today and see
Europe and that is a plus, but it is
interview data, where international
footfalls improving, spending is on
always a question of risk adjusted
investors with assets here reported
the up, and it is where international
returns and how I achieve that; this is
portfolios are performing well. Some
brands want to be.”
something I am thinking about a lot.
say the market was the best on a panEuropean basis.
There are many good opportunities Those who have not yet invested in
because it is an underdeveloped and
Istanbul but expect to in the future
fragment market, but finding the
Despite its objective popularity
showed no sense of urgency about
right investments is by no means
across investment and development
investing. Rather than rushing capital
easy. “
30 advertorıal
Investor’s Guıde 2012
Adding value to Turkey’s priceless potential Anthony Khoi, President of Aerium Turkey, shares his insights on one of the biggest growth markets in the world at the moment and discusses the development projects which are attracting international attention. From partnerships with international groups such as Carrefour to potential regulation in the sector in Turkey, Mr. Khoi offers a fascinating insight into the future of shopping centres in Europe. * This article was originally published in REurope Number 82 - January / February 2012.
optimise traffic patterns, preserving
Red Crescent registered charity in
the environment through the creation
Turkey. In Ankara, a primary school
of green spaces, leisure and meetings
was restored and a healthcare clinic
areas (squares, courtyards and large
built. Retfund’s work in Bursa saw it
pedestrian walkways). Retfund’s
complete an educational centre whose
strategy is to build the area as a “heart
construction had been initiated by
of the city” through the development
UNICEF. In Mersin, a day care centre
of complementary activities, with
for the Alzheimer’s Association is
cultural and educational components
being constructed. After last year’s
and focussing commercial activities
earthquake, Retfund worked with Van
in synergy with shopping centres
to create a Psychological clinic for kids
where relevant to develop a truly
and organised exhibitions of painting
Retfund Development is the property
sustainable urban area. “Our major
and sculpture and concerts.
development arm of Aerium and
interest is how to create better
Cenor. The company has expertise
places and community spaces with
Turkey experienced a significant
in developing large-scale shopping
public and commercial activitites
increase in FDI in real estate from
centres and other commercial real
for people and the cities with more
2006, although the credit crunch
estate schemes. Retfund manages
responsible architecture and master
between 2008 and 2010 brought
all phases of land development and
planning,” explains Anthony Khoi,
many pipeline projects initiated by
the refurbishment and extension of
President Aerium Turkey. Retfund’s
global developers to a halt. Retfund’s
existing properties, from performing
work is distinguished by its awareness
management team convinced its
feasibility studies toconstruction
of social responsibility, through
board to invest in the assets under
management.
attention to environmental aspects,
management in 2007 and launch the
civic needs, reducing waste and
construction works for renovation and
Since 2007 Retfund evaluated more
energy imprints, while seeking to
extension in 2009. Knowing that due
than 100 projects in Turkey and
support jobseekers, young people
to the decrease in retail activities,
is currently developing six majors
and the less able bodied, or homeless.
its tenants would also support these
projects in Istanbul and other major
Its developments partner with
renovation and extension investments
cities representing over $2bn of
cultural, sporting, artistic and civic
during the recession, Retfund decided
investment for the next 6 years. Other
associations, offer a “forum” for
to turn the crisis into an opportunity
works in progress include ambitious
local citizens and seek to reduce the
and started the implementation of
masterplans for the city of Izmit
digital divide and provide access
appropriately planned and scrutinised
and Icerenkoy (Istanbul). For these
to education and the arts. Each and
development projects. $150m was
schemes, Retfund has been exploring
every Retfund project liaises with
allocated without any leverage to
multimodal transport options to
non profitable organisations and the
this end – a particularly bold move
Anthony Khoi
Investor’s Guıde 2012
as many other foreign investors were leaving Turkey or putting an end to their activities and investment in the country. “Thanks to the dynamism of our local and pan-European teams of Aerium, our strategic planning and our proactive asset management, we have come out of the global crisis and downturn without damage to our companies. We have today a stronger and a more advantageous market position,” explains Anthony Khoi,. The extension of these shopping centres and the development of mixused projects will be followed by a second phase of extension aimed to introduce new urban activities and retailers carefully chosen to appeal to the catchment shopping population. This has only been made possible
CarrefourSA, Bursa
thanks to our excellent and effective asset, property and development management and the organisational quality of our teams both in Turkey and Europe. This has allowed us to add value to our assets and secure our investment in Turkey.” The shopping centres managed by Retfund, are high quality sites centrally located on major roads. Those sites are suitable for progressive development with a goal to increase asset value. These include shopping centres in Ankara, Bursa, Mersin, Izmit, Haramidere and Icerenkoy. In Izmit and Icerenkoy, ambitious masterplans created with local municipal bodies are also in place. “We want to be remembered as a developer who has contributed to the improvement of the cities and the life quality of the people. We are as developer and investor the servant of the community,” explains Anthony Khoi.
Izmit Masterplan proposed by Cenor
advertorıal 31
32 OUTLOOK
Investor’s Guıde 2012
Turkey: a safe haven for investors? Turkey is among the most promising markets, but investors should be aware of challenging issues before entering the market. The Turkey GRI 2012, which was held in Istanbul in 10-11 January, brought together the leading international players and national decision-makers that are driving the real estate business in Turkey today. A summary of all the top issues discussed at the event, which is prepared by the School of Business of the American University in Cairo, will provide an insight if you’re considering to enter the market. Investıng ın Turkey Politically, Turkey has been stable and will likely stay stable amidst regional political strife. At the macro level, political bodies have made consistent
Turkey GRI 2012, 10-11 January, Istanbul
efforts to improve and update regulation. At the micro level, efforts
residential and retail development,
where Levent should stay as prime
for local regulations that promote
because they are coupled with
office CBD.
transparency and clarify building
favourable consumer spending habits.
regulations are in progress. A strong
Liquidity is important for a safe haven,
There is not enough supply of A+
Turkish Lira is important for local
but always depends on the asset. On
Office space in Istanbul compared to
brands, while international brands
average, there is a lack of liquidity
even medium sized European cities.
are still financed with USD or Euros.
in Turkey – even in the retail market.
Most important issue for Istanbul is
Predictability is a key concern for any
More assets must be developed in
quality of office space rather than
investor in Turkey because regulations
order to create a liquid market in
ratio of CBDs to population. As soon
and laws often change with little or no
Turkey.
as 2014-2015, a new supply of office
advanced notice.
space will be in the market and the Offıce Developments
15-20 year-old office spaces will
Regulatory changes are uncomfortable
Development of CBD in Istanbul
not be able to compete with them.
for investors, but anxiety can be eased
highly correlated with developments
Refurbishment will become a must
through better communication. Real
in transportation facilities and new
and lower the yields significantly. New
estate market needs to support real
road systems. The first and second
businesses that are expected to fill
estate lobbies and associations in
bridges pull the location of CBD to
these supply most likely international
order to improve communication with
the northern parts of city. Kağıthane
clients may not be in that big space
local municipalities and government.
and Kartal is emerging as new CBDs
demand. This will bring the issue
Turkey’s demographics – young,
of Istanbul. Sub-centres must be
of quality of product rather than
educated, and mobile – are good for
encouraged and planned to develop
location.
Investor’s Guıde 2012
OUTLOOK 33
Congestion problem of Levent and
the population have increased. The
are always in demand. Pre-sale
Maslak is rising. Maslak should
opportunity is in secondary markets.
marketing makes the profits even
transform its old residential units into
But we have to be careful with respect
bigger and competitiveness is raised.
new office developments. Industrial
to that: five projects in the same town
areas in Kağıthane, military-owned
are doomed to fail, regardless of the
By 2025, population will rise by 17%
lands, and university owned parcels
GDP (an example of it is Izmir). The
to 85 million, coupled with a 30%
could be developed as new office
biggest threat is overdevelopment,
rise in the rate of urbanization. At
spaces.
opening too soon one shopping centre
the same time, household number is
after another
decreasing. There are lower interest
Levent is the classical prime location
rates and large room for residential
within 3 to 4 years 250,000 to
Turkey is still a young market and it is
mortgage credits. Total mortgage
300,000 sqm of supply introduced to
in the early stage of shopping centre
credits to GDP ratio is less than 10%,
the market. Yearly 100,000 is normal
life. But as more shopping centres
around TRY 75 mln. Social status of
absorption rate for Levent and there
come to Turkey, we will soon see more
Turkish households and family life
will be no problems with supply side
specialization. Level of differentiation
increases demand for 1+1 studio
or demand side. Office market in
is still one generation away because
flats. City centre housing supply is
Levent highly correlated with macro
the product demand is not so high
deteriorated and also not earthquake-
economic conditions of country.
yet (Turks are modest consumers).
safe. Thus, the market holds a great
Culturally, the shopping centre is a
potential for urban regeneration
If the municipal and central
meeting and entertainment place,
projects. Gated communities are
government is expecting to
doing something out of the ordinary
causing problems to the social fabric
accommodate for 25 million
daily life. It is not just a place for
of the city but market demand is
inhabitants, these figures cannot
shopping. Therefore shopping centres
accelerating more on that kind of
be compiled in one single central
need to provide an entertainment
closed housing projects. Gap between
business district. With new
place to meet these expectations.
sales to rent price ratio is widening,
infrastructure from scratch made
Turkish people spend on average
and has accelerated in recent months.
it easy for development and better
2-3 hours at the shopping centre,
Developers have initiated different
suited for Istanbul needs. New
compared to less than 1 hour in
payment options.
sub-centres should be encouraged.
Germany. Internet shopping is booming
In the future, Anatolian side will
in Turkey. It reached USD 12 bln, and
Affordable Housıng
develop business sub-centres,
60% of buyers are below 30 years old.
Brazil and Singapore have the best
through: Development of subway
Recently, Amazon entered Turkey.
models in affordable housing. TOKI
system, upgraded airport and marina
(Housing Development Administration
facilities, E-5 and TEM connection road
Resıdentıal Market
of Turkey) built 500,000 units over
infrastructure.
Residential market has had significant
6 years, a great accomplishment
performance in recent 6-7 years
taking into consideration the mass
Shoppıng Centre Development
400,000 units of sales. Specially-
and the duration. However, the main
Turkey is running out of opportunities
designed premium projects: 850 only
drawbacks were the inconvenience of
to build new shopping centres and
in Istanbul and 1,000 throughout
the location and the basic design. The
the solution is small projects. In
turkey. Distribution of these projects
example of TOKI is repeated in many
the next 5 to 10 years we will see
is 45-55% among European and Asian
other countries when development
extending existing shopping centres.
side of Istanbul. Residential market
and construction are happening
The first generation shopping centres
is growing, due to urbanization,
under pressure. Government should
need renovation and adoption to
population growth, and rising wealth.
set regulations and allow the private
the market (in size and quality), also
Current housing areas have structural
sector take the leadership position
due to the fact that the incomes of
problems. Branded housing projects
in developing affordable housing
34 OUTLOOK
Investor’s Guıde 2012
leads to problem of finding the real numbers. First deals will benchmark the market for coming deals. Gap between buyers and sellers triggers the tension and affects market badly. There is no transaction in the market for CAP rate. International investments are not jumping to the Turkish market. Most shopping centres take 3-4 years to complete and a good number of them never actually open. Many landlords are losing money from bad management and this give some of them to leave the market. Given Turkey GRI 2012, 10-11 January, Istanbul
current economic crisis, European lenders are leaving the scene. Landing
projects. There must be a distinction
infrastructure and human factor
for land financing in 2012 will be very
between the role of the developer and
to build sustainable communities.
difficult, compared to last year.
the contractor.
Transportation and infrastructure play a significant role in the success
2012 opportunities: Renovation and
Most of developers in the private
of affordable housing and urban
restoration projects in residential
sector do not see that the affordable
upgrade.
and retail markets are popular for
housing projects are profitable.
bank financing. Mismanagement will
Governments should work closely with
Hotel Development
decrease as bad managers are pushed
the private sector in order to achieve
In Turkey brands are important, people
out of the market. Retail market has
successful model of private-public-
choose according to them. Since 2009
been suffering in Europe recently,
partnership. Maintaining a sustainable
brands are coming to other cities, not
while Turkey moves toward a more
fund is difficult in affordable housing.
only resort cities. Expansion in the
institutionalized in retail market.
Therefore, funding mechanisms must
brand fond is delusion of experience.
Turkey is a solid market for sales and
be explored. Income bracket and
What has been copy-pasted since
investments. No matter how small,
family size must be considered in
1970s does not work anymore. The
cities have room for retail, but are
affordable housing models. Mortgage
supply is not consistent. Investor is the
very limited in funding. It will be
is sometimes a burden for low income
biggest risk: if you want a prestigious
difficult to get the deals in 6 months,
families that are at risk for default or
hotel in the wrong place, you are not
but situation should improve within 2
do not have stable income. In some
going to succeed. However, it is a
years.
cases, rent could be a solution.
cultural issue in Turkey that people
There is no specific model to follow in
stay at their friends’ place when they
urban upgrade. Private sector alone
are visiting a city, and that is not
Investments and Expansıon
cannot go for urban upgrade as it is
changing. Occupancy rate in Istanbul
Here are the main problems for
neither profitable nor affordable.
is 72% (it was 76% two years ago);
retail real estate in Turkey: a) Finding
Taking communities away of cities as
for international hotels it is 75% – so
suitable location in main commercial
a solution for urban upgrade is not
Istanbul is trading well.
streets and centres, b)Turnover
successful. The human factor is the
Retaıl Real Estate
rate in shop sales representatives,
most important in urban upgrade.
Outlook for 2012
c) Choosing between street and
Urban planning is not about land
Current challenges: There are currently
shopping centre stores, d) Istanbul’s
use, it is a wider approach involving
no deals in the capital market and this
urban planning is not conducive for
36 OUTLOOK
Investor’s Guıde 2012
retail, e) Crowded commercial areas
200. Rental prices sometimes direct
the city, making the commercial space
Bağdat Street and Istiklal are more
firms to rent a building without proper
bigger – so it may not be favourable
lucrative for real estate owners than
permits. In order to be close to the
to the small commercial places. If you
for the retailers, themselves, f) Current
markets and city centres reasonably
want to come invest in Turkish real
retailers face challenges expanding:
priced logistics areas should be
estate market, it might also be good
finding the right space, logistics,
developed with cooperation between
to make club deals with other Turkish
occupancy permits, and pricing,
private and public sectors.
banks because they already know the
g)Streets designed for residential
environment.
use and increased urbanization
Potential places for development:
exacerbates smooth allocation for
Izmit and Silivri tried but not
Foreıgn Investment
retail areas.
successfully developed. Gebze could
Turkey is a developing and long-term
be new logistics but still considered
market, but it’s not a distressed and
Opportunities for growth: a)
as far away from city. Pressure
a liquid market. Success in Turkey
Opening a larger quantity of retail
from other types of real estate
requires: a) The right local partner,
shops (to defend against aggressive
investment blocks the development
b) The right project or asset, c) A good
competition, some retailers open
of logistics. Build-to-suit systems
structure that allows for the flexibility
several shops in adjacent shopping
are in high demand from the market
to sit on an asset until it stabilizes,
centres), b) Organic growth by
and prices are rising significantly.
d) An effective on-the-ground
executing more sales c) Growth by
Turkey’s budget deficit is feeding the
representatives to keep up with the
increasing the frequency of repeat
logistics market, which has positive
changes, restrictions, and regulations
customers, d)Building an online
correlations in the short run. In the
that can change on a moment’s
avenue for selling products (online
short-to-medium term (6 months to
notice, e) Clearly defined roles and
shopping increasingly popular,
2-3 years) there will be a sustained
responsibilities to ensure that all lines
particularly in food sector).
demand in quality logistics space. If
of communication are effective and
the land prices are formulated into
efficient from the beginning.
Mechanisms for establishing
multi-storey (2 or 3 story) logistics
reasonable minimum rent percentage
buildings in order to balance land
Active buyers in the Turkish real
from revenues to the owner and
price to rents will be much better
estate sector are European pension
segmentation of shopping centres are
solution
funds, Middle Eastern investors, and
needed for growth in the market.
some Turkish investors. Fınancıng
Logıstıcs Investments and
Acquisitions done in Turkey are all
Liquidity is a major consideration,
Developments
done on non-recourse basis. Turkish
because investors will never invest
Market conditions: Istanbul-Kocaeli
banks take the market risk, they only
if they do not foresee an exit
metropolitan region has 4.8 million
rely on the market, therefore the risk
scenario. Foreign investors also want
sqm of logistics facilities, the largest
is not shared (international banks
reliable statistics, but these do not
among other real estate developments
would not do that). Bank should
exist. This is a significant barrier to
around Istanbul. 1.4 million sqm of
get complete hold of the project,
understanding the market. There is a
new projects on the pipeline and near
otherwise everybody, including
problem with copycat projects that
future the supply of 6 million square
investor, is losing. There are difficult
lose value after completion because
meters of logistics area. The land
projects, but the banks do not throw
there is not demand for identical
prices are the biggest problem for
them away, they continue living
projects in the same area. Locals
logistics development around Istanbul
with them (distressed assets). When
do not consider internal equity and
metropolitan area. As the city expands
financing a project in a small city,
do not face any of the tax concerns
on the east-west axis, it is almost 200
zoning becomes important. For
that foreign investors must take into
km to travel to find land prices for USD
instance, in Manisa they are rezoning
consideration.
projects >>>
40 PROJECTS
Investor’s Guıde 2012
İstanbul Lounge Halkalı, İstanbul Type
İstanbul Lounge, brand of Eroğlu
The project built on 68.300 sqm project
Residential
Property, has its own special
field has 91.200 sqm residential
LAND USE
architecture, large green areas, and
areas and the 50.000 sqm around
Residences
social opportunities. Along with these,
the construction site is planned to be
LAND SIZE
it has a privileged location near the
recreational and social activities space.
68.300 sqm
Küçükçekmece Lake, on the European
İstanbul Lounge has 792 independent
DATE STARTED
side of İstanbul. Project is inspired by
residences in 19 blocks. There are
September 2010
the nature and embraces the horizontal
multiple flat types for all kinds of needs
DATE of COMPLETION
continuity concept. Opposition to the
and desires in the project. (1+1, 2+1,
October 2012
high blocks in the neighborhood, this
3+1, 4+1, 4+1 Duplex) The flat areas vary
Project Web Site
project provides the residents to see the
from 56 to 227 sqm. The delivery date
www.eroglu.com
blue of the sky.
of the project is October 2012.
DEVELOPMENT TEAM Owner: Eroğlu Property Developer: Eroğlu Property Architect(s): DB Architecture – Bünyamin Derman STATISTICS Residential Units: 91, 200 sqm Parking Spaces: 34,947 sqm Max Floors: 56-227 sqm
Contact Info Address: Zafer Mahallesi, Çınar Sokak No: 2 Kat: 5 Yenibosna 34194 İstanbul, Turkey Web Site: www.eroglu.com Telephone: +90 212 652 32 32 Contact Person: Aybars Kızılsencer, Sales and Marketing Director Mail Address: info@eroglu.com
Investor’s Guıde 2012
PROJECTS 41
Platform Merter Merter, İstanbul Type
A new mixed-use project Platform
Platform Merter, realized with an
Mixed-use
Merter is rising on İstanbul’s most
investment of 165 million dolar, is
LAND USE
valuable land to carry on trade and
located on İstanbul’s most important
Residences, Suites, Offices, Sports &
modern life to the future and to
arterial road, very close to the Atatürk
Wellness Centre and Fashion Park
become the symbol of İstanbul.
Airport and public transportation.
LAND SIZE
The project’s delivery date for the
142.300 sqm
The project will consist of 16-storey
residences is May 2013. Platform
Date Started
block of Platform Merter Residences,
Fashion Park will start to welcome its
July 2011
17-storey block of Platform Merter
guests in September 2012.
DATE of COMPLETION
Suites, Platform Merter Fashion Park
Residences May 2013
with a rentable area of 23 thousand
Platform Fashion Park September 2012
sqm.
Project Web Site www. platform-merter.com
DEVELOPMENT TEAM Owner: Eroğlu Property – Doğa Şehircilik Developer: Eroğlu Property – Doğa Şehircilik Architect(s): DB Architecture – Bünyamin Derman STATISTICS Office Space: 2,160 sqm Retail Space: 25,700 sqm Residential Units: 34,350 sqm Parking Spaces: 44,500 sqm
Contact Info Address: Zafer Mahallesi, Çınar Sokak No: 2 Kat: 5 Yenibosna 34194 İstanbul, Turkey Web Site: www.eroglu.com Telephone: +90 212 652 32 32 Contact Person: Aybars Kızılsencer, Sales and Marketing Director Mail Address: info@eroglu.com.tr
42 PROJECTS
Investor’s Guıde 2012
Soyak Park Aparts Halkalı, İstanbul Type
Soyak Park Aparts in Halkalı, Istanbul, is
garden and Roof Terrace Duplexes.
Residential Real Estate
on sale. In Soyak Park Aparts consisting
There ara also swimming pools, artificial
LAND USE
of 1,121 housing units in total, there
lake, social facilities, tennis and
1. Stages of Project: 7,985.23 sqm
are apartment options of studios to 3
basketball fields and rich landscape in
2.Stages of Project: 14 ,978.37 sqm
bedroom apartments, dublexes with
the project.
LAND SIZE 1.Stages of Project: 52,164 sqm 2.Stages of Project: 39,530 sqm
DEVELOPMENT TEAM
DATE STARTED
Owner: Emlak Konut GYO
October 2011
Developer: Soyak
DATE of COMPLETION
Architect(s): TAGO Mimarlık
April 2013 Project Web Site
STATISTICS
www.soyak.com.tr
Residential Units: 1,121 housing units, Apartment options of studios to 3 bedroom apartments, dublexes with garden and Roof Terrace Duplexes.
PROJECT DEVELOPER
SOYAK Established in 1961 to develop high-
Delivering the high-quality products
quality real estate projects, Soyak has
together with convenient payment
been operating for 50 years with the
terms are also among Soyak’s top
goal of contributing to the future of
priorities. With the launch of home
Turkey. Soyak is providing modern
sales over the Internet in 2004, Soyak
living units to its customers with
broke new ground in the industry. In
various projects and maintains quality
2007, Soyak was deemed worthy of the
standards as a high priority in İstanbul
National Quality Achievement Award
and İzmir. When designing projects,
for the first and only time in the Turkish
Soyak aims to meet the diverse
real estate industry.
expectations of its customers while adding value to modern living spaces.
Address: Büyükdere Caddesi No:38,
Nearly 50.000 families to date have
Mecidiyeköy 34387 İstanbul
become homeowners with Soyak’s
Web Site: www.soyak.com.tr
vision and leadership.
Telephone: 444 0 795 (SYK)
Investor’s Guıde 2012
PROJECTS 43
44 PROJECTS
Investor’s Guıde 2012
DOGA QL DRAGOS Dragos, Istanbul Type
Doga QL Dragos is being developed
Designed with an unusual and dynamic
Residential
in Dragos, one of the most popular
approach by Erginoglu & Calislar, winner
LAND USE
districts in Asian side of Istanbul. 36-floor
of World Architecture Festival 2010,
House
residence tower that rises on a 6-storied
Doga QL Dragos reminds you about an
LAND SIZE
planar, enjoys the panoramic view of
iguana’s skin through its façade. The
9,300 sqm
Marmara Sea and Princes’ Islands. Valuing
residence building is composed of mostly
Project Value
the people and the environment, the
1+1 studio flats, equipped with advance
USD 65 mln
project comprises 7,000 sqm of green
technological specifications, and offers
DATE STARTED
areas and recreational opportunities.
premium concierge services.
November 2011 DATE of COMPLETION
DEVELOPMENT TEAM
November 2013
Owner: Doğa Gayrimenkul Developer: Doğa Gayrimenkul Architect(s): Erginoğlu & Çalışlar Architects Project Manager: Pınar Taşçıoğlu & Alfio Medina Consultant(s): Fire Safety: Yan-ma-dan, Wind Analysis: Anova Mühendislik Reinforced Concrete: Sigma Electric: Esan Machinal: GN Mühendislik Land Scape: DS Mimarlık STATISTICS Residential Units: 210 - Single Family Units: 126 - Multifamiliy Units: 84
PROJECT MARKETING CONSULTANT
Doğa Gayrİmenkul Doga Gayrimenkul is established in
approval in the real estate market.
2001 by a group of professionals led
The brand new Doga QL Dragos, Doga
by Ari Durek. Since then the company
Gayrimenkul’s first development in Asian
has developed Selenium Country, Doga
side of Istanbul.
Meşe Park, Doga Country, Doga Emirgan Evleri, Doga Hanımeli Evleri, Doga 77,
Address: Belediye Cad. İde İş Merkezi
Doga Feriloft, and Doga Teras respectively
No: 13/16 Göktürk,
in European side of Istanbul. With its
Kemerburgaz, İstanbul, Türkiye
innovative approach, Doga Gayrimenkul
Web Site: www.dogagm.com
has made a difference and won general
Telephone: +90 212 322 26 26
Investor’s Guıde 2012
PROJECTS 45
46 PROJECTS
Investor’s Guıde 2012
Buyaka Tepeustu-Umraniye Type
Urban mega structures have a
in the year 2012. The opening is
Mix Used Project, Office, Residence,
substantial influence on their
planned in March 2012. The project
Shopping Centre
surroundings, creating centres of
on a total area of 70,000 sqm will
LAND USE
attraction and leading to higher
certainly become a new “centre of
Mix Used Project
population. Buyaka is a mixed use
attraction” in Istanbul, with its A plus
LAND SIZE
project rising on youngest and
office spaces, finest restaurants, malls
42,708 sqm
biggest business district of Asian
and a huge sport complex. The project
TOTAL COST
Side of Istanbul, challenges to be the
consists of 4 office and residence
USD 450 mln
new meeting point of white collar
towers and a horizontally shaped mall
DATE STARTED
individuals. BUYAKA – is the largest
building having a total construction
2007
mixed use to be launched in Istanbul
area of 275,000 sqm.
DATE of COMPLETION 2012 Project Web Site www.buyaka.com.tr
DEVELOPMENT TEAM Owner: Buyaka Real Estate Development Developer: Artell Koytur Instruction Architect(s): Uras + Direkci Architects STATISTICS Office Space: 69,022 Retail Space: 116,932 sqm Residential Units: 23,124 sqm, 121 units Parking Spaces: 2,500 cars Max Floors: 21
Contact Info Company: Tnl Real Estate Development Address: Buyaka, B Block, No: 10, Umraniye Web Site: www.tnl.com.tr Telephone: +90 216 3408010 Contact Person: Emre Yazıcı – Furkan Bayoglu Mail Address: info@tnl.com.tr
48 PROJECTS
Investor’s Guıde 2012
Varyap Meridian
Marmara Forum
Mixed-use, Istanbul
Mixed-use, Istanbul
Located in Istanbul’s proposed financial district, the Varyap
Located in the Bakırköy district, one of the most densely
Meridian by Varyap Real Estate presents a 374,000 sqm
populated and commercially dynamic districts in Istanbul, on
mixed-use development including five tower elements housing
106,000 sqm of space, Marmara Forum by Multi consists of a
residential units, hotel, offices and conference facilities with
shopping centre and garden office. Marmara Forum offers a
landscaped public areas and parking facilities while enjoying
total retail and extra leisure area of approx. 165,000 sqm also
panoramic views of the city.
with additional offices.
Zorlu Centre
Istanbloom
Mixed-use, Istanbul
Mixed-use, Istanbul
Zorlu Real Estate has invested USD 2.5 bn in a major real estate
Located in Zincirlikuyu district and bringing nature and
project in the heart of Istanbul, to be completed by 2012.
business life together through six court gardens, the
The “five-in-one” Zorlu Centre project includes a residence, a
Istanbloom by Esin Yapı is consisting totally of 46 floors with
shopping centre, office buildings, a fivestarhotel and a culture
36 floors reserved for housing units, 4 for penthouses and 4 for
& arts centre with a theatre in the Zincirlikuyu district of
office floors. With office areas of around 9,700 sqm, the project
Istanbul.
has the possibility of constructing modular office areas.
Investor’s Guıde 2012
PROJECTS 49
Mall of Istanbul
Macka Residences
Mixed-use, Istanbul
Residence, Istanbul
Located in Başakşehir district of Istanbul, Mall of Istanbul by
Located in the very heart of Istanbul, Maçka Residences by Astaş
Torunlar REIT is an ambitious mixed-use project featuring
Real Estate features panoramic views from the Bosphorus Bridge to
1,114 residence units, a shopping centre with a GLA of 148,000
the Princess’ Islands and the old city. 10 different unit floor plans
sqm, a 32,ooo sqm office building, a 15,000 sqm theme park,
and 170 total units, ranging from studio apartments to penthouse
and a 5-star hotel. With USD 323 mln investment, the project
duplexes, all featuring walk-out balconies or terraces. Over 50% of
will be completed in 2013.
the project is devoted to green space, pools, and recreation areas.
Kağıthane Ofis Park
Nidakule Göztepe
Office, Istanbul
Office, Istanbul
A Class-A project developed by Tekfen-OZ Real Estate,
Nidakule Göztepe by Tahincioğlu Real Estate is rising on a land
Kağıthane Office Park is located in Kağıthane, one of
of 10,813 sqm in Göztepe, one of the major centres on the Asian
Istanbul’s important urban regeneration areas. Featuring a
side of Istanbul. The total construction area of 47,125 sqm on
GLA of 32,250 sqm, the LEED certified project includes eight-
35 floors is built according to Class-A (LEED Gold) office criteria.
storey nine office buildings, connected by bridges to enable
Designed in consideration of not only needs of today, but those
tenants to increase their contiguous office space as their
of tomorrow as well, Nidakule aims to bring a new energy to the
businesses grow.
business world of Istanbul.
50 PROJECTS
Investor’s Guıde 2012
Autopia
My World Europe
Auto-mall, Istanbul
Residence, Istanbul
Located in one of the fastest growing districts in Istanbul,
My World Europe by Ağaoğlu Construction is being constructed on
Esenyurt, Autopia by Gül & Keleşoğlu Construction is Europe’s
an approx. 200 acres of land in Başakşehir-Ayazma neighbouring
largest auto-mall. The 5-storey complex comprises 30,000
Atatürk Olympiad Stadium. The project faces TEM highway and
sqm on each level. In the 200 auto-galleries, 443 brands and
makes it easyto commute to all business, industrial and residential
2,526 different types of cars are waiting for customers, while
centres with the underground connection. There are 17 blocks with
245 auctions are conducted on a daily basis.
3,080 residences and 20 twin villas in the three main sections.
West Blocks
yooistanbul
Residence, Istanbul
Residence, Istanbul
Located in Büyükçekmece, West Blocks by Bilgili Holding offers
Developed by Say Yapı, with interiors by “yoo inspired by Starck”,
a concept that blends the dynamism of the city and the energy
yooistanbul is set to redefine boutique city living in Istanbul. It
of nature at one of the fastest growing districts in Istanbul.
is announced that approx. EUR 180 mln invested in the project,
Situated on 22,551 sqm of land, West Blocks consists of 3
which offers 11 elegant buildings and 100 boutique apartments
blocks with 192 residences and 96 apart units. The plan also
in the prime location of Ulus. yooistanbul combines the sanctuary
contains a 1,982 sqm of commercial centre, and two 397 sqm
and space of a rural retreat with the luxurious amenities of a
duplex office areas.
vibrant city location.
Investor’s Guıde 2012
PROJECTS 51
Ormanada
Taurus Shopping Centre
Residence, Istanbul
Shopping Centre, Ankara
Ormanada by Eczacıbaşı Property, located in a wooded
Taurus Investment Holding and Turkey’s Ensari family have
suburb to the north of Istanbul, Zekeriyakoy, aims to create
agreed to invest EUR 200 mln in a new shopping centre
a low rise, moderate density gated community that is highly
project in the capital city of Ankara. The Taurus shopping
sensitive to the surrounding environment and wildlife. The
centre, which is scheduled to open in the first quarter of
project will comprise a mix of about 260 residential units
2013, will be the first of its kind on the Balgat-Konya road.
ranging from town houses to detached and semi-detached
It is expected to provide jobs for 1,500 people, while the
villas and flats, as well as a sports club and a select mix of
complex will house 130 stores, a movie complex and a food
small retailers.
court.
Mandarin Oriental, Bodrum
Bursa Modern
Hotel & Residence, Bodrum
Residence, Bursa
Located on a 600,000 sqm land in Bodrum, Mandarin
Bursa Modern by Sinpaş REIT features residences with fantastic
Oriental, Bodrum by Astaş Real Estate Investment will
lake views, in addition to exclusive lakeside houses, manors and
feature 98 villas and 116 residences with breathtaking
mansions with a total of 2,472 units. Blending Bursa’s traditional
views over the Aegean Sea, designed with sophisticated and
architecture with contemporary features, Bursa Modern offers
natural materials. The operation of the residences and the
7 different living spaces including Waterside Manors, Asmali
hotel will be run by the Mandarin Oriental Hotel Group and
Mansions, Kemer Residences, ParkMansions, Sky Towers,
the project is scheduled to open in 2013.
Saraybahce Mansions and Crystal Towers.
52 PROJECTS
Investor’s Guıde 2012
Soyak Siesta
TerraCity
Residence, Izmir
Shopping Centre, Antalya
Comprised of 2,200 housing units with “less storied
Offering 48,000 sqm of GLA with 120 stores, TerraCity by
horizontal building”, Soyak Siesta by Soyak Real Estate is
EriaPartners and Pramerica is Antalya’s biggest shopping
located in Karşıyaka region in Izmir. The project features
centre. The total investment cost of the project is around
ergonomically designed apartments in various dimensions
EUR 150 mln. The project is enriched with an enjoyable food
appealing to every demand. 1, 2 and 3 bedroom apartments
court and children’s play areas which as well as a shop-mix
will provide a basis for a family living and are representative
of national and international brands, supermarket, electronic
of Soyak’s “Sustainable Living” concept.
market and biggest movie complex of Antalya.
Folkart Towers
Tarsu Shopping Centre
Mixed-use, Izmir
Shopping Centre, Mersin
Folkart’s new project, Folkart Towers, is located in Bayraklı
Tarsu Shopping Centre is being developed by Corio in
district of Izmir, which has recently been introduced as new
southern Anatolian city of Tarsus. Tarsu will feature 27,700
business centre of Izmir. The USD 150 mln project consists of
sqm of GLA with 100 stores, a six-screen cinema and parking
two towers, approx. 200 meters high with 40-floors featuring
space for 1,000 cars. Corio expects the centre to have
sport complex, shopping centre, office and residence floors.
approx. 100 shops, with both Turkish and international
Office spaces will be located in the upper floors, while
brands represented. The shopping is scheduled to be
shopping areas are planned to be in the ground floors.
completed towards the end of 2012.
WHO’S WHO >>>
56 WHO’S WHO
Investor’s Guıde 2012
AKİŞ GAYRİMENKUL YATIRIMI A.Ş. Akkök Group of Companies has started up Akiş Gayrimenkul Yatırımı A.Ş. in 2006 for real estate sector which it identified as one of its primary fields of business within the framework of restructuring strategies. Creating the first shopping mall concept of Turkey with Akmerkez in 1993, Akkök Group of Companies keeps up its investments through Akiş, an enterprise with expertise on shopping mall investment Gökşin
Alize Dinçkök
Erkan Altay
and management and life centre development, bringing its know-how
Durusoy
Eyüboğlu
Deputy
and experiences into new projects.
Board Member
Board Member
General
and General
and Deputy
Manager
Manager
General
Investment
Manager Sales
Planning
Akbatı Residences & Akbatı Shopping Mall Project: Akbatı is located
and Marketing
and Project
on a land of 50,838 sqm in Esenyurt,İstanbul. In Akbatı Shopping
Management
Mall, there are nearly 200 stores, 9 theatres, restaurants, children’s
There are four current projects within Akiş Gayrimenkul Yatırımı A.Ş.
playgrounds and training areas within a leasable area of net 65,400 sqm and a Festival Park with seating for 5,000. Also above the shopping Hakan Biçen
mall, there are 348 deluxe residences taking place in Blue and Green
Deputy General Manager Leasing
Towers of Akbatı Residences.
Murat Kayman
Akbatı White Tower Project: Akbatı White Tower will be located on the
Akbatı Shopping Mall Manager
opposite side of Akbatı Shopping Mall in Esenyurt,İstanbul. There will be 120 residential units in Akbatı White Tower which will be built on
Didem Hiçyorulmazlar
a land of almost 3,000 sqm. A boutique restaurant, commercial areas,
Sales and Marketing Manager
open and closed social facilities and a Sky Lobby on the 15th floor will also take place in Akbatı White Tower.
Miralay Şefik Bey Sokak No:11 K:4-5-6
Akasya Project: Akasya, which consists of Koru, Göl, and Kent
Gümüşsuyu 34437 İstanbul, Turkey
components on a land of 182,000 sqm in Acıbadem, İstanbul has a total construction area of 650,000 sqm composed of a shopping mall with
T + 90 212 393 01 00
85,000 sqm leasable area and 1.344 deluxe residences in addition
F +90 212 393 01 02
to sports, recreational, and social facilities. Akiş holds 7% and Akkök
www. akisgmy.com
Group holds 28 % of the total shares of Akasya.
info@akisgmy.com
Akkoza Project: Akkoza is composed of various phases on a land of 415,000 sqm. in Esenyurt, İstanbul. The first and second phases with a construction area of 335,000 sqm go on with 75% Garanti Koza and 25% Akiş partnership. TED College is going to be located on a land of over 14,000 sqm and a sports club is going to be located on a land of over 21,000 sqm within Akkoza Project.
Investor’s Guıde 2012
WHO’S WHO 57
AKŞAN YAPI Akşan Yapı, which introduced Turkey steel construction systems, provides a new construction alternative within earthquake and urban conversion with steel construction by carrying its assertion on constructing the steel buildings of the future to the construction sector. And with Akkon, its Steel Construction Systems Manufacture Plant, established in 2001 in Çerkezköy, Akşan Yapı is the largest Melih Şimşek
Mert Şimşek
Müge Şimşek
manufacturer of Turkey and the third largest manufacturer in Europe
Chairman
Vice-Chairman
Member
with its annual production capacity of 35,000 tons. Akşan Yapı, which accumulated an experience of 2 million square meters during the last 10 years with the buildings it constructed by using steel alone
Ahi Evren Cad. Nazmi Akbacı Ticaret Merkezi D Blok No:
and which has put its signature under impressive worldwide projects,
233 Maslak 34398 İstanbul Turkey
offers as an assertive solution for the earthquake belt and urban conversion, being primary issues for Turkey, the “steel construction”
T +90 444 25 76
system. The Akşan Group employs within the group a total of 1,370
F +90 444 25 76
persons, of which 210 are white-collar and blue-collar, and 1,160 at
www.aksanyapi.com
the construction sites. Until today, Akşan Yapı has built both inland and abroad many building types with the steel system along with houses with its deep rooted past of 40 years in the construction sector. The company, believing in the necessity of private life, has built the most private steel houses in Turkey. For that, it builds all of it projects in the A and A+ segment by adopting the low-rise house concept. Contrary to vertical housing, it claims that the private house notion is providing the feeling of being in contact with the earth, one of the basic needs of humans. Among the investment projects in 2011, there are “İzmir – 35th Sokak” project with 555 houses and “Ankara – Ankanatura”, consisting of 208 houses. The largest steel residential project of Turkey, 35th Sokak, and the first multi-storey steel construction residential project, Ankanatura, hosts many “firsts” for Turkey. The 35th Sokak project is the first and only holder of the “BREEAM Design Certificate” (BRE Env. Ass. Method) as a residential in Turkey, reducing the environmental impacts of buildings and raising the living area standards to top levels. Akşan Yapı has introduced many firsts since the day of its foundation.As from 2001, it was Akşan Yapı, which introduced the steel construction system to neighboring countries of Turkey. Many buildings of different types were built for the first time in Turkey with the steel construction system, as schools, fire brigades, health facilities were also realized by the company. On of the largest steel complex of the Middle-East and Europe is again constructed by Akşan Yapı in Abu-Dhabi in the UAE.
58 WHO’S WHO
Investor’s Guıde 2012
Council of Shopping Centres - TURKEY Although a relatively short period of time has elapsed since its establishment in February 2009, AYD represents more than sixty percent (60%) of the sector. AYD has blazed many trails at the sector as a result of its activities that were initiated for the purpose of leading the shopping centres sector in Hakan Kodal
Hulusi Belgü
Nuri Şapkacı
a responsible manner, and making contributions to the development of
Chairman
Vice Chairman
Vice Chairman
the retail sector. Vision: to ensure that shopping centres become first-class venues which allow consumers to enjoy their shopping experiences; create added values for the retail sector; and are integrated with the cities in which they are located. Mission: to make contributions to the development of the shopping
Coşkun
Nihat
centres sector in a sound manner together with retailers, sectoral
Bayraktar
Sandıkcıoğlu
solution partners, and consumers pursuant to the said vision.
Vice Chairman
Secretary General
AYD office focuses on: • SC’s Databank • SC’s Index
Büyükdere Cad. No:185, Kanyon Ofis Blok, Kat:3, 34394,
• SC’s Investment Conference IV. (01.03.2012)
1.Levent, İstanbul, Turkey
• SC’s Customer Perception Survey • Most Admired and Preferred Brands Survey
T + 90 212 353 54 73-74
• Discussion Meetings
F +90 212 353 54 75
• SC’s Study Tours (Dubai, China, Poland, UK...)
www. ayd.org.tr
• Shopping Centres Turkey (PC / iPad / iPhone) app.
ayd@ayd.org.tr
Investor’s Guıde 2012
WHO’S WHO 59
BUREAU VERITAS Rıza Başkan
Bureau Veritas Construction and Technical Control (ctc) Department,
Bureau Veritas Turkey General Manager (CEO)
provides a wide variety of services in construction division for different projects, using professional technical experts and extensive
Özgür Mutlu Sinman
know-how from its worldwide network. Our approach is to create a
CTC/ASM Construction Department Manager
value for clients, demanding high quality standards while keeping strict budget and time constraints, as well as being a reliable partner throughout the project life cycle. We provide fully independent
İstanbul Ofis
technical control services with our worldwide technical expertise to
Aydınevler Sanayi Caddesi Centrum Is Merkezi
comply with the expectations of the clients. Within the scope of our
No:3 Kat:1 34854
services in construction division, Bureau Veritas can provide a wide
Küçükyalı ISTANBUL
variety of services through local offices in its international network.
T +90 216 518 40 50
Pre-Construction Phase
F +90 216 518 39 00
• Technical Due Diligence
bv.turkey@tr.bureauveritas.com
• Technical Support
www.bureauveritas.com.tr
• Design Review • Design Management
Bureau Veritas Azeri L.L.C.
• Tender Management
“World Business Centre” , 10th floor, at the crossroads of
• Procurement Management
S. Vurghun and S. Rahimov streets (near H. Aliyev Palace);
• Green Building and Energy Efficiency Studies
AZ 1054
Construction Phase T 994 12 497 35 26
• Construction Site Supervision
F 994 12 510 61 15
• Construction Site Safety, Health and Environment • Construction Technical Control • QA/QC Management and Audit • Testing and Commissioning • Inherent Defects Insurance and Related Technical Control Services Post-Construction Phase • Testing, Adjusting and Balancing Services • Preliminary and Final Acceptance Technical Inspection Services • Systems Testing and Verification Studies In-Service Verification Services • Periodic Inspection Services • Energy Audit Services • Property Condition Assessment • Technical Training For detailed information about our services and to find out more about our added value to clients, please contact our offices.
60 WHO’S WHO
Investor’s Guıde 2012
CEFIC Over 18 years of experıence and success ın Turkey Operating in Europe since 1986 and in Turkey since 1994, Cefic provides property consultancy services including investment, development, leasing consultancy as well as facility management and marketing services for shopping centres and commercial Anthony Khoi
Nihat Evcimen
CEO
Finance & Admninistration
properties. Cefic employs an international know-how and tailored solutions for investors, developers and tenants to reach the most efficient results in growth.
Ihlamur Yıldız Cad. No:10 Toprak Centre A Blok 4.Kat Beşiktaş / İstanbul / Turkey
With its 85-people team of professionals, Cefic manages a large number of shopping centres in Turkey, with a GLA of more than
T: +90 212 327 11 40
700,000 sqm attracting over 85 million visitors per year.
F: +90 212 258 03 37 www.ceficturkey.com
Its deep market knowledge and experience have already made Cefic the leading expert in its field in Turkey. Highly recognized by the industry with one of the best track records for the past 18 years in the market, Cefic continues to strive for excellence. In the next five years, Cefic’s portfolio will increase to more than 1 million sqm covering more than 30 shopping centres and commercial properties in Turkey.
Investor’s Guıde 2012
WHO’S WHO 61
cukurova REAL ESTATE CONSTRUCTION Our company with its 19 years history in real estate and construction was established as a family business in 1993. During this period, our company has completed 21 first quality projects; take into consideration the innovations, environment protection and customers wishes. Took part in projects as co-producer which has been held in Mersin in construction of 500 apartments mostly for European Cihangir Son
Cafer Kara
Tamer Son
customers, our company handled the construction of projects with the
Chairman of
Member of the
Member of the
name of “Çukurova” and lately embodied first class projects as Platin
the Board
Board
Board
LTD (Yüzevler Platin Facilities, Toros Platinkent ), TMT Group (Gölvadi Apartments), Kent Construction (Eserkent). In Istanbul, it delivered the luxurious “Çukurova Adanuspark Residences” which were constructed
Yalnız Selvi Cd. Bektaş Sk. No:5, Orta Mh.
on the area bought from Enka. Began to handle the project named
Soğanlık 34880 Kartal / İstanbul
“Çukurova Tower” in Istanbul, our company continues to work on its larger scale projects. Çukurova Real Estate and Construction is a “Son
T + 90 216 671 14 14
Group” association and it continues to take an active part in real estate,
F +90 216 377 33 44
construction and commitment sector and to look for foreign partners
info@cg.com.tr
for projects abroad. All these companies were merged under the name
www.cg.com.tr
of “Son Group”. Quality Policy Our quality policy based on providing our customers with quality service and producing our products with the world standards; without waiving the quality on construction and service sector, without breaking the work safety and ethics to understand and meet the customers’ expectations with our innovative staff. We are eager to provide the ‘quality’ in a very short period of time. Our Vision To embody the living places for a delightful life in which our customers will live in safety and, according to urban planning understanding, to be the leading company in the construction of aesthetic and environmentally acceptable spaces. Our Mission In accordance with our customers’ need, our mission is to create suitable solutions on time, without breaking the rules; and to become a leading company in construction and real estate market by introducing different solutions for production which therefore features the safety and brand recognition of our company.
62 WHO’S WHO
Investor’s Guıde 2012
Ege Yapı Group Ege Yapı Group is established thanks to the gathering of personal and institutional experiences of 35 years under the same roof. Ege Yapı Group Companies are; İz Yapı, Aydoğanlar İnşaat, EID Construction and MGY Saudia. EGEYAPI GROUP has a reputation for making difference in İnanç
A. Rezak
Sarper Ünlü
construction market with its strong engineering background
Kabadayı
Aydoğan
Coordinator
and dynamic, high-tech oriented management in commercial
Chairman
Vice Chairman
and corporate areas in project development, contracting, project management and consultancy area. In the long road of success EGEYAPI GROUP has become a preferred company especially in private sector both in Turkey and abroad. EGEYAPI GROUP defined its targets beyond traditional standards for 21th century and today EGEYAPI GROUP is on its way to becoming a leader contracting company in its region.
Murat Aksoy Assistant
Along with its commercial activities, Ege Yapı Group is playing an
General
active role in non-governmental organizations which are aimed
Manager
at building and energy sector. Some of them are ENVER ( Energy Productivity Association), INDER ( Istanbul Builders Association), ISGID ( Istanbul Young Entrepreneurs Association) and Atılım
Head Office: Sahrayıcedit İnönü Cad. Aydoğanlar
Businessmen Association.
İş Merkezi No:12 Kat:1/1 Kadıköy İstanbul / Turkey
EGEYAPI GROUP submits a professional service in every field from T+90 216 478 48 18
private residence and corporate construction to industrial, social,
F +90 216 467 64 55
educational and health fields.
www.egeyapigroup.com info@egeyapigroup.com
Full service approach of EGEYAPI GROUP: • Real Estate Development • Superstructure Construction Services • Infrastructure Construction Services • Enterprise Investment • Restoration and Renovation • Technical Engineering, Planning and Design
Investor’s Guıde 2012
WHO’S WHO 63
Epos Property Consulting EPOS Property Consulting and Valuation PLC is a company, which offers valuation and consulting services across Turkey and worldwide for 15 years. EPOS is accepted to be listed in the “Committee List” according to Capital Markets Board of Turkey (CMB) regulation. EPOS, has also been authorized by the Banking Regulation and Supervision Agency (BRSC) to give valuation services to banks . Neşecan Çekici
EPOS comprised of experienced principals is able to combine the
Chairman of
physical planning, market research and economic aspects into a unified
the Board,
analysis process. Our goal is to provide our clients with the comfort
Responsible
of knowing that we have the knowledge of both physical as well as
Appraiser
economic aspects and can provide an independent product that can be used in the client’s decision making process. As EPOS we have
Hamdi Arıkan
established Quality Management System to ensure the permanence of
Manager , Real Estate Valuation Dept, Responsible
our service quality. As a result of audits performed by German NISZERT
Appraiser
company, it has been affirmed that ISO 9001:2008 quality system standarts has been implemented in EPOS.
Dilek Yılmaz Aydın Manager, Real Estate Development Dept, Licenced
The EPOS Team consists of staffs that hold degrees in property
Appraiser
development, urban planning, business management, marketing communication, engineering, architecture and economics.
Özlem Dever Manager, Finance Dept.
VALUATION SERVICES Residences- Villas- Mansions, Land, Business Centres- Plazas -Offices,
Nahit Öztürkcan
Hotels -Holiday Resorts -Tourism Facilities, Shopping Centres, Cinemas
Licenced Appraiser
and Leisure Centres, Factories and Production Plants, Warehouses and Logistics Sites, Petrol - Gas Stations - Refineries, Marinas and Ports,
Taner Düner
Time Share Units, Health Facilities, Training Facilities, Congress and
Licenced Appraiser
Exhibition Centres, Machinery and Other Capital Assets, Power plants (HES-RES), Mines-Springs, Rights and Benefits related to a Property, Real Estate Projects
Öğretmen Haşim Çeken Cd. Ceceli İş Merkezi No:15/2 Fulya-Şişli -İSTANBUL/TURKEY
PROPERTY DEVELOPMENT CONSULTANCY Feasibility Studies, Highest and Best Use Analysis, Market Research,
T+90 212 216 52 74
Regional and Sector Analysis Reports, Supply Level and Price
F+90 212 216 18 73
Researches, Pricing and Goodwill Studies
www.epos.com.tr info@epos.com.tr
64 WHO’S WHO
Investor’s Guıde 2012
EROĞLU PROPERTY Know-how, Experience, Courage and Prescience We meet all requirements to change the sector’s clichés… Founded on the know-how and experience based, nearly 30-years trade history of Eroğlu Group, Eroğlu Property carries out activity in the fields of residence, shopping centre and commercial real estate. Nurettin
Aybars
Ruşen Görgülü
Eroğlu
Kızılsencer
Taşpınar
Eroğlu Property has developed projects in Sarıyer, Beylikdüzü,
Chairman of
Sales and
Technical
Ümraniye, Merter, Kağıthane, Florya, Büyükçekmece, Seyrantepe,
the Board
Marketing
and Design
Tekirdağ, Antalya and Bursa up to now and total volume of the said
Director
Director
projects carried out and aimed to be completed within next 2 years has reached to 2 million square meters. Eroğlu Property is aiming to sustain its “brand creating” business model adopted in textile sector with important success of Colin’s and Loft brands in global arena. Within its experience over 12 years and its professional personnel which built a brand in the sector, Eroğlu Property has started its enterprises which will start a new era by
Ercan Güneş
changing the clichés of the sector. Eroğlu Property developed and
Construction
constructed Tekira Mall acquired by Dutch investor Corio in 2008,
Director
realized Ümraniye Akkom Office Park in 2009, delivered Oksizen Residences and signed İstanbul Lounge project in 2010. In 2011, Eroğlu Property launched important projects in various segments.
Zafer Mah. Çınar Sokak No:2 Kat:5 34520
Besides the residential projects İstanbul Lounge-2, Yenimoda, Florya
Yenibosna - İstanbul, Turkey
Ekşinar Konakları; the mixed-use projects Platform Merter and Bursa Harmony Towers; office project in Kağıthane Ofishane and Antalya
T +90 212 652 32 32
Retail project were also launched in 2011.
F +90 212 451 06 66 info@eroglu.com
Eroğlu Property is planning to increase its 2.5 billion TRY worth
www.eroglu.com
investments realized in 2011 to 3.2 billion TRY in 2012 by developing 5 new projects.
Investor’s Guıde 2012
WHO’S WHO 65
EVA REAL ESTATE APPRAISAL CONSULTANCY EVA Real Estate Appraisal & Consultancy Company was founded in Istanbul in 2008. The foundation of our company is based on the years of experience from founders, employees, real estate valuation, machinery and equipment appraisal. The employees of our organization represent Cansel Turgut
knowledge and expertise in the real estate and construction industry.
Yazıcı
Our employee`s educational backgrounds vary vastly, from architecture
Managing
to engineering, creating a highly professional and experienced team.
Partner EVA is Licensed by Capital Markets Board of Turkey (CMB) in 2009 and is entitled for carrying out appraisals for banks by Banking Regulation and Supervision Agency of Turkey in accordance with the article 11 of the “Regulations for the Authorization of the Institutions that Will Provide Appraisal Services for Banks”. EVA, is the first Turkish Appraisal Company who is regulated by RICS (Royal Institute of Chartered Surveyors) in Turkey. Ozdil Sahin
Ozhan
Zuhal Balsarı
Director
Yurtseven
Director
Director
EVA Real Estate Appraisal was recognized as Turkey’s Best Real Estate Advisory Firm in Valuation and was awarded by Euromoney Magazine in 2011.
Tavukcuoglu Is Merk. Sebnem Sk.
EVA is the first Turkish appraisal sector to have ISO 14001 Environment
Bostanci E5 Kavsagi, Kadikoy, Istanbul, Turkey
Management Certifications. Company also have ISO 9001 Quality Certification.
T +90 216 361 57 57 F +90 216 361 57 65
EVA’s Services
mail@evagyd.com
Appraisal Services for all kind of real estates, Highest & Best Uses
www.evagyd.com
Studies, Investment Analysis & Progress Reports, Appraisal Services For Mortgages, Market Researches and Machinery Expertise. EVA team can guide you with their reliable experience in your real estate investments in Turkey. Market Awareness Projects EVA’s real estate market research reports are available to understand and follow current market conditions. Our publications, showing our beliefs and capabilities, can be found on the Internet, periodicals or on certain real estate supplements of newspapers. EVA’s managing team is also giving real estate lessons in the universities and several sector platforms. EVA’s Managing Partner has a book about real estate market which has been published two times.
66 WHO’S WHO
Investor’s Guıde 2012
GYODER GYODER, The Association of Real Estate Investment Companies, was established in 1999 by the existing 12 REICs to promote the real estate industry in Turkey. The Association acts as a platform in introducing and maintaining standards and quality, providing training, networking, and acting as spokesman in relations with media and public authorities. Işık Gökkaya
The conferences, meetings, seminars, symposiums, panels and
Chairman
education programs GYODER has organized are seen as major meeting platforms for the players in the sector. GYODER is also representing the Turkish Real Estate Sector in foreign associations, institutions,
Cumhuriyet Caddesi Pegasus Evi No:48
exhibitions, fairs and conferences with globally known EPRA, NAREIT,
Zemin Kat C Elmadağ/ Taksim – İstanbul
MIPIM, Real Vienna, ULI, Barcelona Meeting Point and Expo Italy.
T +90 212 282 53 65
The first one organized by GYODER in 2000, the series of Turkish Real
F +90 212 282 53 93
Estate Summit have become sector’s traditional meeting and idea
www.gyoder.org.tr
sharing events with their international participants of developers, investors, financial institutions, planners, architects and academics. It has been GYODER’s vision since the establishment of the Association to integrate these resounding and successful summits with a real estate exhibition. In 2009 GYODER has organized Turkey’s primary regional real estate and investment fair. As a first with this concept, the Turkish Real Estate Summit is being held together with Real Estate and Investment Fair since 2009. GYODER also organizes “Developing Cities Summit” in order to present investment opportunities in developing cities to sector representatives and to help cities to reach out to national and international real estate investors. The first of the Developing Cities Summit was organized in January 2010 in Bursa in cooperation with Bursa Metropolitan Municipality. The following Developing Cities Summit was organized in November 2010 in Konya in the cooperation with Konya Metropolitan Municipality and the last one in Gaziantep between November 24 and 25, 2011 under the auspices of the Ministry of Environment and Urbanism and in cooperation with Gaziantep Metropolitan Municipality.
Investor’s Guıde 2012
WHO’S WHO 67
IMS PROJECT MANAGEMENT IMS is the leading project management consultancy company in Turkey. Having been active in the market for 23 years, IMS has provided services to more than 200 commercial real estate projects. As the pioneer in the sector, IMS played a significant role in developing the project management market in Turkey. The company started to provide services to international markets after 1995 and its success brought Serdar Güçar
Niyazi Vural
Mert Kurt
opportunities for cross-border expansion. Today, IMS operates in Central
President,
Member of
Deputy
Asia, Eastern Europe, North Africa, and Middle East from its offices in 7
Executive
the Executive
General
countries, namely Turkey, Kazakhstan, Russia, Romania, Macedonia, UAE,
Board
Board
Manager,
and Tajikistan. IMS offers a wide range of high-quality services. Experts,
Business
throughout the company and its subsidiaries, collaborate with each
Development
other to ensure project success regardless of location. In this way, clients benefit from the collective experience of the entire group -stemming from having completed more than 45 million square foot of commercial real estate construction-, and the company ensures its future viability through the effective, seamless integration of its services, which is named “Project Management Professional Solutions”. IMS helps clients make the most from their investments by providing structured services based on the sector know-how and professional skills. Services provided
Volkan
Murat
in all stages of the projects ensure that clients reach their goals in
Kocabalkan
Kocakulak
terms of cost, time, and quality. This constitutes the basis for its long-
Deputy
Coordinator,
lasting relationships with clients, which include renowned international
General
Professional
developers, institutional investors, and major retailers.
Manager,
Corporate
Operations
Services
Service lines include • Development Management Consultancy • Project Management
Büyükdere Cad. Ali Kaya Sok.
• Design Management
Polat Plaza B Blok Kat:5
• Construction Management
Levent 34394 İstanbul / Türkiye
• Cost Management • Office Fit-out Management
T +90 212 270 96 50
• Technical Due Diligence
F +90 212 270 96 55
• Lenders Engineering
www.ims.com.tr
Reference projects include • Shopping Malls • Hotels • Residences • Offices • Mixed Use Projects • Hospitals • Master Plan Developments
68 WHO’S WHO
Investor’s Guıde 2012
Kınas Construction Kınas Construction is growing up quickly,made hundred of thusand areas residental and made thousands of family house owner since 1985. Kınas is specializing in the production of housing construction, company has gathered attention with the structure and quality of service .Company combined the past experience with the imagination Hamdi Kınaş
Mehmet Özkol
Muzaffer
of young and dynamic team; so that every new building is a wise add
Chairman of
General
Kahraman
new functionality to the living area.
the Executive
Coordinator
Sales and
Board
Marketing
Company carry out a rst in Kayseri in 2005 “smart home” project.
Coordinator
Technology and architecture and a perfect combination of quality craftsmanship, the Kınas Residence, “smart home” as a standard oering all aspects of the concept was also a rst in Turkey.
Gevher Nesibe Neighborhood Tekin Street. Miraboglu Is Mrk. No:24 / 7 Kocasinan / KAYSERI
In various elds of construction sector, strong capital base, experience, sta and stakeholders with the support of the brand domestically and
T +90 352 231 18 18
abroad, a fact that the high level of construction in Turkey, leading the
F +90 352 222 11 06
world to be a reputable company.
iletisim@kinas.com.tr
Kınas Construction has 12 ongoing project in dierent location,four of those meet Kayseri with trademarked building.These projects are present high quality for life with social areas,up to modern architecture. This year we plan to start 5 new projects; 2 projects in Istanbul, 2 projects in Kayseri, and a project in a foreign country. Kınas received homemake is an art, so develop location and new building technology.
Investor’s Guıde 2012
WHO’S WHO 69
Multi Development TÜRKİYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with 176 real estate projects completed in 11 European countries, and 50 malls being managed, develops multi-purpose projects consisting of malls, offices and residences. Multi invests in, develops and manages these projects. Hulusi Belgü
Hakan Turunç
Luis Pereira
The “Forum” malls of Multi Development Türkiye are unique projects
Multi
Forum Turkey
Multi
with their special custom architecture in full compliance with the cities
Development
Fund Ceo
Development
they are located in, and in their sensitivity to the local environment
Türkiye Mall
and the community. These projects, designed by Multi’s in-house
Management
architectural design company T+T Design, have won the most
Managing
prestigious international awards and become significant assets to the
Director
cities in which they play important roles in reviving the city and region
Türkiye Ceo
where they are located. Multi Development Türkiye has developed 10 mall projects under the Forum name that are in operation, a further 1 is under construction, and 5 more are in development stages, across all regions in Turkey. Multi undertakes the management of its malls, in order to ensure the Jurn
Tolga Ergut
continuation of the concepts of the projects it has developed, and to
Hoeksema
Multi
continuously strengthen and enhance their investment values.
Forum Turkey
Development
Fund General
Türkiye
Active projects of Multi Development Türkiye:
Manager
Leasing
• Forum Bornova (Izmir); built on an area of 67,000 sqm; 130 stores
Director
• Forum Mersin (Mersin); 71,500 sqm rental space; 200 stores • Forum Çamlık (Denizli); 33,900 sqm rental space; over 130 stores • Forum Trabzon (Trabzon); 49,200 sqm rental space, 177 brands
Ebulula Mardin Caddesi Maya Meridyen İş Merkezi Zemin
• Forum Aydın (Aydın); 29,400 sqm rental space; 120 brands
ve 1. Kat 34335 Akatlar, İstanbul, Türkiye
• Forum Ankara (Ankara); 86,300 sqm rental space, 149 brands • Forum Istanbul (Istanbul); 175,000 sqm rental space, 265 brands
T +90 212 349 10 00
• Forum Kapadokya (Nevşehir); 24,500 sqm rental space, 75 brands
F +90 212349 10 99
• Marmara Forum (Istanbul); 165,000 sqm rental space, over 300 brands
wwww.multi-development.com
• Forum Kayseri (Kayseri); 65.000 sqm rental space; over 200 brands .
70 WHO’S WHO
Investor’s Guıde 2012
NATA HOLDING NATA Holding is a group of companies operating in project development and real estate investment, construction, contracting services in foreign countries, concrete pipe and prefabricated manufacture, cement and energy sectors. Nata VEGA Shopping Mall and Life Centre project is among the largest Namık Tanık
Cüneyt
Chairman of
Kandemir
sqm in Turkey. This complex houses a giant aquarium of 6,000 sqm and
the Board
General
a 98-meter tunnel making it the longest-tunnel-aquarium of Turkey.
Manager
Worldwide famous textile brands have stores in this shopping mall,
shopping malls and life centres with a total closed area of 450,000
and Nata VEGA breaking a new ground offers the showrooms of 10 automotive brands along with their technical services to the visitors. Nagihan Polat
Nata Holding brings the concept of shopping together in my single
Planing
address with this project, and has been constructing 46-storey 365 houses total the tallest ones in Ankara right to next to the Nata Vega as
Ahmet Çakmak
well. Antares Shopping Mall and Life Centre constructed by Dolunay
Marketing
Co., a subsidiary of Nata Holding, opened in October 2007. During the course of time, Antares has been the favored and popular shopping and
Mustafa Çayırpınar
business centre of Ankara with its 122,000-sqm leasable area. Antares
Constumer Relations
Shopping Mall offers a modern and privileged living area to the fellow residents of Ankara with its business tower and living complex of 619 houses. Nata DELTA is the shopping and entertainment centre project
Ayaş Yolu 21. Km Çatalca Sok.
located in the developing western region of Ankara. Nata DELTA having
No: 238 Sincan, Ankara
a construction site of 300,000 sqm will be put into service in 2013. A
T +90 312 269 12 32
ski track of 130 meters will be constructed by a special system on the
F +90 312 270 03 15
roof of this centre and the visitors will have the chance of skiing all the year round. In addition to this, there is a project of building 500 houses in this project. Located by the metro station extending from Central Ankara - Kizilay to Sincan, Nata Delta project will be a major shopping, life and entertainment hub of Ankara thanks to its easy accessibility. As Nata Holding, we are proud of all the works we completed and we are competing with ourselves. We are aware that not putting any limit to what we assigns greater meanings and responsibilities to us. We continue working to always do the better in line with our goals and objectives while observing the values based on our experiences and achievements, and bringing in living structures to the city life. That is why we are in the foundation of life.
Investor’s Guıde 2012
WHO’S WHO 71
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
Nihan Olgun
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 No.8/22 K.9
provides a full range of service to its customers in the office segment.
Pk.34387 Mecidiyeköy/İstanbul
Its guiding principle is never to make concessions on business ethics from its inception. The values it offers emphasize the importance it
T +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
www.propin.com.tr
questions in any of your advisory and agency needs in the office
info@propin.com.tr
sector of the commercial property market. PROPIN’s servıces Agency Services
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
72 WHO’S WHO
Investor’s Guıde 2012
Servotel Corporation Founded in 1984 in London, Servotel Corporation is a leading boutique consulting practice with an unsurpassed depth of experience, research based know-how and a highly selective client base. The firm acts as the know-how partner to investors, developers, hotel companies and financial institutions. Ömer İsvan
Ayla Heyfegil
Edward W.
Servotel Corporation’s operation is handled by a selected number of
President
Vice President
Jospe
senior and high calibre specialists located both in the London Head
& Managing
Managing
Office (covering Western Europe and the Americas, excluding USA and
Partner
Partner
Canada) and the Istanbul Office (covering Eastern Europe, Africa, Middle East, CIS and Southeast Asia). The experience of Servotel over the two decades spans over under the main subjects of tourism, recreation, residential real estate and office projects in 42 countries covering feasibilities, appraisals, concept creation, design management, development and coordination, management and marketing advisory.
Alp Kaseyko
Melda
Joep Bakx
General
Bayraktaroğlu
Senior
Manager
Chief Sales &
Consultant
Tourism and Recreation Projects
Marketing
& Hotel
• City & Resort Hotels
Officer
Operations
• Golf Courses or Golf and Country Clubs, Equestrian Clubs, Tennis and
& Asset
Sport Complexes
Management
• Destination Spas, Day Spas, Wellness Centres
Areas of Consultancy
• Ski / Winter Sports Resorts • Mixed-use Vacation Investments Yücel Sokak No: 2 Etiler, 34330 İstanbul, TURKEY
Residential Real Estate Projects T +90 212 325 90 00
• Horizontal & Vertical, Primary Residence Projects
F +90 212 325 69 69
• Serviced Condominiums
www.servotel.net
• Vacation Homes • Master - Planned Communities • Mixed-use Development with Hotel and Residential Components Office Projects • Life Style Horizontal & Vertical Office Projects • Branded and Serviced Offices
Investor’s Guıde 2012
WHO’S WHO 73
TEKFEN REAL ESTATE DEVELOPMENT CO. Tekfen Holding, one of the leading enterprises in Turkey, established Tekfen Real Estate Development Group in 2000 with the goal of developing high quality and innovative projects built to international standards. Since its inceptio, The Group has completed Akmerkez, Tekfen Tower, Taksim Resideces, Tekfen Yalıkavak Homes, Levent Office and Kağıthane OfficePark, landmark projects that reflect the achievement of this goal.
Ömer Egesel
Ayşe Turalı
General
Asst. General
Manager
Manager,
Tekfen Real Estate Development attaches great importance to design
Finance & Admin
and always works with the best architects, considering environmental responsibilities just as highly as customer satisfaction. Tekfen Real Estate Developments’ projects are conceived in accordance with the
Kültür Mahallesi Tekfen Sitesi Aydınlık Sokak
urban texture – adding value to the city, creating a difference with their
D Blok No.2 34340 Beşiktaş/İstanbul-Turkey
concepts, and increasing tenants’ quality of life.
T +90 212 359 37 00
With its high quality, environmentally-friendly projects, Tekfen Real
info@tekfenemlak.com
Estate Development offers living and working spaces that enhance their
www.tekfenemlak.com
inhabitant’s quality of life. Tekfenfocused on meeting LEED (Leadership in Energy and Environmental Design) certification standards in its develeopment projects as exemplified by its residentail and commercial projects. With its expertise on international scale distinctive projects, Tekfen Real Estate Development was voted worthy of the award for the best developer in the Office-Commercial category at Euromoney Real Estate Awards 2011. Capitalizing on its experience and vision Tekfen Real Estate Development has stepped forward to develop unique housing and commercial real estate projects and continues to be a reference point in the sector. Completed Projects; 1- Tekfen Tower, İstanbul 2003 2- Taksim Residences, İstanbul 2006 3- Tekfen Yalıkavak Homes, Bodrum 2008 4- Levent Office, İstanbul 2010 5- Bodrum Müşkülüm Ranch, Bodrum 2010 6- Kağıthane OfficePark, İstanbul 2011 Ongoing Projects; 1- Tekfen Bomonti Apartments, İstanbul 2012 2- İzmir Mixed-Use Project, İzmir 2015
74 WHO’S WHO
Investor’s Guıde 2012
TNL Real Estate Development TNL is a hundred percent Turkish company deals mostly office development and succeded to lease more than 300.000 sqm commercial space in last 3 years . TNL also holds exclusive self side mandate of nearly 250.000 sqm office space existing and will be developed. The difference puts Tnl apart from their rivals is their experience and knowledge of office development which they offer in Emre Yazıcı
Furkan
Sedat Aktar
Managing
Bayoğlu
Retail Director
Partner
Managing
TNL serves their trustable experience with their team who has been
Partner
in Turkish real estate market years. TNL explains the key of success
the very beginning of projects and experiences of TNL founders.
as acting as an interface between local investors and global players, understanding both sides and translating their needs to each sides to enable process run smoothly and efficiently. Some Actıve and Developıng Projects of Tnl Buyaka, Ümraniye: 70,000 sqm rental office space Royal Office, Kozyatağı: 3,500 sqm rental office space Uğur Ertürk
Karadağ Plaza, Kagithane: 10,600sqmrental office space
Project
Küçükyalı Office: 5,500 sqm rental office space
Manager
Sancaktepe Office: 3,700 sqm rental office space Ak Plaza, Piyalepaşa: 32,000 sqm rental office space, 4th quarter of 2012
Üçpınar caddesi, Kapıağzı sokak, No:8, 34696,
A4 Plaza, Ümraniye: 19,000 sqm rental office space, 2013
Küçük Çamlıca, Üsküdar, İstanbul
Meeting Point, Kozyatağı: 8,000 sqm rental office space, 2013 Hill Office, Çamlıca: 12,000 sqm rental office space, 2014
T +90 216 340 80 10 / +90 216 545 00 81 F +90 216 325 94 51 www.tnl.com.tr info@tnl.com.tr
Investor’s Guıde 2012
WHO’S WHO 75
TSKB REAL ESTATE Appraisal The Company TSKB Real Estate Appraisal (Inc.), founded by the Turkish Bank for the Development of Industry in November 2002 in order to provide real estate valuation services is the first Company that was included in the “TSKB Real Estate Appraisal Companies” accepted by the Capital Markets Board in Fabruary 2003.
The Company is also one of the very first companies who obtained
Burak Akgüç
Işıl Dinçer
Makbule Yönel
the title to provide services in the field of “Appraisal of Real Estates, Real
Chairman of
General
Maya
Estate projects or of rights and advantages related to a real estate” upon
the Board
Manager
Manager
resolution No. 3469 of the Turkish Banking Regulation and Supervision Agency dd. 17.12.2009. Additionally, by guaranteeing a service quality at international standards, the Company recently achieved to become one of the first three companies in Turkey that have been awarded the RICS Certificate of the Royal Institute of Chartered Surveyors (RICS) which is being granted only upon exams applied to valuation experts and after a series of investigations by companies compiled of the management of certified specialists. The Services provided by TSKB
Hüsniye
Fatih Tosun
Real Estate Appraisal Company are also secured under a Professional
Boztunç
Coordinator
Liability Insurance. The Company TSKB Real Estate Appraisal, providing
Manager
independent and impartial service at international standards (IVS) in subjects such as valuation, consultancy, project development and feasibility studies, best-highest use studies, market researches, sector
Meclisi Mebusan Cad. Mollabayırı Sok. No: 1
studies, investment study-control, machine-equipment expertise, carry
34427 Fındıklı, Istanbul, Turkey
out their works in accordance with the principle of confidentiality. “TSKB
T +90 212 334 50 54
Real Estate Appraisal Company is aware of “special value” in Sustainable
F +90 212 334 50 35
Building Investments, and also provides valuation and consulting
www.tskbgd.com
services for Sustainable Buildings.”
TSKB Real Estate Appraisal Company which opened up branch offices
in 2006 in Ankara and Izmir has launched 3 more new branches offices in Bursa, Adana and Antalya as of April 2011.
In 2008, TSKB Real Estate Appraisal Company was found worthy
by Euromoney (UK) for the “Best Real Estate Valuation Company in Turkey” and the “Best Real Estate Consultant of Turkey” prices in the category of Liquid Real Estate Consultancy. The Company was awarded by the same foundation with the “Best Real Estate Consultant in Turkey” Price in 2005. In addition to the prices achieved within 10 years since its establishment, TSKB Real Estate Appraisal Company was also awarded the ISO 9001:2000 Quality Certificate granted by the British Certification Company BSI (BSI Eurasia Management Systems Certification Limited) and thus became the “First Real Estate Appraisal Company” in Turkey with the ISO 9001:2000 certificate.
76 WHO’S WHO
Investor’s Guıde 2012
ULUHAN GRUP ULUHAN GRUP is developer of housing and shopping mall projects and living centres in Turkey. Headquarter of the company is located in Istanbul. With the mission to develop special and new living areas, Uluhan and partners are continuing its business since 1970. The firm constructs housing and shopping mall projects with minimum 200 units. Bekir Cesur
Taha Aktülün
Necati Aktülün
President
Vice President
Member of
Actıve Projects of Uluhan Grup
Board ACUNKENT (Istanbul) • Built on an area of 10,250 sqm • Professional Management and Full Concierge Services • Housing; 670 apartments • 100 Micro Ready Offices; professional residence service with full furniture, assistant service, phone and fax service, meeting rooms, VIP transfer, travelling organization and cleaning services • Shopping Mall with 240 stores: business sectors are defined for each Tanju Bilgen
Hasan Tuş
Ceylan Kılıç
store, fitness centre, 7/24 children day- care centre
CEO
Member of
Sales Manager
• Finishing Date: June, 2012
Board
• Investment: EUR 93 mln • www.acunkent.com.tr
19 Mayıs Bulvarı No: 40-42
BABIL TOWERS (Istanbul)
34510 Esenyurt, Istanbul, Türkiye
• Built on an area of 12,700 sqm • Professional Management and Full Concierge Services
T +90 212 709 77 77
• Housing; 1,050 apartments
F +90 212 620 46 65
• Micro Ready Offices;
www.uluhangrup.com.tr
• Shopping Mall with 199 stores: business sectors are defined for each
info@uluhangrup.com.tr
store, flexible renting periods (weekly, monthly or yearly), theatre and cinema, fitness centre, 7/24 children day- care centre • Finishing Date: April, 2013 • Investment: EUR 132 mln • www.babilkuleleri.com, www.babilcarsi.com Beylikdüzü Real Estate Project of Uluhan Grup (New) • Location: Beylikdüzü, ISTANBUL • Built on an area of 95,000 sqm • Commercial area of 15,000 sqm • Amphitheater and Art School • Full Social Activities and Health Centre • All apartments with full sea view • Investment volume: EUR 245 mln
78 NOTES
Investor’s Guıde 2012
79 NOTES
Investor’s Guıde 2012
80 NOTES
Investor’s Guıde 2012
Shopping Centre Guide 2012 Turkey broadly covers the retail market in Turkey. It’s time to expand abroad with!
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