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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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Guide for real-estate investments in Turkey