Investor's Guide Turkey 2014

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INVESTOR’S GUIDE 2014 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Sedef Güneş Advertising sales manager Eda Ünsalan Aytemur Nuran Yıldız Corporate communication director Mürüvvet Can Cover design Emre Çıkınoğlu

WELCOME Welcome to the 2014 edition of Investor’s Guide Turkey. The competition for prime assets in Europe’s major real estate markets is leading

Graphic designer Onur Bilgin

investors to turn to recovering markets, regional cities and secondary property in

Publisher Sirkus Publishing Rumeli Cad. Itır Sok. 3/2 Nişantaşı 34371 İstanbul

report published jointly by the Urban Land Institute and PricewaterhouseCoopers.

Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul

search of returns, according to Emerging Trends in Real Estate Europe 2014, an annual

One of last year’s darlings, Istanbul has dropped several places but remains in the top 10 for investment. Investors generally like Istanbul because it is a high-growth market, backed by a strong economy. Turkey’s demographics are also very appealing, with a young and rapidly growing population of 75 million. Retail is still attractive because “affluence is developing” and “the middle class is establishing itself”. However, there is

All or some of the content (texts or images) cannot be used without written permission of Sirkus Publishing. Sirkus Publishing is not responsible for the accuracy of the information provided by the contributors.

a lack of quality assets, which could put off many international investors.

Further information Networking Turkey +90 212 225 42 52

Turkey has undergone a profound transformation over the last decade and its economic

Turkey’s Association of Real Estate Investment Companies (GYODER) predicts foreign investors will put USD 10 billion into the Turkish market over the coming years, especially as they will now receive the right to reside in Turkey, regardless of the amount invested.

fundamentals are quite solid. It is the 17th largest economy in the world and the 6th largest economy in Europe. Favorable geographical position, population growth and demographic advantage, increase in per capita income, urban renewal and development adequacy, mass capacity and power in the Turkish construction sector and easiness of doing business are all demand drivers of the real estate market in Turkey. This guide you’re holding attempts to reveal current conditions of the Turkish real estate market as well as providing an insight for global investors.



Investor’s Guide Turkey 2014


managed to be listed among the top ten countries in the international tourism market both in terms of tourism revenues and the number of arriving tourists. Ömer Latif Yalçın

An annual forecast published jointly by the Urban Land


Institute and PricewaterhouseCoopers, Emerging Trends

The real estate business is becoming complex and

in Real Estate Europe 2014 has been released. One of

challenging. Thus, renderings are valuable sales tools

last year’s darlings, Istanbul has dropped several places

helping real estate companies to visualize their project

but remains in the top 10 for investment. Investors

better. Mustafa Tutar

generally like Istanbul because it is a high-growth market, backed by a strong economy.




Given the flexibility of the real estate investment fund model, within a short time, real estate investment funds are expected to gain popularity as a new financing tool for real estate projects. Serkan Gül

20 TOP LOCATIONS IN ISTANBUL FOR FUTURE DEVELOPMENTS Paying attention to new transportation axes, projects under development and the supply-demand balance, it seems that 11 particular districts would be the new arteries of Istanbul in the near future, according to Epos Property Consulting and Valuation.

22 A SHINING STAR: TURKISH TOURISM SECTOR Turkey has already evolved into one of the countries that have a say in the world tourism industry. The country has


NEWS >>>



FDI INTO TURKEY STOOD AT USD 12,686 BILLION IN 2013 Foreign direct investments (FDI) into Turkey stood at USD 12,686 billion in 2013, according to data released by the Turkish Ministry of Economy. Making up the total, the capital

foreign investment last year while, at

the total number of foreign-owned or

inflow topped USD 10.1 billion while

the sector level, the country received

partnered companies to nearly 37,000.

real estate purchases by foreigners

USD 3.7 billion of cash inflow through

Germans constitute the largest group of

exceeded USD 3 billion. The overall

financial intermediaries, followed by

foreign business owners in Turkey with

amount experienced a drop of 4% when

the USD 2.5 billion attracted by its

over 5,600 companies, followed by the

compared with 2012.

booming energy sector.

British with 2,600 companies as of the

Accounting for 52% of the total, the EU

Last year saw 2,960 company

funded companies, nearly 22,000, are

remained Turkey’s principal source of

establishments by foreigners, taking

operating in Istanbul.

end of 2013. The majority of foreign-

RESIDENTIAL SALES UP 65% IN 2013 The number of houses sold in Turkey rose by 65% in 2013 over the previous year, with 1.16 million home sales recorded compared to 701,621 in 2012. The surge in sales was due to lower

Statistics” report for January 2014,

First-time sales for the first month

mortgage costs and declining

Ankara was on the heels of Istanbul

of the year amounted to 40,155,

interest rates during the last year

with 137,773 (11.9%). Izmir was

making up 45.8% of all house sales

and an increase in the housing

next with 72,421 (6.3%).

in Turkey that month. The number of

stock, particularly because of

second-hand sales was 47,484.

massive production by the Housing

In January 2014, 87,639 houses

Development Administration of

were sold, which was almost no

House sales to foreigners rose in

Turkey (TOKİ). Urban transformation

change compared with the same

January when compared to the

projects in a number of

month of the previous year. Istanbul

same month of the previous year.

metropolitan municipalities also

again had the highest share with

In that month, 1,207 houses were

contributed to the availability of

17,489 or 20%. Ankara and Izmir

sold to non-Turks. This number was

new housing.

had 11.6% and 6.1%, respectively.

12,181 for all of 2013. In terms of

The city that saw the largest number

In January, for the first time,

was the first province, with 464

of sales was Istanbul with 234,789,

TurkStat began making a distinction

sales in January of this year. Those

comprising 20.3% of total sales

between first and “second-hand,”

following Antalya were Istanbul

in 2013. Out of the house deeds

or previously owned home, sales. A

with 243 house sales, Sakarya with

changing hands across Turkey, only

first sale means simply the sale of

119, Muğla with 75 and Aydın with

40% were mortgage-based.

a house for the first time since its

70 house sales.

house sales to foreigners, Antalya

construction, while a second-hand According to the Turkish Statistics

sale is any sale not directly from the

Institute’s (TurkStat) “House Sales

builder or contractor.



TURKISH TOURISM INCOME INCREASED BY 11.4% IN 2013 According to the data released by Turkish Statistics Institute (TurkStat), the total Turkish tourism income increased in 2013. In the fourth quarter of 2013, tourism

Tourism income in 2013 increased by

abroad. Tourists travelling individually

income increased by 5.5% compared to

11.4% and reached USD 32.3 billion

were accounted for USD 24.8 billion

the same quarter of 2012 and reached

compared to the previous year.

of the total income, while another USD

USD 7.76 billion. While 77.4% of this

7.4 billion was generated by packaged

income was obtained from foreign

78.9% of this income was obtained

tours. Average expenditure per capita in

visitors, 22.6% was obtained from

from foreign visitors and 21.1% was

the entire year amounted to USD 824.

Turkish citizens living abroad.

obtained from Turkish citizens living

COASTAL PROPERTY MARKET TO BOOST IN 2014 Turkey’s growing marine tourism sector is expected to boost interest in property in coastal resorts in 2014 thanks to a raft of world class marinas. Many of the marina less than a year

Commented Julian Walker, director

highly fashionable hang-outs for the

or two old, attracting an increasing

at Spot Blue International Property:

world’s sailing jet set, who attract chic

number of lifestyle property investors,

“Turkey’s upped its game in maritime

restaurants and boutique shopping, as

said Turkish property agency Spot Blue

tourism in recent years and we’re

well as higher property prices. Istanbul’s

International Property.

beginning to reap the rewards. That

hosting of the World Marine Conference

said, there’s more to come, as the

in June this year will raise awareness

Resorts with world-class marinas

Government has a target number of

of Turkey’s world-class marinas even

along Turkey’s pretty Aegean and

berths to hit before 2023. Areas such


Mediterranean coastlines have become

as Bodrum and Göcek have become

property hot spots, not only for foreign investors but also members of Turkey’s rising affluent middle class, many of whom are based in Istanbul. Some of Turkey’s newest and most desirable marinas include Palmarina in Yalikavak-Bodrum, newly opened in June 2013, D-Marin Marinas in Göcek and Didim, the latter being Turkey’s largest marina, the Setur and Camper & Nicholson marinas in Çeșme, and three further Setur marinas in Finike, Kaș and Antalya.



ISTANBUL’S LARGEST-EVER OFFICE LEASE SIGNALS HEALTHY 2014 Colliers International has preleased over 60,000 m2 of the Torun Tower in Istanbul on behalf of Torunlar REIT in what it claims is the largest-ever office lease recorded in Turkey. Denizbank, one of the leading

space spread to 35 floors, due to be

Turkey, will create confidence to the

institutions of the Turkish banking

completed in June 2014.

market and attract more interest from

sector, has leased Torun Tower,

local and foreign institutional real

Torunlar REIT’s new office project.

Kerim Cin, Managing Partner at

Colliers International acted as

Colliers International, stated that:

the exclusive representative of

“The immense size of this lease

Meanwhile, according to a report

Torunlar REIT in this transaction. The

transaction, between Denizbank

by Colliers International, an office

transaction, which consists of 60,023

and Torunlar REIT, together with

supply of 1,777,885 m2 will be added

m² of leasable class-A office space

the fact that it is a pre-lease, proves

to Istanbul’s existing office stock in

in total, represents the largest ever

the level of improvement, that the

the next three years, 31% of which

office lease recorded in Turkey.

class-A office market has come along

will be constructed in the CBD, 30%

estate investors and developers.”

in the last 10 years in Turkey and

in Kozyatağı/Ataşehir region, 16% in

Torun Tower is a new class-A office

its bright growth potential into the

Maslak, 15% in Kağıthane/Cendere,

project, which is located in CBD

future. We are confident that large

5% in Ümraniye and 3% in Istanbul-

of Istanbul, with 65,600 m² office

lease transactions such as this one, in


BILFINGER TO MANAGE 6 MORE SHOPPING CENTERS IN TURKEY The portfolio of retail space in Turkey managed by Bilfinger Real Estate is expanding. Following the management contract for Turkey’s major Metropol Istanbul project, the Frankfurt-based real estate services provider has accepted further contracts for six shopping centers in Turkey. The mixed-use retail, office, and

beginning or at the end of 2014.

of shopping center space under

residential complexes are located

Bilfinger Real Estate is responsible

management and ranking among the

in Istanbul, in the Eastern Anatolian

for center management and leasing

top three center managers in Turkey,

city of Erzurum, in Diyarbakir in

activities of the six complexes,

we will in future shift the focus on

Southeastern Anatolia, in Zonguldak

which have a total of 690 stores and

the office segment. As a result of the

on the Black Sea coast, and in Kayseri

over 250,000 m² of leasable retail

continuing construction boom, the

in Central Anatolia. Three of the


Turkish office market is expected to

shopping centers newly added to

grow by one million square meters

the portfolio under management

Leyla Özulucak, Managing Director

of premium space by 2017. We have

are currently under construction.

of Bilfinger Real Estate Turkey: “With

identified considerable potential

They are expected to open at the

over one million square meters

here for winning further contracts.”



HILTON TO DEVELOP FOUR NEW HOTELS IN ISTANBUL AND IZMIR Hilton Worldwide has signed agreements on another four hotels to further boost its portfolio in Turkey to 24 trading properties and 25 in its development pipeline. Through this latest agreement, Hilton Worldwide is expanding its existing presence in Istanbul and the port city of Izmir, home to Turkey’s third largest urban population, with two new hotels in each city.

Located in central Istanbul, the new build hotel will open in 2016 and boast signature guest services of the award winning Hampton by Hilton brand, supported by its renowned 100% satisfaction guarantee. DoubleTree by Hilton Izmir – Alsancak sees the existing Yıldızhan Hotel convert in 2014 following a USD 1 million refurbishment. The 115 guest room property benefits from a central location, close to the existing Hilton Izmir. Hilton Garden Inn Izmir Bayraklı is a 182 guest room hotel, due to be operated by Ozgun Insaat. Due to benefit from a convenient location just north of the city’s port and central district, the hotel will The deals span the DoubleTree

to our guests, be they domestic or

also offer all core HGI signature

by Hilton, Hilton Garden Inn and

international travelers.”

features when it opens in 2016.

which are rapidly expanding in

Hilton Garden Inn Istanbul Beylikdüzü

Patrick Fitzgibbon, Senior Vice


is a 126 guest room hotel located

President development, Europe and

Hampton by Hilton brands, all of

within a mixed use retail space in one

Africa, Hilton Worldwide said, “We

Jim Holthouser, Executive Vice

of Western Istanbul’s fastest growing

remain very optimistic about the long

President, global brands, Hilton

suburbs. When the property opens

term potential of Turkey as a dynamic

Worldwide said, “Turkey is one

in 2015 it will boast signature HGI

business and tourism destination,

of the world’s most exciting and

brand attributes including an all-day

one which continues to break its own

dynamic destinations, where we

dining restaurant, 24 hour Pavillion

international visitor number records

are developing a truly multi-brand

Pantry, business and fitness centers.

year-on-year. It remains one of our

presence. These four hotels across

core global growth markets, and

three different brands, located

Hampton by Hilton Istanbul

these additions to our portfolio speak

in the great cities of Istanbul and

Dolapdere is a 170 guest room hotel

to our commitment to this region.”

Izmir, will offer even greater choice

to be operated by Gevrekli Turizm.



THE FIRST REGENERATION PROJECT OF TURKEY: PALM CITY MERSIN Welcomed as the first shopping center of Mersin in 2003 under the name Carrefour Mersin Shopping Center, Carrefour Mersin enjoyed a significant renovation and facelift in parallel with the ever-increasing importance, development and needs of Mersin – one of the fastest growing cities in Turkey. of shops, kiosks, restaurants and megastores from 33 to 66 with a leasable area of over 34,000 square meters built on a total surface area of 95.000 m². Its free open-air car parking lot with a capacity of 1,250 vehicles, easy and direct access due to the one-level design of the Shopping Center, makes it extremely comfortable and practical for all the families, as well as senior and disabled people. As a result the Owned by Aerium and managed by

footfall and turnover figures in the

footfall of Palm City increased by

Cefic, Palm City Mersin Shopping

shopping center, have already been

150% in 2012 and is continuously

Center is a first ever significant


increasing in 2013 and 2014.

successfully going through all

Additionally, the best use of green

Decathlon, the famous sport and

the different phases including

resources maximize the

leisure international brand will soon

releasing, refurbishment, renovation,

sustainability and environmental

be opening in Palm City Mersin one

reconstruction, restructuring,

protection. The design of Palm City

of its very firsts sizeable stores

extension, eviction, repositioning,

Mersin Shopping Center, is made

(exceeding 5,000 m²) alongside

and rebranding.

by taking into consideration the

the gallery. Moreover this amazing

needs of visitors in harmony with

addition to the shopping centre,

This project is an exceptional one

environmental data and climate

to fulfill people’s longing for

not only in terms of design but also

conditions. The shopping

entertainment and socialization

for the innovative methodology and

center now benefits fully from

areas, an ultra-modern cinema

development process, regenerating

comfortable daylight. A big food

complex with ten saloons has been

theshopping center activity and

court area, leisure areas, attractive

added and will be covering more

bringing it back to the life at a highest

terrace with modern design were

than 2,000 m².

standard while keeping Carrefour

created and the landscaping was

hypermarket active and alive through

completed with live plants to

In addition Palm City Mersin is

all phase of construction works.

provide more pleasurable shopping

recently awarded for the “Best

experience and visit to the

Shopping Center Renovation” in the

customers in the shopping center.

world, at the prestigious Global RLI

regeneration project in Turkey,

The essential goals, to ensure customers enjoy with modern,

2013 Awards in London and also at

pleasant, convenient shopping

With a successful regeneration,

the Dubai Cityscape 2013 Awards for

experience and to gain highly

operation and repositioning, Palm

the “Best Retail Project” in Emerging

satisfied tenants by increasing the

City Mersin has doubled the number




ECE TAKES OVER ANOTHER SHOPPING CENTER IN TURKEY ECE continues its expansion on the Turkish market with taking over the concept design, leasing and management of a new shopping center in Afyon, a western Anatolia city. The shopping center will comprise a

project is Afyon Girişim A.Ş.

the city of Afyon which has 700,000

leasable area of 42,000 m² on four

Andreas Hohlmann, Managing

inhabitants. The center will be well-

levels. It will include approximately

Director of ECE Türkiye says: “Afyon

connected to public transportation

160 specialist shops, a hypermarket,

is located at an important railway

and will also be easily reachable on

restaurants, cafés, a food court

and freeway hub between the cities


with ca. 2,000 seats, entertainment

of Izmir, Konya, Ankara and Istanbul.

facilities, and a movie theater with

The new shopping center is built

Hüseyin Karacak, CEO of Afyon

10 screens. Furthermore, 1,150

in the city center. With the quality

Girişim A.Ş: “We are delighted

parking spaces are available to visitors

and the branch mix of many popular

to realize this project with ECE.

traveling to the center by car.

international brands and with

The company’s experience with

synergies which we will establish

international projects will secure the

The excavation of the foundation ditch

jointly with the investor, our project

success of the shopping center. This

marked the construction start for the

will become a shopping magnet in the

project was launched by business

shopping center. At the beginning


people from Afyon for Afyon and the

of March, the work on the shell

citizens will be proud of the result.

construction will begin. The investor

The shopping center is constructed on

of the approximately EUR 90 million

the former bus terminal premises of

EMLAK REIT SELLS A LARGE PLOT IN ISTANBUL A consortium of three Turkish firms has won a giant plot of land in Istanbul’s Zeytinburnu district, sold by Turkey’s largest housing developer, Emlak Konut Real Estate Investment Trust (REIT). The new owner of the 111,000 m² land

The first session of the tender was

bid in Emlak GYO’s history,” Kurum

in the Kazlıçeşme neighborhood is a

held last month, and the joint venture

also noted, claiming that the tender

joint venture of Özak-Yenigün-Delta,

of Aşçıoğlu Inşaat-Nokta Yatırım

“indicates investors’ trust in the

which placed the highest offer of TRY

placed the highest bid with TRY 1.8

country’s economy, stability and

4.24 billion (approx. EUR 1.39 billion)


construction sector.”

during the tender, held on January 16. Emlak Konut CEO Murat Kurum has

The project has commercial and

Emlak Konut REIT announced it would

said the land is the largest area

residential areas, and may include

receive 37% of the tender amount,

available in Istanbul suitable for

shopping malls and business

which corresponds to TRY 1.568

project development. “We can say

centers, as well as cultural and social


that this tender received the highest




GREEN VALLEY UNVEILS A NEW PROJECT IN TRABZON Close on the heels of the success of its iconic projects across Turkey, UAE-based Green Valley International Real Estate has announced the launch of a new project worth approx. EUR 43.5 million in Trabzon, Turkey. Tailored for buyers from the Middle

for growth, and we are proud to be

all world-class amenities associated

East and the Gulf countries, the

playing a pivotal role by unveiling

with high-end communities,

USD 60 million-project in Trabzon

a new project in Trabzon. The iconic

complete with recreational, social

is the company’s fifth in the

development offers a huge return

and entertainment facilities.

country, following other residential

on investments for GCC nationals in

complexes in Bursa, Yalova and

Turkey and we offer this great chance

Turkey lifted restrictions on property

Sakarya provinces.

for GCC nationals to invest in this

ownership by foreign buyers in 2012,

booming market.”

opening the market to investors

Mr Wiaam Mahmoud Rabah,

from Russia, the Arab world, and

Chairman of Green Valley Real

Comprising of 36 buildings with a

Southeast Asia. Long-term residency

Estate, said: “The real estate sector

total of 604 apartments, the project

permits are also granted to investors

in Turkey offers a huge potential

is competitively priced and offers

acquiring property in Turkey.

TESCO EYES PLAN TO REDUCE EXPOSURE TO TURKEY British retailer Tesco, under pressure to turn around declining sales in its domestic market, is considering reducing its exposure to Turkey, the the Financial Times reported in February. unprofitable Chinese operation into a state-run Chinese company as a minority partner. “We don’t comment on rumour or speculation,” a Tesco spokesman said. Tesco said in October that its 191 stores in Turkey had a poor first half and that some restructuring of operations in the east of the country was possible. The company’s chief financial officer, Laurie McIlwee, said Tesco, the world’s third-largest retailer,

Migros, the paper reported, citing

then that its western business around

is looking at combining its operations

people familiar with the situation.

the Mediterranean coastline was “very

in Turkey, where it trades as Kipa, with

A deal could be along the lines of that

profitable” and that Tesco had no plans

the country’s biggest food retailer

which last year enabled it to fold its

to exit Turkey.



MEDIA MARKT PLANS TO OPEN 10 STORES IN 2014 German corporation Media-Saturn Holding GmbH, announcing its growth plans in Turkey, has said the company will open 10 Media Markt stores nationwide in 2014. Media-Saturn Holding Turkey CEO

will be intensifying their investments

they are present in the best possible

Bülent Gürcan said the company

while improving the opportunities


will shift 25% of its investments to

for employment provided by the

Turkey in 2014 and despite the fact

company, adding that the presence

Peter Leisten, Vice President

that foreign electronics retailers are

and success of international

responsible for international sales

leaving the Turkish market, Media

companies similar to Media-Saturn

at Media-Saturn, said the withdrawal

Markt will be opening 10 new stores

Holding in Turkey paves the way for

of other multinational technology

this year. Noting that they entered the

other multinational companies to

retailers from the Turkish market has

Turkish market in 2007, he said the

enter the market.

placed more responsibility on the

company has expanded into Anatolia by opening 37 new stores since then.

company’s shoulders and that Turkey The company, which has annual

ranks at the top of the company’s

revenue of €21 billion, emphasized

long-term investment plans with its

Gürcan said they believe in the

the importance of localization and the

young, dynamic population and high

potential of the Turkish market and

fact that each store serves the place

interest in technology products.

DARTY TO SELL ITS TURKISH OPERATIONS TO BIMEKS Darty plc has announced that as part of its Nouvelle Confiance strategy to concentrate on its core businesses it has entered into binding heads of terms with Turkish specialist technology retailer Bimeks to sell the Group’s Turkish operations. Under the heads of terms the Group will

be finalised shortly and the transaction

progress in implementing the strategy

transfer its 28 stores and store staff

will complete by the end of the Group’s

of focusing on our core businesses.

for nominal consideration and transfer

current financial year.

“We believe that this transaction is in

the stock of the business for an amount

the best interests of both our Turkish

to be agreed following a valuation

Alan Parker, Chairman of Darty plc,

exercise. This amount will be finalized

said: “I am delighted that we have

at completion. The Group will retain

reached agreement to sell our Turkish

Murat Akgiray, the Founder and

responsibility for closure of the head

business to Bimeks. We have made

Chairman of Bimeks, said: “The store

office and non-store locations and the

good progress with the Darty brand

locations and product portfolio will

settlement of all remaining liabilities

in Turkey, but our business today is

complement those of Bimeks very

of the Turkish business. It is anticipated

sub-scale. While the Turkish market is

well. This, together with the recent

that the overall impact of the proposed

growing and dynamic, we concluded

acquisition of ElectroWorld, supports

transaction will be broadly cash neutral

that we could not expect to make

our multi-channel strategy and our

on the Group. The transaction is subject

significant progress with the business

long-term commitment to our investors

to, inter alia, the approval of the Turkish

over the coming years without making

and customers. We are on track to

competition authority. It is expected

a further significant investment. This

becoming the leading technology

that a sale and purchase agreement will

agreement allows us to make further

retailer in Turkey.”

employees and our shareholders.”








ISTANBUL REMAINS IN THE TOP 10 An annual forecast published jointly by the Urban Land Institute and PricewaterhouseCoopers, Emerging Trends in Real Estate Europe 2014 has been released. One of last year’s darlings, Istanbul has dropped several places but remains in the top 10 for investment. Investors generally like Istanbul because it is a high-growth market, backed by a strong economy.



European City Investment Prospects Source: Emerging Trends in Real Estate Europe 2014 Note: Investment prospects for existing investments

The competition for prime assets in

The report highlights that investors are

other recovering markets, such as

Europe’s major real estate markets is

becoming increasingly comfortable with

Spain. The report highlights that 67%

leading investors to turn to recovering

taking more risk in search of returns.

of respondents believe that there

markets such as Ireland and Spain,

One of the biggest beneficiaries of this

are now good buying opportunities

regional cities and secondary property

is Dublin, which has raised dramatically

in Spain, with the acquisition of the

in search of returns, according to

in the city investment rankings, moving

Parque Principado shopping center

Emerging Trends in Real Estate Europe

up from 20th in last year’s report to

in Oviedo by Intu and the Canadian

2014, an annual report published jointly

second in 2014. Dublin’s real estate

Pension Plan Investment Board for EUR

by the Urban Land Institute (ULI) and

market has been transformed from

162 million highlighted as an indicator

PricewaterhouseCoopers (PwC).

a “no-go” location among investors

of mainstream interest in the market.

only two years ago, to being one of the

However, skeptics argue that debt is

The report finds that 71% of

hottest markets in Europe, with both

very hard to attain and that it is a risky

respondents think that a shortage of

domestic and international investors

market to invest in before there are

suitable assets for acquisition will have

attracted by pricing levels and Ireland’s

signs of any growth.

a moderate or significant impact on

improving economic outlook. The report

their business during 2014. As a result

finds that 51% of respondents now see

The competition for core assets has also

of this increasing competition, 59%

good buying opportunities in Ireland.

led to an increase in investors looking

of respondents believe that prime

beyond prime assets in major European

property in Europe’s core markets has

The weight of international capital

markets such as London, Munich and

now become over-priced.

is leading investors to also turn to

Paris, and instead buying solid income



producing assets in secondary cities.


For example, office investors in Munich

Simon Hardwick, real estate partner at PwC Legal, said “We believe the real

can achieve yields of approximately

“The resurgence of investment in

estate investment market in 2014 will

4%, but those willing to invest in

Ireland and how far the Spanish real

be dominated by a battle for assets.

smaller German markets such as

estate market recovers, will be two of

International capital will continue to

Stuttgart can achieve up to 6.5%.

the key stories in 2014” commented

flow into Europe, seeking to acquire

Investors are also looking to acquire

Joe Montgomery, chief executive of ULI

prime assets in core locations. Intense

secondary properties in major markets,

Europe. “Investor appetite in Dublin

competition for the limited supply

which have good existing income

has been growing over the past 12

of suitable property will inevitably

streams or which, with careful asset

months with significant volumes of

continue to have an impact on prices

management, could be transformed

international capital chasing the best

– particularly in global gateway cities,

into core assets.

assets. Investor interest is now moving

including London. This will result

to Spain, where there are signs that

in investors having to look at other

An interesting consequence of the

opportunistic investors, who entered

opportunities and to accept more

“Battle for Assets” is that investors

the market when Sareb opened for

risk. This is reflected in the renewed

are increasingly considering

business last year, are now being

interest in development, as well as the

development as a way of adding high

followed by mainstream institutions.

fast improving outlook for “non-prime”

quality assets to their portfolios. The

However, with limited signs of tenant

locations and properties. However,

report demonstrates that 71% of

demand and rental growth, questions

we are sceptical about whether the

respondents believe that development

remain as to how far the market

positive sentiment will lead to a

is an attractive way to acquire prime

recovery can go.”

headlong rush into the most risky

Expectations Regarding Amount Invested, Rents and Capital Values for 2013 Source: Emerging Trends in Real Estate Europe 2013 Note: The scale for this Exhibit 1 = increase to 5 = Decrease

City Investment Prospects Source: Emerging Trends in Real Estate Europe 2013 Note: On a scale of 1 to 5



European City Investment Prospects 2014 Source: Emerging Trends in Real Estate Europe 2014

Note: Investment prospects for existing investments

markets. Investors’ interest remains

upbeat on the prospects for debt

The government’s 2012 decision to

focused primarily on sustainable

with nearly 90% expecting greater

lift restrictions on foreign property

returns from quality assets in good

availability, while southern European

ownership is attracting investors


and Benelux countries were more

from Russia, the Middle East and Asia.

cautious on the outlook.

Turkey’s Association of Real Estate

The report highlights that there will

Investment Companies predicts

be significant capital available in

Prospects for existing assets in

foreign investors will put USD 10

Europe’s real estate markets during

Moscow and Istanbul have dimmed

billion into the Turkish market over

2014 with 71% of respondents

slightly as well, but both cities are

the coming years, especially as they

believing there will be an increase

still well-regarded for development:

will now receive the right to reside

in equity for refinancing or new

Moscow is Number 4 and Istanbul

in Turkey, regardless of the amount

investment this year. Although

Number 6. Turkey’s “property capital”


some of the equity will be domestic,

also maintains its Number 4 ranking

significant investment is expected

for new investment.

to continue to flow from sovereign wealth funds, especially those based

One of last year’s darlings, Istanbul

in Asia. Nearly 80% of respondents

has dropped several places but

believe that capital from Asia Pacific

remains in the top 10 for investment.

will increase during 2014, with 67%

Investors generally like Istanbul

of respondents believing that capital

because it is a high-growth market,

from The Americas will increase this

backed by a strong economy.


Turkey’s demographics are also very appealing, with a young and rapidly

The outlook for real estate debt

growing population of 75 million.

availability is also improving, with

Retail is attractive because “affluence

51% of respondents expecting the

is developing” and “the middle class

availability of debt for refinancing

is establishing itself”. However, there

or new investment will increase this

is a lack of quality assets, which could

year, with only 15% of respondents

put off many international investors.

expecting it to become more scarce.

And, “in Turkey the valuations remain

However, respondents were not

volatile and really depend on location

expecting dramatic improvements to

and new developments”. Plus, “prices

pre-recession levels and there remain

are too high” and “political stability

significant geographical differences

is considered an issue”, according to

in perspective. The UK was the most

one interviewee.



REAL ESTATE INVESTMENT FUND: A NEW INSTRUMENT IN THE MARKET Given the flexibility of the real estate investment fund model, within a short time, real estate investment funds are expected to gain popularity as a new financing tool for real estate projects. The Capital Markets Board (the “Board”)


has introduced a new financing model in


Turkish law for real estate projects with its

The contribution shares of the real estate

Decree, coming into force on 1 July 2014,

investment funds do not have any nominal

on the Principles Regarding Real Estate

value. The value of the contribution shares

Investment Funds1 (the “Decree”).

is determined on the basis of the total value of the fund’s assets. Accordingly,


if the fund is managed profitably by the

A real estate investment fund may only

Founder or portfolio manager and the

be established, with the approval of

value of the assets increases following

the Board, by Portfolio Management

the establishment of the fund, the value

Companies and Real Estate Portfolio

of the contribution shares owned by the

Serkan Gül, Partner

Management Companies (the “Founder”)

investors will increase proportionately,

Hergüner Bilgen Özeke

that are registered with the Board.

which will constitute the return of the

Attorney Partnership

contributors’ investment in the fund. Real estate investment funds do not have legal personality, the assets are held by

The Founder or portfolio manager may

the fund on the basis of the fiduciary

collect performance fee from the investors

ownership principles on behalf of its

over the revenue and sale profit generated

investors except for the real estate related

from the real estate investments and/

rights, which are registered before the

or increase in the value of the fund’s real

relevant Land Registries in the name of the

estates, provided that such fee is expressly


set forth in the internal regulation of the fund and the issuance certificate.

The estate of the fund may be managed 1. Published in the Official

by the Founder or portfolio manager that

Contribution shares may only be issued to

Gazette dated 3 January 2014 and

is hired by the Founder. However, the

qualified investors, which are generally

numbered 28871.

estate of the fund is deemed separate

defined as the legal or real persons

2. Defined in articles 31 and 32 of

and different from the estate of the

holding cash deposits and financial assets

the Decree on the Rules regarding

Founder and/or the portfolio manager.

exceeding TRY 1 million or institutional

Establishment and Operations

Accordingly, the assets of the fund cannot

investors such as intermediary firms,

of the Investment Institutions

be levied; even for the collection of public

banks, portfolio management companies,

published in the Official Gazette

receivables, put in pledge and provided

World Bank etc2.

dated 17 December 2013 and

as a guarantee for the obligations of

numbered 28854 - Article 2 of

the Founder and/or portfolio manager.

The Founder should apply to the Board

the Decree on the Sale of Capital

The obligations of the Founder and/or

with the issuance certificate (ihraç

Market Instruments published in

portfolio manager to third parties cannot

belgesi), the standard form and other

the Official Gazette dated 28 June

be set off with the receivables of the fund

relevant documentation as may be

2013 and numbered 28691.

from such third parties.

requested by the Board for the issuance of



the contribution shares. Following the


On the other hand, real estate

approval of the issuance certificate by

At least 80% of the total value of the

investment funds are not allowed

the Board, the contribution shares of

fund’s assets should be real estate

to make short-term real estate

the fund may be issued and submitted

related investments, as real property,

investments on an ongoing basis. They

to the investors through appropriate

real estate related rights, shares of

may not directly manage or operate

distribution channels.

real estate investment companies and

real estate projects or undertake the

joint stock companies 75% of the total

construction works with respect to the

The liquidation of the assets of the

assets of which consist of real estate

real estate projects, as well.

real estate investment funds (in

investments, real estate certificates

particular real estates) are more time

and other real estate investment

All buildings and other similar

consuming than other type of financial

funds. The remaining part of the estate

constructions to be acquired by the

instruments, such as equity, forex

may consist of other types of rights

fund must have occupancy permits

transactions etc. (liquidity issue). The

and investments such as deposits,

and condominium ownership should

Decree adopts a flexible approach with

investment funds etc.

be established over the respective

respect to such liquidity issue: Return

properties. Agreements granting rights

of the contribution shares may be

The total net asset value of the fund

in favor of the funds such as promise

restricted under the fund documents

should reach at least TL 10,000,000

to sell agreements, promise to sell

(internal regulation, issuance

within a year at the latest, following

agreements in return of land share,

certificate, etc.) with certain time

the commencement of the sales of

revenue share agreements etc. must be

periods (e.g. once a year, at the end of

the contribution shares. The assets

registered with the land registry.

fund’s term etc.). Moreover, the Decree

of the fund should be subject to asset

does not impose any minimum cash

valuation by institutions recognized


requirement to ensure the liquidity of

by the Board, at least once every year.

Turkish real estate market (as an

the fund. Instead, such liquidity may be

The asset valuation should also be

emerging market) needs constitutional

ensured by the Founder by any means

conducted prior to each real estate

foreign investments and alternative

deemed appropriate. The Founder may

transaction of the fund.

investment tools to become a mature

also opt for purchasing (maximum 50%

investment jurisdiction. Given the

of) the contribution shares in its name,


relative flexibility of the legislation,

to ensure the liquidity for the return of

The fund is entitled to purchase all

it seems that real estate investment

the contribution shares.

types of real estate (land, residence,

funds may attract the attention of

office buildings, shopping centers,

local and global market players and

It is possible to apply a commission

hotels, etc.) and real estate related

contribute to the achievement of the

for sales and/or return of contribution

rights (construction right, usufruct

above goal.

shares, provided that terms and

right, etc.). The fund may also use

conditions regarding such commission

credits (amounting to maximum

are expressly set forth in the internal

50% of the fund’s assets) and grant

regulation and the issuance certificate.

mortgages over the fund’s assets for

Such commissions will be included in

such credits.

the fund’s assets as revenue.



TOP LOCATIONS IN ISTANBUL FOR FUTURE DEVELOPMENTS Paying attention to new transportation axes, projects under development and the supply-demand balance, it seems that 11 particular districts would be the new arteries of Istanbul in the near future, according to Epos Property Consulting and Valuation. make the region a new center of attraction. Recent public investments are also contributing the development of the district. Vadi Istanbul and Skyland Istanbul projects are the first developments of Cendere Valley. On the other hand, new developments in the Cendere axis have already reached to Kağıthane. KAĞITHANE Kağıthane district appears to be the new center for office developments. Despite being located out of the Central Business District (CBD) of Istanbul, Kağıthane stands out with its rapid development in line with CBD, providing easy transportation ISPARTAKULE – BIOCITY

Istanbul will be established with

access. The district shelters significant

Rapidly developing in line with

beginning from Ispartakule to north-

office, shopping center and mixed-use

Bahçeşehir, Ispartakule district offers

side phase by phase.

developments in the pipeline. Most

large plots for new developments. The

particularly, old and large industrial

plots are mainly owned by Housing


sites in Kağıthane are suitable for new

Development Administration of Turkey

Seyrantepe – Ayazağa district

mixed-use projects and these plots

(TOKİ) and Emlak Konut REIT. Exclusive

particularly stands out with being in

are attracting a serious number of real

projects of significant developers in

close proximity to Maslak – Levent

estate developers. The district is likely

the district places Ispartakule at a

– Zincirlikuyu axis and providing

to be a secondary center for business in

premium. The new BioCity project will

easy transportation access. Having

the upcoming years, with a connection

certainly contribute to the district in

been located close to the city center,

to CBD through an underground route.

a positive way. Additionally, the Canal

industrial sites in Seyrantepe are

Istanbul project’s route (Küçükçekmece

owned by private entities or public


– Sazlıdere – Yeniköy) is in close

and planned to be transformed for


proximity. It is expected that the new

new developments. New projects

Drawing attention with it location

city to be developed around the Canal

of prominent local developers will

close to the city center and major



transport links, Zeytinburnu – Topkapı

spaces. However, the transportation

Bosphorus Bridge and the third airport

– Bayrampaşa district is rapidly

infrastructure of the district needs to

projects will definitely contribute to

developing as well. The transformation

be improved.

this popularity. The demand for single-

of industrial sites in the district has

family detached homes and duplex

significantly accelerated. Residential


apartments is expected to concentrate

projects developed for high-income


on the district.

groups have been realized in the

The third bridge’s connections to

district while tourism investments

Sultanbeyli, Alemdağ and Mevlana


are planned in the coastal line. The

neighborhoods is now becoming the

Güneşli – Basın Ekspres district

recently opened “Marmaray” project

main highway access roads of Asian

benefits from being in close proximity

would have a positive effect on the

side of Istanbul. Besides, the planned

to Atatürk Airport and linking TEM

district’s rapid development.

underground route between Üsküdar

and E-5 highways with easy access

– Taşdelen will improve the district’s

transportation. It is expected to draw


accessibility. A considerable number

more attention after the underground

Arnavutköy have become a main

of premium residential projects

route is completed. Mixed-use,

topic in the real estate agenda,

are already under development in

shopping center, hospitality and

after national-scale investments

Sultanbeyli – Taşdelen – Sancaktepe

premium residential projects are

concentrated on the district.


currently under development in

Particularly, Canal Istanbul and the

the district. The Basın Ekspres axis,

third airport projects have changed


particularly, holding a great potential

the destiny of the district suddenly.

A secondary center according to

to be a new center of attraction, when

Such large-scale projects are

Istanbul Provincial Environmental Plan,

the office supply and transportation

anticipated to be the main driving

Kartal becomes more attracting for

infrastructure is considered.

force of new investments and they

developers after public investments

will trigger the urban development

like the Justice Palace and the Public


in the district, which is expected to

Hospital. The district offers large-

Bomonti district is on the rise after the

inhabit a population of over a million

plots and easy-access transport links,

Piyalepaşa tunnels and linking roads

people. Land prices and transactions

encouraging developers for new

delivered. Beşiktaş and Kağıthane

in Arnavutköy have been increased

projects. Office buildings along the E-5

tunnels have also contributed to


highway and new residential buildings

the development of the district.

on the coastal line are currently under

Residential projects targeting high-

development in Kartal.

income groups are the popular real

ATAŞEHIR Developed following the housing

estate developments in Bomonti.

settlement in East Ataşehir, West


Additionally, a premium hotel brand

Ataşehir provides a significant supply

One of the earthquake-resistant

has recently opened a large-scale

of new housing stock. The planned

environments of Istanbul, Zekeriyaköy

hotel. The development of the district

“Istanbul Finance Center” project

– Uskumruköy district has already

has leaded the way for many real

will make a major contribution,

become a popular location for luxury

estate projects in Feriköy district. The

transforming the district into a trading

residential developments. The district

ministry and the municipality are also

center. A great deal of residential and

is now more appealing after it is

active in the district within the scope

office buildings are currently under

connected to the central business

of urban transformation plan.

development in Ataşehir, as well as

district through Sarıyer-Çayırbaşı

several retail and accommodation

tunnel road. Its proximity to the third



A SHINING STAR: TURKISH TOURISM SECTOR Turkey has already evolved into one of the countries that have a say in the world tourism industry. The country has managed to be listed among the top ten countries in the international tourism market both in terms of tourism revenues and the number of arriving tourists. Ömer Latif Yalçın, Licensed Appraiser-Branch Responsible TSKB Real Estate Appraisal Company



The tourism industry leads the fastest developing and growing industries in the world. With the removal of the borders, figuratively speaking, the world has started to get smaller and people have engaged to the tendency of travelling to even further distances. Currently, the tourism industry constitutes a significant part of the world’s gross domestic product. This dynamic industry, continuing to grow

2000-2013 Foreign Visitors To Turkey

despite the economic recession in the world, also poses as the driving force

foreign visitors in its area by 15% as

of 35 million. Turkish tourism has

for the other sectors.

compared to the previous year.

closed 2013 with an increase of 9.5% in respect of the number of foreign

European Region seems to be the

Turkey, which has started the

focal point of world tourism. The most

investment drives in tourism during

significant share in tourism, following

1980’s, has increased these even

According to the data received from the

Europe, is held by the Eastern and Asia/

further during the 2000’s and has

Atatürk and Sabiha Gökçen Airports,

Pacific Regions. Other than these two

evolved into one of the countries

and Haydarpaşa, Pendik and Karaköy

regions, the South and North America

that have a say in the world tourism

ports; an increase of approximately

region takes the 3rd largest share.

industry. The country has managed to

12% is observed in the number of

Thus, it can be concluded that the

be listed among the top ten countries

foreign tourists coming to Istanbul in

world tourism is concentrated around

in the international tourism market

2013, compared to 2012. The number

three economically developed regions

both in terms of tourism revenues and

of foreign tourists coming to Istanbul

with high levels of income.

the number of arriving tourists.

has exceeded 10,000,000 for the

visitors, at a level of 34.8 million.

first time. According to the tourism During the last three years, the Turkish

While the number of tourists visiting

statistics; 31% of the foreign tourists,

tourism sector has been influenced at

our country was around the level of 10

who have visited our country during

the minimum level from the regional

million at the beginning of the 2000’s,

the 11 months’ period over January –

instability, experienced due to the

this figure has now reached the level

November, have come to Istanbul.

economic developments in the world, Europe and the Mediterranean region, and positive growth figures have been achieved in 2013. While the number of foreign visitors in countries, which are competitors of Turkey, such as Spain, Egypt and Hungary, where economic and political instability is experienced, Turkey has been able to increase the number of

2000-2013 Foreign Visitors To Istanbul




number of visitors from the Arab

20 billion in Turkey with respect to


countries was approx. 700,000 in

tourism revenues in 2007, has reached

The accommodation facilities in

2009, this figure has reached 1 million

USD 32 billion in 2013, by an increase

Istanbul offer 63,813 rooms and

680 persons in 2013. It is a fact that

of nearly 60%.

132,294 beds in total. With the

the hotel capacity within the scope

increasing number of foreign visitors

of urban hotels in Istanbul, which

It is aimed for the number of visitors

and international organizations every

especially attracts attention by its

to reach 37-38 million and the tourism

year, Istanbul poses as a significant

historical heritage, has increased over

revenues to be USD 35 billion in 2014,

market for hotel investors. The bed

the past 10 years and the interest has

while the goal for 2023 is 50 million

capacity in Istanbul in general, which

increased along with the attractive

tourists and USD 50 billion in tourism

is low compared to major European

rated at the facilities in operation. It


cities, has increased at an accelerated

is advised that the current total bed

level with the hotel investments made

capacity in Istanbul is around 150,000

In our country, which has evolved into

in the recent years. Approximately

persons, but that this figure will reach

a center of attraction for foreigners

84% of the total bed capacity is on

around 200,000 once the facilities that

with the increasing number of tourists

the European Side. Hotel investments

are under construction are taken into

and tourism revenues over the past 10

on the Anatolian Side have been


years, the foreign hotel management

accelerated over the recent years, and

groups that are operating are Marriott,

16% of the hotels are on the Asian

During the first 6 months of 2013, the

Hochtief, Hyatt, Hilton, Kempinski,


number of foreign visitors coming

Mövenpick, Four Seasons, Wyndham,

to Istanbul has increased by 16.8%

Barcelo, Carlson, Viceroy, Mandarin

The average occupancy ratio of 5-star

as compared to 2012 and reached

Oriental Group, Raffles, Jumeriah,

hotels in Istanbul is at the levels

4,941,118. Among the foreigners

The Edition, Shangri-La Hotels, Le

of 75-80%. Meanwhile, the hotel

visiting Istanbul during the first half

Meridien, Inter Continental Hotel

accommodation prices vary from 60

of the year, the largest share is held by

Groups and Accor.

Euro to 350 Euro, depending on the

Germany with 11%, followed by Russia

hotel concept.

with 6%. During 2013, Istanbul has

There are also local hotel groups

achieved 68% average occupancy ratio

in Turkey carrying out their own

In 2013, 20% of the visitors coming

and average daily room sales figures of

operations, such as Dedeman, Divan,

to Istanbul have been from the

EUR 160.

The Marmara, Princess Hotels and

nearby Gulf and Arab countries and neighboring countries. While the

Swiss Hotel. The revenues that were around USD The leading destinations preferred by tourists coming to Turkey are primarily the Antalya region and the southern coast, and Taksim, Sultanahmet, Beşiktaş and Atatürk Airport regions in Istanbul and areas in the close vicinity of Istanbul. In 2013, Antalya has ranked first in respect of the foreign visitors coming to touristic centers, by 11.1 million persons. Antalya is followed by Istanbul by 10.5 million visitors. 2013 Foreign Visitors (Million Person)



When we look at Antalya in general, the total bed capacity at the tourism facilities is around 470,000, and the number of rooms is around 220,000. When the facilities currently under construction, having a bed capacity of around 70,000, are taken into operation, the bed capacity will exceed 500,000. A majority of the facilities in the Turkey Tourism Income (Billion USD)

region are serving during the AprilNovember period, and the bed-sale


40,000 persons. In the region where

concept is applied in the region in


the best examples of resort hotel


Antalya holds 30% of the market

management and the ‘all-inclusive’

share of foreign visitors coming to

system may be found, the bed

The bed occupancy ratios in the

Turkey. In the market share of visitors

capacity in the province in general is

province in general are 75-80%

coming to Antalya, tourists from the

around around 470,000 persons, with

on the average, while the bed sales

Russian Federation and Germany

the facilities built during the recent

average is 45-50 Euro/bed.

emerge to the forefront.


In Antalya, the shining star of the

It is observed that nearly all of

Hillside Su Hotel, Dedeman Hotel,

Mediterranean receiving increased

the facilities on the seafront in

Sea Life Hotel, Kemer Resort’s Hotel,

interest over the years, the number of

the Antalya province are serving

Club Magic Life Kemer Imperial Hotel,

foreigners who have come to visit and

primarily in the 5-star, ‘all-inclusive’

Manavgat Seven Seas Hotel, Asteria

chosen settled life has now exceeded


Elite Resort Hotel, Euphoria Palm

During the last 1.5 years, Adam&Eve,

Beach Holiday Village, which are among facilities of high recognition in the Antalya region, have changed Turkey














With the increase in the targeted








number of visitors in 2014, and








considering that a number of the








facilities that are under construction








in the Antalya region will be taken








into operation in 2014, it is believed








that the interest in the region will also








continue in the coming years.

































The number of tourists coming to Turkey and Istanbul



A VALUABLE SALES TOOL: RENDERING The real estate business is becoming complex and challenging. Thus, renderings are valuable sales tools helping real estate companies to visualize their project better.

Mustafa Tutar Owner, Saydam Tasarim Architectural Renderings & Animation We have established Saydam Tasarim

Marketing / Sales – 3D visualizations

and developments because of an

in 2006 with the goal of ensuring

enhance marketing by giving viewers

uncertainty in their final appearance.

the project design is visualized as

an eye-catching view of a project in

3D visualizations take such uncertainty

imagined for all actors of a project

multiple forms of media, including

away and give officials more

including architects, sales teams, and

television ads and website videos.

confidence in bidding in a project’s


favor. Communication – 3D visualizations

Architectural visualization or 3D

give viewers the ability to easily

As a result quality of projects and

architectural renderings are the

understand the most complex projects

perception of projects can be

products of a process converting

without having to know how to read

increased by the strategic use of 3D

an architectural design into three

architectural drawings.

visualization, especially if potential

dimensional virtual models prior to construction.

customers / investors seem skeptical Appeal in Community – Stunning,

about a particular project or location of

photo-realistic visualizations improve


The result is a virtually rendered 3D

a project’s elegance and style with the

image or a 3D movie.

use of high-resolution billboard prints.

The real estate business is becoming complex and challenging. Renderings

A part of architectural rendering

Reduce Construction Costs– 3D

are valuable sales tools helping real

or architectural visualization, 3D

visualizations enable contractors to

estate companies to visualize their

architectural rendering is a step

understand projects better and take

project better.

forward in representing the real-like

the guesswork out of bidding. Without

project, depicting the project design

the uncertainty, contractors don’t have

Please feel free to contact us for the

before it is completed.

to overbid projects.

best advices on visualization services.

With the use of architectural renderings, real estate companies

Approval of Government– Many

benefits from;

local governments reject buildings








EMAAR SQUARE DEVELOPER: Emaar Türkiye LOCATION: Çamlıca-Üsküdar/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: Developed by Emaar Turkey, Emaar Square will comprise over 1,000 luxury homes, a 180 room five star hotel, a 40,000 m2 office building, and a shopping centre, the largest in Turkey. The shopping centre will offer city dwellers a world class shopping and leisure destination with over 150,000 m2 of GLA. The project in Çamlıca is scheduled to be completed by the end of 2015.

ZORLU CENTER DEVELOPER: Zorlu Real Estate Development LOCATION: Zincirlikuyu/Istanbul STARTING AND COMPLETION DATES: 2011-2013 PROJECT FEATURES: Zorlu Real Estate has invested 2.5 billion Dollars in a major real estate project in the very heart of Istanbul, to be completed by 2013. Zorlu Group started th ZC journey in order to add an everlasting value to the future of Istanbul. Together with Emre Arolat - Tabanlıoğlu Architecture Group, residences, shopping mall, Raffles Hotel, performance&arts center and offices are combined. 50,000 m2 closed area and 3,000 people capacity performance&arts center is a masterpiece.

MALL OF ISTANBUL DEVELOPER: Torunlar REIT LOCATION: Başakşehir/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Located in Başakşehir district of Istanbul, Mall of Istanbul by Torunlar REIT is an ambitious mixed-use project featuring 1,092 residential units, a shopping centre with a GLA of 154,000 m2, 180 office units, a 12,000 m2 theme park, and a five-star hotel. With TRY 1,1 billion investment, the project will be completed in 2014.


VIA/PORT VENEZIA DEVELOPER: Via Properties, Gürsoy Investment LOCATION: Gaziosmanpaşa/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: The very first project of Bayraktar & Gürsoy Investment partnership, Via/Port Venezia is a mixed-use project located on a 82,000 m2 of land in Gaziosmanpaşa district of Istanbul. Designed in reference to the city of Venice, the project comprises of 2,000 luxurious residential units, a shopping centre with a 71,000 m2 of GLA, and 25,000 m2 thematic office spaces.

VADISTANBUL DEVELOPER: Artaş-Aydınlı-Keleşoğlu – AFK Joint Venture LOCATION: Istanbul/ Turkey STARTING AND COMPLETION DATES: 2013-2015 PROJECT FEATURES: Developed jointly by Artaş, Aydınlı, and Keleşoğlu Construction in Ayazağa district of Istanbul, Vadi Istanbul is an ambitious project comprising of 3,111 residential units, a 55,000 m2 shopping centre, a 28,000 m2 shopping street on a 700-meter street, 240,000 m2 of office area, and both 5 and 4-star hotels. Planned to be constructed in two phases, the project is scheduled to be completed in 2015.

TEMA ISTANBUL DEVELOPER: MESA, Artaş, Öztaş, Kantur-Akdaş Joint Venture LOCATION: Atakent/İstanbul STARTING AND COMPLETION DATES: 2011-2015 PROJECT FEATURES: Tema Istanbul is a mega mixed-use development project that will alleviate the forces and stress on the metropolitan center of Istanbul by creating a sub-center in the West. The project will consist of different functions on a land surface of 1.5 million m2. Housing, shopping, hotels, entertainment and recreational facitilies are the major aspects involved, aimed to contribute to Istanbul becoming one of the World capitals in business and leisure. The cost of this symbolic project investment is estimated around 2 billion US $.




QUASAR DEVELOPER: Viatrans A.Ş. - Meydanbey JV LOCATION: Mecidiyeköy/Istanbul STARTING AND COMPLETION DATES: 2012-2015 PROJECT FEATURES: Quasar Istanbul is the first meta-luxury real estate project in Turkey, aims to be the best center for arts, culture and fashion in Europe and Asia. The project, presents first of the globally renowned Fairmont Hotels, Fairmont Residences, the world’s first branded Fairmont Offices and the exclusive Quasar Residences in Turkey, designed by Marcel Wanders and managed by Fairmont Quasar Istanbul. The most valuable ever Swiss real estate investment in Turkey is developed on the land of an ancient Liqueur Factory, historically designed by Robert Mallet Stevens, which will be reconstructed as a contemporary centre of culture, arts and fashion.

FOLKART TOWERS DEVELOPER: Folkart Construction LOCATION: Bayraklı/Izmir STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Folkart’s new project, Folkart Towers, is located in Bayraklı district of Izmir, which has recently been introduced as the new business centre of Izmir. 46 floors featuring a sports complex, a shopping centre, an office and residential floors. Office spaces will be located in the upper floors, while shopping areas are planned to be in the ground floors.

AKASYA ACIBADEM DEVELOPER: Saf REIT LOCATION: Acıbadem/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: The Akasya Meydan is located at the south entrance of the shopping mall and offers visitors extraordinary event services within Akasya, the new meeting point of the city. It is an open-air space that acts as an integral part of the shopping mall. Akasya Park provides visitors with a rejuvenating resting area right in the middle of Akasya. KidZania is the first established edutainment center in the world to provide children aged 4-14 with opportunities to prepare for the real world, by allowing them to role-play adult activities and professions. Standing out with its architectural features, Akasya Gurme hosts various restaurants and delicatessen shops, which offer distinct tastes from around the world.


NUROL PARK DEVELOPER: Nurol REIT LOCATION: Güneşli/Istanbul STARTING AND COMPLETION DATES: 2013-2016 PROJECT FEATURES: Accurately reading the lifestyle of the future, particularly the metropolis needs, and carrying out its projects with “Investment for Life” insight, Nurol REIT put Nurol Park, its mixed project at Istanbul Güneşli, up for sale. Constructed on an area of 55,000 m2, the project will include total 1,118 housing units, approximately 70 street stores as well as an office block and hotel on an area of 22,000 m2. There will be 154 residences, 84 lofts and 880 tower flats. The project contains housing units with different alternatives from 1+1 to 4+1.

BIO ISTANBUL DEVELOPER: Bio Istanbul Project Dev. and Inv. Inc. LOCATION: Başakşehir/Istanbul STARTING AND COMPLETION DATES: 2014-2016 PROJECT FEATURES: The project is designed to create a wholly integrated community with an unparalleled level of infrastructure and amenities. Istanbul Children’s Hospital, Innovation Campus and Bio University are the focal points of the knowledge-based community. The development includes distinct residential communities, built around courtyards and gardens within secure grounds, and neighborhood amenities comprising a vibrant ‘downtown’ area centered around a lively pedestrianized streetscape of retail and commercial outlets. The buildings are low-rise, with underground private parking facilities and extensive play areas in safe, car-free zones.

42 MASLAK DEVELOPER: Bay Construction LOCATION: Maslak/İstanbul STARTING AND COMPLETION DATES: 2010-2014 PROJECT FEATURES: 42 Maslak project is structured on a 250 meter long block and this mixed project consists of two towers of 42 floors , 4 concepts and five different living areas. 472 Residences, 16 Penthouses with skypools and 8 meters ceiling height, 8,000 m² A++ Flat Offices, 11,300 m² A++ Multi-Offices (Home Offices), A five stars 200 room Business Hotel, 32,000 m² City Mall which have Shops, Restaurants, Bars and Art Center. 42 Maslak has officially got the Leed Platinum Level Green Building certificate for the Flat Offices.




GREENIST DEVELOPER: Saray Döküm LOCATION: Güneşli/Istanbul STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: The Greenist Project, located next to sister project of Hilton Garden Inn Istanbul Airport Hotel (opening Fall 2014) and Güneşli Park, is composed of 174 independent units varying from 75 m2 to 350 m2, nesting 1+1, 2+1, 3+1 and 4+1 apartment houses, having spacious fitness facilities with indoor and outdoor swimming pools, surface and terrace gardens, large landscape pools, playgrounds etc. The 220 room Hilton Garden Inn Istanbul Airport Hotel is recognised with the “Encouragement of Investors Award” by the leading ecological and environmental protection association, ÇEDBİK, recently.

SPINE TOWER DEVELOPER: Tilaga LOCATION: Maslak/Istanbul STARTING AND COMPLETION DATES: 2009-2014 PROJECT FEATURES: Spine Tower offers all sweeps of the Bosporus which connect the Marmara Sea with the Black Sea, the dark green shade of Belgrade Forests and the renovated city with a scenic from Levent to Pera with a visual angle up to 360 degrees to the individuals who prefer to work at Maslak, the new center of İstanbul and rising asset of the business world. 57-storey high rise tower covering an indoor area of 138,000 m2 in total contains 29 office floors covering 42,000 m2, 109 residences and 5,000 m2 commercial area.

ISTANBLOOM DEVELOPER: Esin Construction LOCATION: Zincirlikuyu/Istanbul STARTING AND COMPLETION DATES: -2014 PROJECT FEATURES: Located in Zincirlikuyu district of Istanbul and bringing nature and business life together through six court gardens, the Istanbloom project by Esin Yapı is consisting totally of 46 floors with 170 housing units, 4 for penthouses and 4 for office floors. With office areas of around 9, 700 m2, the project has the possibility of constructing modular office areas.


PALLADIUM TOWER DEVELOPER: Tahincioğlu Real Estate LOCATION: Ataşehir/Istanbul STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Palladium Tower by Tahincioğlu Real Estate is an A-class office building, with 43 floors. Designed in accordance with Feng Shui system, the project offers 55,000 m2 of leasable area, as well as a 150-person lounge, 11 meeting and seminar rooms, a sports centre, an leisure areas. A LEED Gold certificate nominee project is located in Kozyatağı district of Istanbul, next to Palladium Shopping Centre, and it is scheduled to be completed in the third quarter of 2013.

AKBATI DEVELOPER: Akiş REIT LOCATION: Esenyurt/Istanbul STARTING AND COMPLETION DATES: 2007-2011 PROJECT FEATURES: Akbatı was designed as a shopping mall by the world famous Development Design Group DDG. Akbatı, whose modern design,inner gardens, and galleries reflect the best qualities of contemporary urban living, brings one of Istanbul’s largest shopping malls together with two integrated residence buildings featuring 350 apartments and top-notch amenities. Akbatı has been designed and constructed as a life center which would upload the sense of quality and comfort with its shopping mall and residences.

LAPIS HAN DEVELOPER: Gürallar Construction LOCATION: Kartal/Istanbul STARTING AND COMPLETION DATES: 2013-2014 PROJECT FEATURES: It’s an office project. High visibility and prestige of Lapis Han which is located on E-5 (highway) right in front of the metro station in Kartal. The project has 700 meters from both Kartal Education and Research Hospital and Europe’s biggest Courthouse built on an area of 6,897 square meters with a construction area of 32,000 m2. The construction of Lapis Han with the plan of 160 offices and 26 stores. Areas from 57 m2 to 216 m2, that can be combined with one another, moreover 3,000 m2 of offices in the project’s area of social reinforcement.




ÇUKUROVA TOWER DEVELOPER: Çukurova Real Estate LOCATION: Kartal/stanbul STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: Çukurova Tower by Çukurova Real Estate is located on 7,068 m2 of land in Kartal and comprises of 253 residential units. Designed by Tago Architecture, the project stands out with environment-friendly building materials, large green areas, and leisure areas Çukurova Tower is scheduled to be completed in October 2014.

MANDARIN ORIENTAL DEVELOPER: Astaş Holding LOCATION: Cennet Koyu (Paradise Bay)-Bodrum / Muğla STARTING AND COMPLETION DATES: 2011-2014 PROJECT FEATURES: Astaş Holding, is developing a new project with a 600 million Euro investment, managed by Mandarin Oriental Hotel Group, in the Türkbükü district of the Bodrum Peninsula. Mandarin Oriental, Bodrum offers 82 exclusive guestrooms and 20 suites with panoramic views over the Aegean Sea and designed for guests with refined tastes. Offering a luxurious paradise for owners, The Residences at Mandarin Oriental, Bodrum include 98 villas and 116 residences.

NEF MERTER 13 DEVELOPER: Nef LOCATION: Merter/Istanbul STARTING AND COMPLETION DATES: 2014-2016 PROJECT FEATURES: Located right in between 9 of Istanbul’s universities and within walking distance of the city’s primary transport artery and subway, Nef Merter 13 consists of four housing blocks, each with 14 storeys, and one 13-storey home-office block. With the shopping and dining area designed on the concept of a public square in the shape of an inner courtyard, Nef Merter 13, designed by the world-renowned architectural group ADDON+, is set to inject a breath of fresh air into the area, for the benefit of the residents of the project and the region in general.


NEF ATAKÖY DEVELOPER: Nef LOCATION: Ataköy/Istanbul STARTING AND COMPLETION DATES: 2014-2017 PROJECT FEATURES: Nef’s new project in the city center, in the region of İstanbul-Ataköy, where the education, service and commercial industries are heavily concentrated, is to commence sales in 2014. Designed by the world-renowned architectural firm HOK, the project, consisting of one 16-storey office block and five 19-storey residential blocks, will answer the needs of a broad clientele with its apartment, dorm, residence and office concepts.

RÖNESANSBIZ MECİDİYEKÖY DEVELOPER: Rönesans Gayrimenkul Yatırım (RGY) LOCATION: Mecidiyeköy/Istanbul STARTING AND COMPLETION DATES: 2012-2013 PROJECT FEATURES: As a Class-A office building, RönesansBIZ Mecidiyeköy brings a remarkable freshness to the area with its well-organized spaces and its efficient functionality. The building has an easy access to public transportation, including subway, metrobus and buses. Consisting of 8 office floors and 3 parking levels, the project offers an airy space to the tenants with its courtyard and balconies at multiple locations throughout the building. With a total construction area of 22,770 m², RonesansBIZ Mecidiyekoy Office Building is a LEED Gold achiever as of 2013.

INCEK LIFE DEVELOPER: Sinpaş REIT LOCATION: Incek/ANKARA STARTING AND COMPLETION DATES: 2012-2014 PROJECT FEATURES: Located on a 150,000 m2 of land in Ankara, the ambitious residential project, Incek Life, is being developed by Sinpaş REIT. The project comprises of 448 residential units and 38 villas offering 22 different options in size, and it is scheduled to be completed in August 2014. Designed in reference to the Turkish architecture in Republican Era of Turkey with large green areas, Incek Life offers leisure, safety, prestige, and comfort together.





ÆRIUM Founded in 2003, ÆRIUM is an independent pan-European real estate investment manager, headquartered in Luxembourg, with offices in London, Paris, Geneva, Dusseldorf and Istanbul. With over $8 billion under management throughout Europe and Turkey, ÆRIUM ranks amongst the leading independent platforms in Europe. Anthony Khoi

Yağmur Yaşar



ÆRIUM has launched 16 closed-ended funds since 2003 with a

Aerium Turkey

Aerium Turkey

record of out-performance, and also manages separate account mandates for long-term institutional investors. Acquisitions to date total over 660 assets across Europe and Turkey,


with a typical asset size of between $30 million and $150 million.

Hakkı Yeten Caddesi, Terrace Fulya Center 2, D:40, Teşvikiye, 34365, Şişli Istanbul, Turkey

In 2005, Ærium became one of the first foreign investors to purchase Turkish commercial properties.

P +90 212 215 50 95 F +90 212 215 50 96

Despite a global financial crisis, Ærium has achieved an exceptional track record and has found unrivalled success in managing and


developing its portfolio of properties through proactive asset

49 Grosvenor Street W1K 3HP London, UK

management strategies.

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In 2014, Ærium employs over 100 people that manage $800 million

F +44 207 838 7858

in property, with an additional $3 billion under development. Ærium has proven it is not only a market pioneer, but also a leader and

expert in Turkey’s shopping centre sector.



CEFIC Operating in Europe since 1986 and in Turkey since 1994, CEFIC is active as a consulting firm supporting its clients in investment, development, design, leasing, property and facility management as well as sales, marketing & promotion of shopping centers and commercial properties. Anthony Khoi

Arda Taşarkan

Nihat Evcimen

CEFIC is operating with an international know-how and tailored



Finance &

solutions to strongly support investors, developers and tenants for



the most efficient results in growth and added value.


Director With its team of 85 professionals, CEFIC manages over 700,000 m2 GBA of shopping centers and commercial properties in Turkey.

Ihlamur Yıldız Cad. No:8 Toprak Centre A Blok

Its deep market knowledge and experience have established CEFIC

4.Kat Beşiktaş, Istanbul, Turkey

as the leading expert in its field in Turkey. CEFIC is highly recognized by the industry with one of the best track records for accomplished

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achievement during the past 20 years in the Turkish market.

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CEFIC continues to strive for excellence and performance in the art

of shopping center leasing and management.



ECE TÜRKİYE ECE Türkiye is an investor and full-service provider specialized in all aspects of SC development, architectural design, planning, project management, leasing, center management, budgeting, finance and legal services. Founded in October 2000, the company currently operates some of Andreas

Nuri Şapkacı


the most prestigious shopping centers in Turkey, such as Marmara Park,




MetroCity, Maltepe Park, CarrefourSA Bahçepark, Neomarin and Beylikdüzü




Migros in Istanbul, ANKAmall and Acity in Ankara, Antalya Migros and




Terracity in Antalya, CarrefourSA Karşıyaka in Izmir, and Espark in Eskişehir.


At the same time, ECE Türkiye continues its expansion with new projects


and refurbishments in the growing Turkish market. The construction of the new development project in the heart of the western Anatolian city Afyonkarahisar is going to start at the beginning of March. Park Afyon SC will comprise a leasable area of 42,000 m2 on four levels. It will include approx. 160 specialist shops, a hypermarket, restaurants, cafés, a food court and a movie theater with ten screens. ECE Türkiye is responsible for the conceptual design, leasing and the long-term

Fulya Durak

Marcus Eggers





By 2015, ECE Türkiye and Akasya Group will realize Akasya Park Ümraniye


SC in Istanbul. Together with the directly adjacent CarrefourSA Ümraniye

management of the center.

SC, the project will become one of Istanbul’s largest retail destinations with a total of 240 stores on a total leasable area of around 100,000 m². Defterdar Yokuşu No.3 Tophane, 34425 Karaköy, Istanbul

Park Vera SC in Ankara with a leasable area of approx. 40,000 m² is under construction. Located next to each other on the arterial “Istanbul Road”,

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Acity and Park Vera SCs will generate “one unique retail destination”

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in Yenimahalle-Ankara. With the opening of Park Vera in fall this year, both centers will reach together to 89,000 m² leasable area offering a

complementary branch and tenant mix for their customers. In order to position itself successfully in the growing competition in the Turkish capital and to maintain ANKAmall’s attractiveness, ECE Türkiye together with its project partners Yeni Gimat REIT and Migros A.Ş. is realizing a comprehensive modernization of the shopping center, which was opened in 1999. The refurbishment is planned to be completed by 2015. ECE Türkiye is the Turkish subsidiary of the ECE Group. With its nearly 50 years of experience, the German ECE Group is the European market leader with 189 shopping centers under management.



EKSPERTIST PROPERTY INVESTMENT & CONSULTANCY Ekspertist Real Estate, is a company focused on land development issues in the Marmara region, and in particular Istanbul, Turkey. LAND DEVELOPMENT AND CONSULTANCY Whilst carrying out our land development works, Ekspertist Property has developed an infrastructure of Geographic Information, a System Bekir Cantemir

that is used to track public/private sector investment and planning

Founder &


Chairman In the development of this program and especially in the Istanbul and Marmara Region, big investment projects (bridges, airport etc.) by The Turkish Government, we have collated all the information and can access any queries through same coordinated system. In addition, all the Marmara Region Environmental plans, scaled 1/25.000, Master Reconstruction plan scaled 1/5.000 and Application Fatih Cantemir

Faruk Daşar

Nuran Kılıç

Reconstruction plans scaled 1/1.000 are also connected and available

Director of

Director of


within this same coordinated system.

Real Estate






In the program developed by Ekspertist Real Estate, technical data is a legal, accurate and a reliable source of information. Therefore, as a company our strength lies in having this legal and

Muhittin Üstündağ Cad. No: 11

technical data to hand, so on your behalf we can evaluate and ensure

Koşuyolu, Kadıköy, Istanbul

market conditions are appropriate for your Investment.

P +90 216 428 11 00


F +90 216 428 11 01

Research of Real Estate left to you by your ancestors, or Ottoman title deeds left from the Ottoman periods can all be investigated in

this same framework, by taking into account your family’s property

ownership history, and with your best interest in mind, solutions are created for any legal or technical issues that may be encountered. Real estate which you own the title deed for, are normally recorded in the land register, but if these records are obsolete, they may be used on behalf of the public in a government project, and be processed in town planning. So in order for your lost real estate to be brought forth, legal and technical issues will need to be resolved and therefore returned to your rightful ownership or, to achieve a financial gain by being sold… Trust ‘Expertist Real Estate’ who will perform all these services and ensuring your best interest.



ENTEGRE PROJECT MANAGEMENT & CONSULTANCY ENTEGRE is one of the leading Development Consultancy and Project Management Companies in Turkey and provides services to its clients with utmost care of customer satisfaction. ENTEGRE is a wholly independent management and consultancy firm whose main target is to provide Project Management Services in order to secure clients’ objectives in the projects. ENTEGRE supports international major developers, financiers in order to develop outstanding valueKemal OKUMUS

added projects. Since 2003, ENTEGRE has a professional expert

MRICS, President

staff of over 100 engineers/architects with extensive experience in office, hotel, residential, shopping center, industrial and technologic facility projects. ENTEGRE’s main aim is to secure client’s objectives in the projects it takes place. ENTEGRE coordinates the activities of designers, consultants and trade contractors and acts as the single point of contact between them and client’s Project Representative. ENTEGRE believes in “Lean Thinking” to improve Project Management, Implementation Efficiency and use industry best practices in the




application of its key skills to achieve overall success. In addition,

Director of

Director of


ENTEGRE gives “Green Building” certificate services (LEED or BREEAM)



Project Coord.

and generates innovative, environmentalist solutions. Entegre Services • Project Management • Construction management • Technical Due Diligence • Design Management • Entegre Plus Green Project Management

Bülent ÖZKAN

Argun YUM








E5 Ankara Asfaltı Halk Sok. No.56 Sıddıklar İş Mrk. K.4 Kozyatağı, Istanbul P +90 216 355 26 50

• Cost Consultancy



GYODER GYODER, was established in 1999 for the purpose of encouraging the development of the newly booming real estate industry in Turkey. As “The Real Estate Platform of Turkey” that collects all sub-sectors under the same roof, GYODER added “Real Estate” definition to its brand name in April 2013 and became “The Association of Real Estate and Real Estate Investment Companies”. Aziz Torun Chairman

Today, GYODER has nearly 300 corporate members ranging from project developers, consulting companies, REICs to appraisers, constructing companies. GYODER works to foster real estate standards and generating

Cumhuriyet Caddesi Pegasus Evi No:48

cooperation between all local authorities, relevant state bodies, private

Zemin Kat C Elmadağ/ Taksim, Istanbul

institutions, academics and NGOs, in shaping quality environments and exchange of information among them. As a common voice of the real

P +90 212 282 53 65

estate industry, it contributes to the improvement of the legislation

F +90 212 282 53 93

regulating the real estate sector such as Law on the protection of the consumer, zoning plans, communique on REICs, VAT Law, Reciprocity Law,

Corporate Tax Law and Regulation on Energy Savings in Buildings. GYODER aims to make real estate more institutional by creating reliable data and knowhow. It releases annually reports on Turkish Real Estate Sector. GYODER organizes along with Capital Markets Board of Turkey and Istanbul Stock Exchange workshops on IPO’s of REICs and analyst meetings with the Association of Capital Market Intermediary Institutions of Turkey. It publishes monthly new home price indices along with Turkish Real Estate Summits, organized annually by GYODER since 2000, have become sector’s traditional meeting and idea sharing events with their international participants. Since 2009, GYODER had been organizing Turkey’s primary regional real estate and investment fair. GYODER organizes “Developing Cities Summit” in order to present investment opportunities in developing cities in Turkey to sector representatives and national and international real estate investors. To spread the awareness on Turkey, an international road show starting in the UK has been planned by GYODER in cooperation with the Investment Support and Promotion Agency of Turkey (ISPAT). First Road Show was held on November 2012 in London. GYODER is also representing the Turkish Real Estate Sector in foreign associations, institutions, exhibitions, fairs and conferences with globally known EPRA, NAREIT, MIPIM, Cityscape Global, ULI, Barcelona Meeting Point and Expo Real.



HERGÜNER BİLGEN ÖZEKE ATTORNEY PARTNERSHIP Hergüner Bilgen Özeke is one of the largest law firms in Turkey, representing major multinational and local corporations and persons, as well as international and multilateral financial institutions and agencies. Hergüner is a full-service law firm, with major practice areas that include corporate law; mergers and acquisitions; banking and finance; capital markets; project finance; Serkan Gül

Tolga Danışman

competition law; intellectual property; information technology and



telecommunications; energy and infrastructure; dispute resolution


Resolution Partner

and arbitration; real estate; aviation and transportation.


specialized in Real

in Real Estate

Estate matters


Hergüner is a “Standout,” and an award winning firm for real estate. The firm represents the world’s leading international retailers, real estate funds and developers based in the USA, Europe and UAE and local players in development projects, including large-scale

Süleyman Seba Cad. Sıraevler 55, Akaretler, 34357

shopping centers, offices, residential complexes, urban regeneration

Beşiktaş, İstanbul, Turkey

projects, city-size tourism facilities and commercial leases. The firm’s client portfolio is extensive, including Pramerica, Wafra,

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VastNed, Merrill Lynch, Prime Development Union Invest, ECE, Metro

F +90 212 310 18 99

Asset Management, Aerium, Extensa and ADIA.

The real estate team has significant experience in port development and acquisition projects and has been assisting DP World and APMT.

The team’s transactional experience is diverse and unique, forged especially by structuring acquisition and development mechanisms for commercial projects. Since 2003, the team has been assisting Tesco Plc and its local subsidiary in acquiring real properties in cities throughout Turkey to build and develop hypermarkets.



KONUTDER Housing Developers and Investors Organization (KONUTDER) was found on 9th June 2011 by 16 big housing producers of Turkey and 47 real persons representing these producers. KONUTDER members, who play an important role for producing branded residences in a considerable amount in Turkey, have put their signature under building over 200 thousand residences so far. The member companies of KONUTDER who Ömer Faruk

provide approximately 3 billion dollars per annum for Turkish economy


provide employment opportunity to approximately 30 thousand people


directly or indirectly. KONUTDER was found as a platform that will make the sound of this

Ömer Avni Mah. İnebolu Sok. Dünya Han No: 15/3

sector louder and that eliminate all complications for a healthy growing.

Setüstü Kabataş Beyoğlu-Istanbul Turkey

While housing sector has made a lot of progress with the projects developed within each period, it also faces so much trouble including

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the structural or cyclical problems. The solution of the troubles requires

F +90 212 245 05 64

a broad-based partnership. KONUTDER take the required steps to overcome these troubles, act commonly with share holders and make

attempts to provide the appropriate conditions that mean maximum

benefit for all consumers. KONUTDER have been a respectable nongovernmental organization in which specific companies that make business in this sector, have common goals and share common troubles are banded together for the first time. We have started to handle the issues that we cannot solve individually and that make acting together mandatory. We think that the development for civilized living areas is possible with corporate and professional investors and that there is a requirement for providing a consistent and sustainable investment ambience for this to happen. And we also are aware that one or two bad examples which are among the companies making business in this sector may provide a huge loss of trust and damage to this sector. So we intend to become a specific structure where the housing developer and investor companies have self discipline and also where these structures make all specifications comply with minimum quality standards without the necessity of public intervention for both short and long terms.



METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate entity of METRO GROUP. The company combines comprehensive retail competence with extensive expertise in real estate and consistent execution. When it comes to investing in developing, and managing modern retail and wholesale locations, METRO PROPERTIES is the partner of choice. Eyüphan

Osman Koçak


The company is committed to contributing to the success of its




clients and adding value to the customers and manages to be the



Head of Centre

sales divisions’ landlord and solutions provider at the same time.


This is what is meant by DRIVING REAL ESTATE VALUE. The core


responsibility of METRO PROPERTIES Turkey is to enhance the value of its real estate assets in the long term through active asset and strategic portfolio management. METRO PROPERTIES acts as a Real Estate Solution Provider and Investor for the expansion of METRO GROUP Sales Lines from scratch to completion. From new builds to conversions, from modernisations İlker Aydın


Avni Ulusoy

to extensions, from own investments to 3rd party projects: METRO

Head of


Head of

PROPERTIES Turkey offers its customers turnkey solutions for retail


Head of


property. The service range also includes the management and

& Asset

Finance &


leasing of shopping centers.


Administration METRO PROPERTIES TURKEY PORTFOLIO A total land of 1,174,464 m2 A total leasable area of 462,905 m2 , of 161 stores Total car park area for 21,298 vehicles, 9 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep, Izmit, Konya, Istanbul Kartal and Merter 20 METRO Cash&Carry stores

Deniz Tolunay

120 employees nationwide


6,000 people employed across all centers.

Head of Legal Affairs Division Marmara Forum Garden Office Kat :3 Osmaniye Mah. Çobançesme Kosuyolu Bulvarı No:3 PK 34146 Bakırköy/Istanbul P +90 212 454 43 00

F +90 212 451 07 41



PAKSOY Paksoy is a leading law firm in Istanbul, focused on helping clients in a wide range of legal areas and acting for the leading global investors and strategic players in their transactions, or projects, investigations, compliance issues and disputes. Since its inception in 1997, Paksoy stands as one of the strongest local legal brands in Turkey with a senior team of lawyers working on major transactions, Serdar Paksoy

Elvan Aziz

Senior Partner

Partner specialized in

investments, real estate projects and disputes.

Real Estate Matters

Paksoy handles a wide variety of real property transactions

including all aspects of joint ventures, the sale and purchase of land, long-term leasehold contracts, construction loans and leases of residential and commercial properties. Paksoy real estate team’s practice covers land development and due diligence for foreign and domestic clients investing in Turkey, as well as advising many clients who provide loan facilities to real estate developments. Paksoy’s experience also covers all aspects of PPP investments

Zeynel Tunç

such as project contracts, permits and authorisations, public, or

Partner specialized in

administrative law, litigation, and regulatory framework. The firm

Energy, Infrastructure &

advises contractors as well as owners in construction, operation and

Construction Matters

maintenance of complex structures, plants, infrastructure systems,

malls and mine operation sites. Paksoy’s experience expands from tendering process to contract execution, advice on zoning processes and environmental law requirements. Paksoy represents the lenders,


sponsors, project companies, institutional investors, contractors and

Attorneys at Law

operators in various types of projects and assists them in navigating

Sun Plaza Bilim Sok. No:5 K:14 Maslak, 34398

the complexities on phase of a transaction including evaluation

Istanbul, Turkey

and due diligence, drafting, reviewing, negotiating the security documents, project documents and financing agreements as well as

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overseeing loan agreement implementation processes.

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Paksoy, a full service law firm with a culture and passion to provide

practical, innovative and creative solutions to the issues its clients

face, strives to make contributions that will create value for them. The firm provides legal services and specialist input (e.g. tax, compliance, and antitrust) to domestic and global clients, financial institutions, private and public companies, foreign investors and private equity funds doing business or making investments in Turkey, and help their ventures on all their legal needs for successful business results.



PRIME DEVELOPMENT TÜRKİYE Prime Development generates creative and effective solutions that ensure long-term success for its projects in the real-estate sector. Employing a professional team with on average over 14 years of international experience in the development and management of shopping center projects, Prime Development embraces an approach that prioritizes design, functionality, comfort, social responsibility and environmental Artuğ Çetin

Yeliz Korukluoğlu


Deputy General Manager

awareness. With an expert team of project developers, architects, civil engineers, leasing and financing specialists as well as experienced in the management and marketing of shopping centers, Prime Development has mastered the ideal formula for success as being a one-stop-shop in their specific field. Prime Development does not only develop shopping centers but also undertakes the responsibility of managing them - an art in its own; offering the expertise and reliability of a successful partnership in order to guarantee the centers to well remain an attraction and point of interest

Carsten Probst Philipp von Co-Founder

for many years to come. The latter is of crucial importance and hence


supported by Prime Development’s fully integrated center management


experts. Prime Development (PD) wants to grow into one of the leading retail development and service companies. This growth philosophy is a strategic

Bağdat Caddesi No. 325/1

one and always be based on the individual market dynamics. In addition

34738 Erenköy – Istanbul

the second and sometime even more important factor is the people factor, which consists of the internal and external side, both are of equal

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importance to PD.

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Prime Mall İskenderun (Hatay)

35,500 m2 leaseable area 126 shops

Prime Mall Antakya (Hatay) 37,500 m2 leaseable area, 125 shops International Property Awards 2009 Best Retail Development Prime Mall Gaziantep (Gaziantep) 57,000 m2 leaseable area, 165 shops Europe Property Awards 2013 Best Retail Development Best Retail Architecture



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



Founded in 2005, PROPIN has made an impact in the sector within a



short space of time, exemplified by its quality work and the quality of its service with experienced team. Obvious indicators of its success

Esra Engin

are the references from the most prestigious Turkish and global


companies. PROPIN, with a quality and productivity accompanied by expertise,

Büyükdere Caddesi, Gökfiliz İş Merkezi

provides a full range of service to its customers in the office segment.

No.8/22 K.9 Pk.34387 Mecidiyeköy/Istanbul

Its guiding principle is never to make concessions on business ethics from its inception. The values it offers emphasize the importance it

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attaches to maintaining the trust it has built up in the sector forever.

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PROPIN’s professional team is ready to work with you: to answer your questions in any of your advisory and agency needs in the office

sector of the commercial property market.



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



SAYDAM TASARIM ARCHITECTURAL RENDERINGS & ANIMATION Saydam Tasarim is leading visualization company in Turkey with the experience of domestic and overseas real estate projects since 2006. We have established Saydam Tasarim with a goal : ensure that the real estate project visualizied as imagined and collabrated within all audiences from architects to sales and consumers. Mustafa Tutar Owner

We always follow innovation in the industry for best service in photorealistic architectural visualization and film: Our company is located in Istanbul Turkey.

Saydam Tasarim Architecural Renderings & Animation

Please feel free to contact with Saydam Tasarim get the best service in visualization and film.

Acibadem Cad. Palmiye sok. No 1 / 13 Uskudar/Istanbul

We provide : • Photorealistic Architectural Visualization

P : +90 216 340 11 40

• Films & Animation

F : +90 216 340 10 18

• Photography • 2-D Illustration & Plan

References • Sinpaş REIC Bosphorus City - Mipim 2013 Winner • Saf REIC - Akasya Residential and Mall Project . Mipim 2013 Winner • GMW London / TAV Madinah Airport • GMW İstanbul / TAV Riyadh Airport • Torunlar REIC Mall of İstanbul • Torunlar REIC Torun Center • GAP Tarlabasi 360 • Vodafone Besiktas Arena • GarantiKoza Kozapark • GarantiKoza Koza World of Sports • Ulker Fenerbahce Arena • SurYapi EXEN • TurkMall Uniq İstanbul • EgeYapi Batisehir



TSP-TOTAL SOLUTION PROVIDER We strive to be a true solution partner for our customers with the everchanging needs. TSP, as a leading organization since 1999, has been providing services successfully in Real Estate and Integrated Facility Management with more than 1,500 employees in over 100 facilities located in 30 different cities in A. Gökçenur

Levent Bağan

Savaş Arıhan

Turkey. Services mainly consist of Real Estate Development and Marketing,




Facility Management, Consulting and Property management including


Extended Stay Facilities. TSP has proven itself both nationally and internationally. Fully owned by Turkish stakeholders, the company offers services to clients, including highly

Bahçelievler Mahallesi, Yanyol ( D-100 ) Sokağı No:14-B,

prestigious multi-national companies such as Vodafone, British American

Metroport Busidence, B.Evler, Istanbul, Turkey

Tobacco, Hilton, Finansbank, Fox Entertainment and Turkey’s largest and

Behçelievler / Istanbul / Turkey

pioneering investments like Zorlu Center, Mall of Istanbul, Onaltıdokuz, Bu Yaka, Torun Center, Quasar etc.

P + 90 212 441 09 00

Having confirmed its global knowledge to local conditions, TSP offers

customized solutions with creativity and provides value-added services for

your company, thanks to its benchmarking skills, operational strength in its

services and the experience gained over an area of more than 15 million

square meters. Consultancy: TSP, during the constructional design phase of your property, aims its efforts at operational efficiency by introducing all technical, legal and financial service scenarios for your consideration. In this regard, TSP Consulting carries out strategic and conceptual evaluations and creates operation models for projects during the architectural phase. Facility Management: TSP provides and manages all the services that corporations and contactors need for their properties with an integrated approach. It provides a performance-based management model through solid SLAs and KPIs for all its services and offers you optimal budget solutions. Engineering: TSP Engineering manages daily operations of all electrical and mechanical systems in your property as well as providing preventive and periodic maintenance for them, irrespective of their types or brands. Real Estate: TSP plans and materialized the most efficient business deals on your behalf, undertakes your sales operations and long-term accommodation services.



TURKISH COUNCIL OF SHOPPING CENTERS In December 2008, 16 founding members created the Turkish Council of Shopping Centers (AYD) with the purpose of supporting Turkish retail industry through difficult times brought about by the global financial crisis. Through a union of powers, this number has now reached 201 members. Hulusi Belgü

Avi Alkaş


A total of 101 operational shopping centers currently run by those


Vice Chairman


members represent more than 60% of the industry in terms of GLA.

Vice Chairman AYD’s vision is focused on creating shopping centers which seamlessly blend with the city and its community, allowing consumers to enjoy pleasant shopping experiences, as well as adding value to and elevating Turkish retail industry to the level of global standards. The mission that AYD undertakes in this vision is to contribute to healthy development of the retail industry along with retailers, Fuat Atalay

Nuri Şapkacı


Vice Chairman

Vice Chairman


consumers and industrial solution partners.


The Council’s main mission and targets are as follows:


To act as the responsible leader for the shopping center sector • To represent the industry in legislative studies with governmental and local authorities • Standardization

Veko Giz Plaza Büyükdere Cad. Meydan Sok. No:20

• Training (management, marketing, law)

A Blok Kat: 14/47 34396 Maslak, Istanbul, Turkey

• To supply reliable information to the industry by conducting customer surveys

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• To issue and publish monthly SC Index (turnover, foot-fall)

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To contribute to the development of the retail sector www.

• To work out projects that would help increase the efficiency-by-the-

square-meter in shopping centers • To organize training courses for shops and stores on a center-bycenter basis • To encourage new and successful retailers • To represent the industry in various platforms • To cooperate with national and international organisations and the public



TURKISH GREEN BUILDING COUNCIL The Turkish Green Building Council (TGBC) aims to contribute to the building industry’s development by means of the spread of principles of sustainability. TGBC which was established in 2007, has now more than 100 supporting members. TGBC, is the leader NGO for the green building sector in Turkey. TGBC leads the national green building movement and closely follows what is happening in the area Duygu Erten

of sustainability globally while working together with international

Chairman of

green building councils. The construction sector is the most active


sector in the Turkish economy and as new development continues to thrive across the country, it is crucial to ensure this is done in a sustainable fashion.

Başlık Sokak Hızır Apt. No:2 Daire.8 Levent, Istanbul, Türkiye

TGBC conducts its activities with the belief that buildings and settlements designed and constructed with an ecological sensibility

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allow us to live and work in healthier places and lead healthier lives.

F +90 212 284 21 14

TGBC organises educational programs, develops pilot projects with government and universities and conducts lobbying activities to

increase public awareness about the necessity of green building while also encouraging the building industry to develop along principles of sustainability. Systems evaluating the environmental impacts of buildings and their surroundings are effective tools when aiming for green transformation of construction industry. TGBC is currently working to fill this void by adapting an environmental certificate system for buildings specific to the geographical, climatic, political, social and technological context of Turkey. TGBC started working on a certification system for green homes.The aim of the Green Homes Certification is to provide a healthy society, an adaptable environment and an improved economy. The system will incorporate feedback from all sorts of stakeholders like academics, NGOs and government institutions as well as TGBC members. TGBC has been granted Full Council Status with the World Green Building Council (WGBC) on June 2012 and continues to develop its substructure through an increasing participation both with other Green Building Councils (GBC’s) in the world and with the local construction sector.



TURKMALL REAL ESTATE Turkmall is leading the Turkish shopping center development and investment industry since 1992. We have developed more than 80, and completed more than 50 shopping center in 20 years and have added value to their regions and our retail partners. Turkmall has been awarded with Excellence in Retail and Real Estate Hans Otto


Hilmi Özçakır

prizes such as Best Retail Developer of Western Europe 2011 by World




Finance Awards.

Founder &

Vice Chairman We have developed approximately 6 million m² retail construction area,


resulting in approximately 3 million m² leasable retail space; we have concluded over 2,500 lease contracts and are welcoming more than 150 million visitors each year. With the priority of developing Turkey’s retail market, Turkmall concludes important partnerships in projects which determine the dynamics of the Turkish shopping center industry. M.Murat


Tolga Ergut




Vice President

Financial Director Director

Our partnerships with international groups and our successful JV Company Multi Turkmall have proven our partnership philosophy and our leadership persistence. We delivered Turkey’s and Europe’s most important award winning shopping center to the market, including Forum Mersin, Forum Istanbul and Bulvar Samsun. The dynamic spirit of the Turkmall brand was further reflected by our IKEA franchise partnership for Turkey, Romania and Bulgaria. Our partnership with FIBA Holding under the name Starmall in China has

F.Ulaş Erdem


Özgür Yavuz

been another one of our unique initiations. We have established joint

Asset & Mall

Gülsün Kurt


ventures in many other countries as well.







Our activities continue in Turkey, Kazakhstan, Tajikistan, the Balkans, North Africa, the Middle East, Russia and Asia.

Maslak- Ayazağa Caddesi, No : 4 34396 Ayazağa/Istanbul /Turkey

Taking responsibility of more than 30 partnerships in more than 10 countries, and a delivered investment value of 3 billion Dollars gives us

P +90 212 350 91 00

F +90 212 351 45 32

excitement and inspiration for the future.