Investor’s Guıde 2013
EDITORIAL 1
Investor’s Guıde 2012 Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Fatma Çilo Bayramoğlu Advertising sales manager Nuran Yıldız
WELCOME
Corporate communication director Mürüvvet Can Cover design Emre Çıkınoğlu Graphic designer Doğukan Bilgin Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 Istanbul Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors. Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net
Welcome to the 2013 edition of Investor’s Guide Turkey. Optimism has returned to Europe’s real estate industry; according to Emerging Trends in Real Estate Europe 2013 survey, the annual industry forecast published by PricewaterhouseCoopers (PwC) and the Urban land Institute (ULI). Sentiment among industry leaders about the prospects for their businesses is more positive than at any time since 2008, despite the uncertain macroeconomic outlook. This is indicative of a wider trend, which sees a movement away from investment strategies centred on whole countries, cities or industry sectors and towards a focus on specific individual assets and opportunities. Istanbul, main driver of the real estate market in Turkey, remains the most popular location for future development opportunity. The city’s exciting real estate potential is driven by economic growth and demographics, the survey has already noted. Recent changes have eased restrictions on foreign ownership of real estate in Turkey, as the government seeks to attract international capital and transform Istanbul into a regional financial centre. It is estimated by Turkey’s Association of Real Estate Investment Companies (GYODER) that these changes will boost investment in real estate by USD 5 billion a year. Turkey is definitely among the most promising real estate market and it is increasingly a country that global investors need to pay attention to; thanks to its strong growth prospects and favourable demographics. However, for those either already invested or seeking to invest in the market, Turkey’s appeal is based on a long-term view of the future. With the right local partner and the right local project or asset, the country is a risk worth taking after all. So, the question is, would you dare? This very guide you’re holding attempts not only to reveal current conditions of the real estate market in Turkey, but to provide an insight for global investors as well.
2 Contents
Investor’s Guıde 2013
Investor’s Guide Turkey 2013
4 NEWS
37 selected projects
10 outlook
43 WHO’S WHO
10 ISTANBUL REMAINS THE MOST POPULAR LOCATION FOR FUTURE DEVELOPMENT
44 TurkIsh Councıl of Shoppıng Centers 45 CEFıC 46 Epos Property Consultıng 47 GYODER 48 KONUTDER 49 Kulak Constructıon Co 50 METRO PROPERTIES TURKEY 51 Multi Development TÜRKİYE 52 NATA HOLDING 53 NEF 54 PRIME DEVELOPMENT TÜRKİYE 55 PROPIN 56 Proplan Project management 57 Space Real Estate Dev. & Servıces 58 Tahincioglu Real Estate 59 TURKISH GREEN BUILDING COUNCIL 60 TURKMALL Real Estate 61 Total Solutıon Provıder
While the other cities in the top five appeal to investors because of their inherent safety, Istanbul remains the most popular location for future development opportunity. The city’s exciting real estate potential is driven by economic growth and demographics, according to Emerging Trends in Real Estate Europe 2013 survey.
16 Current Condıtıons ın Retaıl Market Turkey is among the most promising markets, but investors should be aware of challenging issues before entering the market. Özge Aklar
19 projects 20 Batışehır 21 PEGA KARTAL 22 Valle Lacus 26 Nef Offıces Dörtlevent 09 27 Nef Bebeköy 28 Tac Mahal 30 Ankara GolfKent 32 Projects by mesa
4 NEWS
Investor’s Guıde 2013
Ernst & Young: Turkey is the second most attractive market The “European Real Estate Assets Investment Trend Indicator 2013” report released recently by Ernst & Young has ranked Turkey the second most attractive market for real estate investors. The “European Real Estate Assets
high demand, increasing the potential
Looking at the real estate types that
Investment Trend Indicator 2013” report
for higher prices.
investors are interested in, the study
was announced in Turkey by Ernst &
found that the majority was interested
Young Corporate Finance Department
Cantekinler noted that their expectations
in investing in office buildings and retail
Director Müşfik Cantekinler, who said
are toward an increase in prices, saying,
real estate, but it was unclear where
that, based on research, all of the
“It is important to underline that these
the most attractive locations for retail
participants found Turkey an attractive
price increases will only be at prestigious
investment seekers were. Evaluating
market overall.
locations.” However, the report also
this result, Alp Şen, Ernst & Young
showed that investors are interested in
Turkey senior director responsible for
The report noted that 40% found Turkey
real estate purchases across all budgets.
real estate transactions, stated that
the second most attractive real estate
80% of the respondents expressed that
“interest in retail real investments is
market. It also highlighted a notable
they believe that the volume of real
most likely to continue independent
trend: Non-eurozone countries are
estate transactions would increase while
of specific provinces or zones, which
particularly attractive. Russia, Ukraine
70% said foreign investments would
means that the retail real estate market
and Turkey were ranked as places where
become more significant as transactions
in Turkey has become investment
office buildings are expected to have a
increase.
friendly.”
investors show greater appetite for risk A greater appetite for risk seems to be emerging among European investors, according to Union Investment’s latest “Investment Climate Index”. European investors are moving away
rose by around one point in Germany
While marking down the southern
from their traditionally strong focus on
and the UK to 67.9 and 64.9 points
European peripheral countries,
security as they feel that the general
respectively. From a low starting point
investors anticipate positive economic
economic outlook for Europe has
in France, the index climbed five points
performance for most investment
improved compared to the previous
to 64.2. This means that the index shows
regions in the European Economic
year, the survey found. Only 30% of
an upwards trend in all three regions for
Area (EEA). In addition to Germany,
investors now expect a Europe-wide
the first time in three years.
investors believe that property
recession, compared to 42% previously.
markets in Poland, Turkey and Ireland
Similarly, only 3% now regard the
Investors stated unanimously at the start
will emerge stronger from the current
collapse of the eurozone as a serious
of the year that capital requirements
cycle.
possibility.
for property investment projects will tighten further as a result of the euro
The survey additionally reveals
The survey, which captures the
crisis. Around 85% of those surveyed
that investors’ strong focus on core
expectations of property investors in
believe that the euro crisis will lead to
products plays into the hands of the
the three largest European economies,
an even stronger focus on core products.
German property market.
Investor’s Guıde 2013
NEWS 5
AFIRE: Turkey ranks third in top emerging markets The United States dominates the list of places that global commercial real estate investors would prefer to put their money in this year, while Turkey has added sparkle and China lost lustre, according to a survey of international investors conducted by the Association of Foreign Investors in Real Estate (AFIRE). Among emerging markets, Brazil
year. But San Francisco rose to third
year’s survey, tied with the UK for fifth
once again was ranked number one
from fifth and Houston, unranked last
place.
and China maintained its second slot.
year, climbed to number five.
Turkey moved up to third from last
The United States also held its spot
year’s seventh spot. India, which had
“Houston was a surprise to us,” Reuters
as the country providing the best
been third, slipped to fourth to tie with
quoted AFIRE Chief Executive James
opportunity for real estate price
Mexico, which moved up from fifth.
Fetgatter as saying. “San Francisco and
appreciation, grabbing 55% of the
Houston being in the top five global
vote. Brazil came in at a distant second
A major shift in Turkish code that eased
cities shows that this is where our
with 17%. The UK moved up to number
asset purchases by foreigners last year
people think the economy is going to
three from last year’s fourth, and Turkey,
attracted the attention of investors to
revive. They believe these are places
which was ranked number nine last year,
the country. New buyers, largely from
where the drivers of the economy are
flew into fourth place.
Gulf countries, have flocked to both
going to be – in energy and tech.”
Istanbul and coastal provinces, which
China, formerly ranked third for price
are traditionally the country’s top
Washington slipped to number four
appreciation globally, was unranked
tourism destinations. Turks also started
from third, reflecting investors’
this year, failing to receive one vote. Its
a large urban transformation project
concerns about how federal budget
cities also took a hit. Shanghai, ranked
last year that aims to rebuild at least
reductions would affect employment
fifth last year, fell to the number 12 spot
600,000 houses.
and the demand for space in the city.
this year. Hong Kong, eighth last year,
For the first time since 2001, four of
The survey was conducted in the
the top five cities that investors said
fourth quarter of 2012 by the James A
“Everybody is concerned about
they favored were in the United States,
Graaskamp Centre for Real Estate at the
China’s economy slowing, and there’s
according to an annual survey released
Wisconsin School of Business. AFIRE
a little uncertainty about the change
by the Association of Foreign Investors
members have an estimated
in leadership,” Fetgatter said. Europe
in Real Estate (AFIRE).
USD 2 trillion or more in real estate
also did not fare well. About 80% of
assets under management. Some 42%
the respondents said they believed
The survey reflected a significantly
of the investors and 26% of the advisers
Europe would likely be in recession
more optimistic view of the US economy
are from the United States.
this year.
according to Reuters. Last year, 33%
According to the AFIRE survey, the
Within the United States, New York
held a pessimistic view, while this year
United States also held its spot as the
remained the top choice among
81% said they planned to increase their
country investors said provides the
investors. San Francisco displaced
US holdings.
most stable and secure real estate
Washington for second, as the US capital
investments. Canada, Germany,
slipped to third, San Francisco’s former
As for global cities in which to invest,
Australia and the UK followed in
spot. Houston was fourth, up from
New York and London ranked first and
the same order as they did last year.
seventh. Boston, last year’s fourth, fell
second, respectively, as they did last
Sweden, which was unranked in last
to fifth.
fell to number 19.
and property market for this year,
6 NEWS
Investor’s Guıde 2013
European firms eye housing in Turkey Spanish, German and British contractors have held talks with the Housing Development Administration of Turkey (TOKI) and the Emlak Konut Real Estate Investment Trust a subsidiary of TOKİ, to conduct joint projects, according to Investment Support and Promotion Agency (ISPAT). The reciprocity law that allows
and Emlak Konut for joint works. The
USD 1.3 trillion, with a 18% shrinking
foreigners to buy houses and also
investment based on construction
in the world. In spite of this, foreign
the ongoing urban transformation
will reflect construction equipment,
investments in housing reached USD
projects have particularly drawn the
he added, noting that Asian firms
2.6 billion in Turkey last year, a 31%
attention of European real estate
were especially interested in this.
rise in the real estate market.
companies. The rate of direct foreign investments
However, the ISPAT will continue
ISPAT President Ilker Aycı said
fell from USD 16 billion in 2011 to
to cooperate with the privatization
construction firms from Spain,
USD 12.4 billion last year, representing
administration in order to draw
Germany and the United Kingdom
a 22.8% decrease, Aycı said. He noted
foreign investors, particularly in the
were having negotiations with TOKI
that this amount decreased to
energy sector.
TRYP by Wyndham debuts in Turkey Wyndham Hotel Group, the world’s largest hotel company with nearly 7,260 hotels and part of Wyndham Worldwide Corporation , announced the introduction of its select-service TRYP by Wyndham hotel brand in Turkey with the opening of the 108-room TRYP by Wyndham Istanbul Taksim. The 10-story hotel is centrally located
“With its rapidly growing tourism
can accommodate up to 70 guests.
in Taksim, the heart of Istanbul, and
industry, Turkey is full of opportunity
TRYP by Wyndham Istanbul Taksim
joins TRYP by Wyndham’s 73 hotels
for hotel development, especially in
is owned and operated by Tunç
in EMEA. It also adds to Wyndham
a vibrant city like Istanbul,” said Rui
Otelcilik, which also operates the
Hotel Group’s growing collection of
Barros, Wyndham Hotel Group’s senior
recently opened 102-room Ramada
properties in Turkey, which consists
vice president and managing director,
Hotel & Suites Istanbul Ataköy.
of 12 Ramada hotels and the newly
EMEA.
opened Wyndham Istanbul Kalamış
TRYP by Wyndham, part of the
Marina, which debuted last month.
Guest rooms at TRYP by Wyndham
Wyndham Hotel Group family of
The second Wyndham hotel in the
Istanbul Taksim feature free high-
lodging brands, represents 90
country, the 306-room Wyndham
speed wireless internet access,
hotels and nearly 13,000 rooms
Istanbul Petek, is scheduled to open
contemporary décor and flat screen
across Europe and the Americas. The
in summer 2013.
televisions. Hotel services and
select-service, mid-priced brand
amenities include an on-site fitness
currently caters to business and
Wyndham Hotel Group’s portfolio in
centre, complimentary high-speed
leisure travellers in cosmopolitan
EMEA is comprised of 326 properties
wireless internet access throughout
cities including Madrid and Barcelona
under the Wyndham Hotels and
the property and airport transfer
in Spain; Paris; Lisbon, Portugal;
Resorts, Days Inn, Howard Johnson,
services. Two meeting and event
Frankfurt and Berlin, Germany;
Ramada, Hawthorn Suites by Wyndham
rooms, complete with state-of-the-art
Buenos Aires, Argentina; Sao Paulo,
and TRYP by Wyndham brands.
audio visual equipment and services,
Brazil; and New York.
Investor’s Guıde 2013
NEWS 7
Multi to build 6 new shopping centres in Turkey Multi Development Turkey has started construction of Forum Gaziantep, its 11th project in Turkey, while planning five more shopping centres in the country.
Forum Gaziantep
Scheduled to open in September 2013,
Gaziantep is one of the largest and
Forum Adana, Forum Diyarbakır and
Forum Gaziantep aims to become the
most valuable cities in Turkey with its
Forum Çanakkale, where construction
most powerful attraction in Gaziantep
economy, historical riches, tourism
is starting this year. Forum Çorum
with its location at the junction of
potential, university, and status as a
and Forum Elazığ are already being
the ancient city centre and modern
metropolitan municipality. “The city,
constructed.
residential areas. Around 60% of
that is the gate of GAP, influences the
Forum Gaziantep, featuring a total of
economies of the 18 cities around it.
‘On top of the 10 successful Forums
44,500 m2 rental area has been already
Forum Gaziantep will be Multi’s first
today, we will, in three more years, have
leased out.
project in the Southeast. Then we shall
created and be running 16,’ said Hans
continue investing in the region with
van Veggel, founder and chairman of
Forum Diyarbakır”.
Multi Corporation. ‘This is testimony to
Forum Gaziantep, representing an investment of EUR 120 million, is being financed by Finansbank.
our confidence in the Turkish market “Gaziantep has been going through
and Turkish people’s appetite for quality
a process of change over recent
retail and lifestyle experiences.’
Announcing the new projects at
years”, Hulusi Belgü continued:
the start of construction of Forum
“Having experienced a rapid urban
Multi Development Turkey CEO Hulusi
Gaziantep, Multi Development Turkey
transformation, Gaziantep needs
Belgü noted that, including the new
CEO Hulusi Belgü said: “We have
modern structures and projects that
projects, the company will have a
entered a very good partnership with
will carry the city into the future. Forum
total rentable area of 1 million m2
Finansbank for Forum Gaziantep, our
Gaziantep, will be a pioneering project
in the country. ‘This corresponds to
first investment in south-eastern
in this process.”
approximately 15% of the sector,’ he added. In total, the company will have
Anatolia, and set foot on a journey together to create one of the most
Multi will be investing close to EUR 700
invested as much as EUR 4.2 billion in
successful projects in the region.”
million in total in Forum Gaziantep and
the country.
8 NEWS
Investor’s Guıde 2013
MAPIC: Turkey dominates 2013 ICSC European Award finalists Four of the 12 finalists for the 2013 ICSC European Awards are shopping centres in Turkey, the body representing the European shopping centre industry. Four of the 12 finalists for the 2013 ICSC European Awards are shopping centres in Turkey, the body representing the European shopping centre industry announced on 15 November. Other countries represented in the shortlist are France, Italy, Germany, the UK, Poland and Austria. The four Turkish centres are Bulvar
Bulvar Samsun Shopping Centre, Samsun
Shopping Centre in Samsun (in
Jan Eijkemans, managing director
The awards jury consists of senior
the category medium-sized new
of MAB Development Group
international figures within the
developments), developed by TTA
and jury chair for the 2013 ICSC
shopping centre industry. Any retail
Gayrimenkul Yatırım Geliştirme; Akbatı
European Awards, said there were
or entertainment project opened
Shopping Centre in Turkey (new large
a ‘healthy’ number of entries for
or newly refurbished or extended
developments), developed by Akiş Real
the 2013 awards, including several
between 1 July 2010 and 30 June
Estate Investment Trust; Izmir Optimum
refurbishments where centres are
2012 was eligible to apply for an
Outlet & Entertainment Centre in
clearly responding to the changing
award.
Izmir (speciality retail), developed
retail environment. “Interestingly,
by Renaissance Development; and
significant adaptation to multi
Eijkemans added: “Selecting the
Gordion Shopping Centre in Ankara
channel retailing isn’t apparent in this
finalists is always challenging. On
(established centres), developed by
year’s entries, but we anticipate this
a few categories there is general
Redevco.
changing in 2014,” he said.
agreement among the jury on the finalists. Some of the other categories provoke much more discussion before the final decisions are made.” The jury will visit all the finalists early in 2013 before a final decision is made ahead of the winners’ announcement at the 38th ICSC Europe Conference in Stockholm next April. All European Award winners will be automatically submitted to the 2014 ICSC VIVA Best-of-the Best Awards Program to be announced in May
Akbatı Shopping Centre, Istanbul
2014.
Investor’s Guıde 2013
NEWS 9
Prime Development eyes new investments in Turkey Prime Development, the German shopping centre developer, is planning new investments in Turkey in 2013. at the end of 2013. Launched in April 2012, the 55,000 m2 project is located in Gaziantep, a Turkish metropolis with a population of more than a million. The mall with comprise 160 retail units over four floors. A large number of key brands have already been contracted, and the leasing rate currently exceeds 55%, the company said in a press PrimeMall Gaziantep
release.
After focussing on shopping centres
At present, Prime Development is
Previously, the company completed
over the past five years, the company
building a third shopping centre in
Prime Mall Antakya and Prime Mall
is now also considering offices and
the eastern region of Anatolia where
Iskenderun which were opened in 2010
other property types involving an
it has already completed two malls.
and 2011, respectively. The shopping
investment in the triple-digit million
Involving an investment volume of
centres boast weekend footfalls that
range, a spokesman for the company
approximately EUR 125 million, Prime
are significantly above the average peer
said.
Mall Gaziantep is scheduled to open
group in Anatolia, the company said.
Union Investment hunts for office opportunities in Turkey German investor Union Investment Real Estate is keen to follow up on shopping centre acquisitions in Turkey with office purchases but hasn’t found the right opportunities yet. “Turkey is a very exciting market
the following year. Multi and Union
right office opportunity yet as the
which we started to look at an early
Investment opened the 65,000 m2
amount of offers of new or almost new
stage and we have made two major
Forum Kayseri in 2011. The project
high-quality buildings of the type we
shopping centre investments,”
involved an investment of EUR 250
want, even in Istanbul, is limited. If
chairman of Union Investment Real
million.
something of good quality shows up
Estate, Reinhard Kutscher has told.
we will definitely look at it.” Union Investment would also like to
However, Kutscher ruled out linking
Union Investment bought Multi’s
get into the Turkish office market
up with a partner in the same way it
71,500 m2 Forum Mersin project
but hasn’t found the right opening:
has done with Multi Corporation in the
in 2006 and the scheme opened
“We have not been able to find the
shopping centre market.
10 OUTLOOK
Investor’s Guıde 2013
ISTANBUL REMAINS THE MOST POPULAR LOCATION FOR FUTURE DEVELOPMENT While the other cities in the top five appeal to investors because of their inherent safety, Istanbul remains the most popular location for future development opportunity. The city’s exciting real estate potential is driven by economic growth and demographics, according to Emerging Trends in Real Estate Europe 2013 survey.
Investor’s Guıde 2013
OUTLOOK 11
12 OUTLOOK
Investor’s Guıde 2013
The new sources of equity and debt that are emerging will be insufficient to fill the refinancing gap and, in any event, will be focused on prime or low-risk assets. Debt is expected to be available primarily to those who don’t need it. This will, however, create opportunities for those with access to finance as distressed assets are brought to market. It is a new world that is being shaped by two major forces. Capital is increasingly global in nature, flowing into European property from across the world to the larger, well-capitalised or well-established businesses. At the same time, decisions about the way that capital is deployed will become increasingly granular, as investors shut out of the core markets chase yields worth working for. What is distinct about 2013 is investors’ willingness to take on slightly more European City Investment Prospects Source: Emerging Trends in Real Estate Europe 2013
risk. Those surveyed by Emerging
Note: Investment prospects for existing investments
Trends Europe are still wary of southern Europe, but they are prepared to dig
Optimism has returned to Europe’s real
they know best. They recognise that
deeper into more stable markets to find
estate industry; according to Emerging
traditional stock selection and micro
opportunities.
Trends in Real Estate Europe 2013, the
asset management skills are crucial to
annual industry forecast published by
generating returns. The environment
As the survey’s rankings of cities’
PricewaterhouseCoopers (PwC) and the
offers very little certainty and definitely
investment prospects reveal, markets
Urban land Institute (ULI). The report
no quick wins. Europe’s real estate
such as Munich and Berlin have
notes that sentiment among industry
markets continue to be challenging,
overtaken “non-core” locations such as
leaders about the prospects for their
but all sectors offer new investment
Istanbul, a two-time winner in recent
businesses is more positive than at any
potential too.
years. London climbs to third best from
time since 2008, despite the uncertain
tenth in 2012 for the same reason.
macroeconomic outlook. Equity for
Emerging Trends Europe respondents’
But within these markets, investors
investment in prime commercial real
optimism about 2013 does not mean
are looking for value beyond prime
estate is expected to increase, but bank
they believe resolutions have been
locations and sectors.
debt is predicted to contract further.
reached on how the industry’s debt mountain will be refinanced, or that
Southern European cities, Dublin and
Emerging Trends Europe’s respondents
they have any clear idea about what
Amsterdam remain at the lower end
are adjusting to this “new normal”.
might happen to the region’s swathes
of the rankings, though Dublin has
Those with access to capital are
of unloved, over-geared subprime
risen to 21st place, boosted by recent
focusing on opportunities in areas
property.
investment activity and the prospect of
Investor’s Guıde 2013
OUTLOOK 13
greater flows of distressed assets in the
European strategies are out of favour.
However it’s not just sustainability
coming months.
Now it is about depth and detail, as
that is changing the nature of what is
banks become more local themselves,
built, and where. Across all sectors,
Accepting more risk requires more
seeking security in knowing how the
macro trends are emerging that provide
rigour – and this is where those who
demographics or economy of an area
opportunities for those able to grasp
are specialised, who have detailed
works.
them.
networks in regional markets will
Investors and lenders, as they keep one
For those hunting distressed-property
prosper. Investors are exploring
eye on refinancing risk, want to know
loan portfolio deals, there will be
off-the-radar locations, learning how
whether an asset will stand the test
more interesting prospects over the
the local economies of those areas
of time. The need for flexibility and
months ahead. Dublin will attract
function, and seeking relationships with
“future-proofing” buildings will see
more private equity capital as banks in
local operators to help them do that.
the green agenda take a significant step
Ireland release more assets this year.
Lenders are similarly specialising. Pan-
forward in 2013.
Investors will also be watching to see
local knowledge, and who can create
City Investment Prospects Source: Emerging Trends in Real Estate Europe 2013 Note: On a scale of 1 to 5
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
14 OUTLOOK
Investor’s Guıde 2013
Best Sectors for Acquisitions in 2013, by City Source: Emerging Trends in Real Estate Europe 2013
how Spain’s “bad bank” organises itself.
challenges but are cautiously optimistic
through management and hard work,
And European banks will be dealing
about their prospects for the first time
not leverage. “Once upon a time, bank
in the small stuff as well as the big
in many years.”
debt would have stitched all the pieces
portfolios, creating opportunities for more businesses in 2013.
together and made a deal work. But it’s “Almost five years since the start
now down to us to find value.”
of the financial crisis, real estate But as with all else this year, nothing is
investors remain cautious about capital
Investors are being forced to dig deeper
going to come easy. Europe’s real estate
deployment and the availability of
for diamonds worth working. This makes
industry is more confident about its
debt,” comments Joe Montgomery, chief
the idea of buying into a city wholesale
revival, but recovery is still some way
executive of ULI Europe. As a result,
unattractive, especially given the need
off.
investors are focusing on the harder to
to mitigate economic risks.
find opportunities in blue-chip cities
This psychology may explain why
Simon Hardwick, real estate partner at
such as Munich, Berlin, London and
respondents in this year’s survey are
PwC Legal, said: “Our report shows that
Paris rather than turning to secondary
as pessimistic as they have ever been
real estate investors are approaching
locations in search of higher returns.”
on the outlook for cities. They score
opportunities with a new mindset,
the prospects for investment and
conscious that the environment in
TOP TEN
development in Europe’s main centres
which they are operating is ‘the new
Capital is hard won. Growth – be it
in 2013 as an average 2.9 and 2.59
normal’ and is set to stay the same for
capital value, income, or economic – is
respectively on a scale of 5, with 5
some time yet. Investors face ongoing
also hard won. Returns are created
representing “excellent” and 1 “very
Investor’s Guıde 2013
OUTLOOK 15
poor.” That is among the lowest scores
The emerging cities of Istanbul and
set up shop there, one of a band of
registered in Emerging Trends Europe
Moscow also score highly. Though
international luxury names keen for
since 2004.
Istanbul has been rated more highly
a foothold as incomes rise. Global
in past Emerging Trends Europe
companies such as Nestlé and
Survey respondents view Europe as a
surveys, deal data show transactions
Microsoft, as well as newcomers
series of separate markets with micro-
are limited by comparison – EUR 538
from banking and insurance, are
opportunities rather than a problem-
million for Istanbul to the third quarter
establishing bases, drawn by the
prone region. They are drilling down to
of 2012 versus EUR 3.3 billion for
proximity to cities in Russia and the
details – where demographic trends are
Moscow.
Middle East. Strong demand for prime
promising, or where the specific asset is surrounded by a thriving mini-economy.
retail space keeps the city centre ISTANBUL
thriving.
Istanbul was ranked first in the This contrasts sharply with 2012, when
previous two Emerging Trends Europe
Recent changes have eased
interviewees were downing tools,
reports, and is another top pick this
restrictions on foreign ownership of
believing that Europe was about to
year. It is Istanbul’s exciting economic
Turkish real estate, as the government
collapse.
and demographic potential that keeps
seeks to court international capital
it popular with interviewees. With half
and transform Istanbul into a regional
The cities that score the best are the
of its 75 million people under the age
financial centre. Turkey’s Association
larger western European centres with
of 29, Turkey’s demography is hard to
of Real Estate Investment Companies,
liquid international appeal and better
ignore, and its economic growth rivals
estimates the change will boost
economic prospects. Munich, Berlin,
China’s.
investment in real estate by USD 5
London, and Hamburg make it to the
billion a year. But a fragmented market
top ten. Paris, Zurich, and Stockholm are
As a result, Istanbul is changing
and lack of institutional-quality assets
equally popular.
fast. Auction house Sotheby’s has
make deals hard to secure.
16 OUTLOOK
Investor’s Guıde 2013
Current Conditions in Retail Market It is foreseen that the number of shopping centres, leasable areas and the number of stores will continue to increase in Turkey, particularly in densely populated Istanbul where consumption habits are rapidly changing. Özge Aklar, Licensed Appraiser – Manager, TSKB Real Estate Appraisal Company Turkey has first set out in the
are able to operate at occupancy ratios
population, consumption tendencies,
“shopping centre adventure”
of at least 70-75%, and otherwise the
income levels, socio-cultural climate,
approximately 23 years ago, on
lessees earn the right to terminate
educational facilities (universities
the European side of Istanbul, with
the contracts. It is observed that most
etc.) in the vicinity, hinterland
Galleria which stood out with its
of the shopping centres operating
analysis, perception analysis by
location close to the Atatürk Airport.
efficiently in Istanbul have an
market investigation, other shopping
During the period between 2000 and
occupancy ratio of at least 90-95%.
centres in the close surroundings are
2008, a rapid increase was observed in
It has been observed that the
the assessments that are absolutely
the number shopping centre projects,
shopping centres throughout Istanbul
required. The design of shopping
which have already been evolved into
have been situated in the city centres,
centres, architectural priorities,
a “market.”
where the population density is high
included functions, differentiation,
and transportation is easy. However,
identification of the precise concept,
Today, the total GLA in Turkey has
the shopping centres built with an
matching the right mass with the
reached to 8 million m2 with 259
unplanned manner on the same axes
correct stores mixture are among the
shopping centres in 53 provinces
and at close proximities, have started
most crucial issues following location
offering approximately 103 m2 per
to affect each other negatively in
identification, and these are needed
1,000 persons. The ratio in the EU
time. An example of such case has
to be carried out concurrently.
countries is at the levels of 229
already been experienced in the
m2/1,000 persons. Under the current
Beylikdüzü district of Istanbul. Such
It is foreseen that the number of
circumstances, the average GLA per
circumstances are significantly
shopping centres, leasable areas and
1,000 persons is still quite below
impacting the occupancy ratios of the
the number of stores will continue
the EU average. This fact is indicative
shopping centres. When we examine
to increase in Turkey, particularly
of the continued need for shopping
the shopping centres on the European
in densely populated Istanbul
centres across the country. Ankara and
Side on district basis, it is observed
where consumption habits are
Istanbul are holding the biggest GLA
that the highest numbers of shopping
rapidly changing. As a consequence
per person ratios in Turkey. In that
centres in operation are in Bakırköy,
of the change in habits under the
sense, it might be told that particularly
Şişli and Büyükçekmece districts. This
influence of the rapid population
Ankara has reached to a saturation
might be explained by the fact that
increase experienced in Istanbul,
point in the retail market regarding
trade and service sectors follow the
the development of new shopping
investments, and currently it is
population densities in these areas.
centres has been encouraged. The
estimated that the regions of priority
fact that Istanbul continues to
in shopping centre investments will
Issues taken into consideration in
receive immigration at the present
be the Mediterranean and the central
determining locations may be listed
and that no shopping centres are
Anatolian regions in the coming years.
as closeness to the market, means of
available yet in some districts, may
transportation, costs and adequacy
be observed as a significant potential
According to the feasibility and
of labour, infrastructure activities,
for investors that may newly enter
consultancy reports we have
public policies, and social and
the market. However, for shopping
compiled, shopping centres in Istanbul
cultural services. In addition, area
centres that are replicas of each
Investor’s Guıde 2013
OUTLOOK 17
other, built without the required
oriented stores and activity areas
in Bağcılar, Istoç and Esenyurt.
feasibility studies, and located
in shopping centres are significant
Meanwhile, it is known in the sector
on the same axes, it is really not
factors determining attractiveness.
that auto-mall projects of similar
possible for them to differentiate
functions will also be initiated in 2013
themselves within the sector. The
Over the recent years, thematic
common opinion of the sector players
shopping centre investments and the
is that the investments are required
interest for such shopping centres
Looking at the location selections
to be different and innovative. For
have increased considerably. One
of all of the aforesaid projects,
shopping centres, which are unable
of these thematic shopping centre
it is observed that they have
to catch this trend, the need to enter
concepts is auto-malls. The growth
selected spots away from the city
into a pursuit for different concepts
in the automobile market in Turkey
centre, but powerful with respect
and solutions will arise inevitably.
renders auto-malls attractive for
to transportation connections.
investors. Such centres are collecting
Publicity capability is one of the
The units other than retailing in
second-hand and brand-new
most significant factors as well, as
shopping centres are primarily
automobile galleries under a single
is the case in all concepts. According
cinema, theatre, bowling, ice skating
roof and are housing all types of
to the information obtained through
and children’s play areas. Utilization
service units that may be required.
the researches in the market, it has
functions allow the shopping centres
The size of the automotive market and
been found out that sales and leases
to evolve into centres of attraction,
the lack of an order in this market are
are both involved for the gallery and
and to assume a nature meeting
allowing such centres to draw interest.
service areas within the auto-mall
all needs of their customers. As a
on the Anatolian Side.
concept. Such projects are being
requirement of the young population
This formation in Istanbul has started
preferred not only by the users but
and reproduction level, children-
on the European Side, with projects
also by investors.
ARE YOU READY TO TAKE NEW RISKS? JUST TRY IT WITH OUR CONSULTATION! YOUR NEW BRIDGE BETWEEN TURKEY AND EUROPE for Marketing, Realisation, Sales or your any other request. We are located in Germany-Hannover at the locomotive of Europe, just talk to us directly during MIPIM days at FIABCI Stand location: Level 01- C1.04 or later at any time. Mehmet Kibar, Immobilienfachwirt (IHK) Gsm: +49 171 222 10 22 Nuray Kibar-Leinz, Immobilienberaterin Gsm: +49 157 30800770 Kibar Immobilien GmbH Hildesheimer Str. 234, 30519 Hannover-Germany Tel: +49 511 898 3000 Fax: +49 511 898 30020 www.kibar-immobilien.de info@kibar-immobilien.de
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Member of International Real Estate Federation FIABCII
projects >>>
20 PROJECTS
Investor’s Guıde 2013
Batışehir Bağcılar, Istanbul Owner / Marketing Consultant:
Ege Yapı Group’s Batışehir Project
educational activities, Batı Meydan
Emlak Konut REIT, Ege Yapı Group-EPP JV
awarded with the Prize for Europe’s
(West Square) in the format of an
Potential Partnership: Emlak Konut
Best Mixed Use Development,
open market place, common spaces
REIT, Ege Yapı Group-EPP JV
constructed at Bağcılar deemed
and green areas of 100,000 m 2
Type: Mixed Used (Residential-Office-
as the gate of entrance to the
in total, sports halls, including
Hotel-Mall-School-Residence)
new Istanbul to be constructed, is
all other elements that might be
Land Use: 40,000 m²
raising high with a total investment
demanded by investors shall be
Land Size: 165,000 m²
in the amount of TRY 700 million.
constructed. Batışehir Project with
Total Cost: USD 450,000
Under this project besides 3,266
an environment-focused approach,
Date Started: September 2010
apartments and residences of
is introducing means for sustainable
Date Completed: October 2014
14 different types ranging from
life in a metropolis like Istanbul,
Project Web Site: www.batisehir.com
1+0 to 4+1, a city hotel, offices,
thanks to its practices which are
an educational complex where
environment-friendly in several
Doğa College shall perform its
aspects.
DEVELOPMENT TEAM Owner: EgeYapı Group Developer: Ege Yapı Group Architect(s): DB Mimarlık Bünyamin Derman Project Manager: Sarper Ünlü STATISTICS Office Space: 44.5m² - 260m² Residential Units: 3,266 - Single Family Units: 295 - Multifamiliy Units: 2,971 Hotel Rooms: 144 Parking Spaces: approximately 5,000 vehicle Max Floors: 28
Contact Info Address: Göztepe Mah. İstoç Oto Market yanı No: 10 Bağcılar,Istanbul Web Site: www.batisehir.com Telephone: +90 216 478 48 18 Mail Address: info@egeyapigroup.com
Investor’s Guıde 2013
PROJECTS 21
PEGA KARTAL Kartal, Istanbul Owner / Marketing Consultant:
Ege Yapı Group, ongoing with its
very summit those desiring to use the
EgeYapı Group
investments throughout Turkey as a
same as home – office, and equipped
Potential Partnership: Akzirve
whole, is starting the construction of
with alternative social facilities. At
Gayrimenkul Yatırım-EgeYapı Group
PEGAKARTAL, a brand new investment
PEGAKARTAL to be constructed as an
Type: Residential and Office
at Kartal, the rising star of Istanbul’s
architectural reflection of Cubism
Land Use: 4,000 m2
Asian Side. PEGAKARTAL that shall be
trend that has influenced numerous
Land Size: 10,131.03 m2
incorporating an exceptional design
artists in the field of fine arts as
Total Cost: TRY 40 million
inspired by versatility, is presenting
well as several writers, localities are
Date Started: March 2013
residences and offices addressing
interpreted in accordance with varying
Date Completed: June 2015
investors, ranging from 1+1 to 4+1
utilization requirements. As EgeYapı
Project Web Site: www.pegakartal.com
suitable for large families, which
Group, we shall both be forcing
are comfortable, with a view of the
the limits with PEGAKARTAL, and
Prince Islands, providing convenient
providing as well a pattern of living
DEVELOPMENT TEAM
means of transport, possessing the
beyond the traditional, through the
Owner: Ege Yapı Group
technical infrastructure to take to the
facilities we are introducing.
Developer: Ege Yapı Group Architect(s): DB Mimarlık Bünyamin Derman Project Manager: Onur Altınay Statıstıcs Office Space: 39 Office Residential Units: 200 Residential Max Floors: 32 Floors
Contact Info Address: Pegagaz Sokak. No:6 Soğanlık / Kartal Istanbul Web Site: www.pegakartal.com Telephone: +90 216 478 48 18 Mail Address: info@egeyapigroup.com
22 PROJECTS
Investor’s Guıde 2013
Valle Lacus Büyükçekmece, Istanbul
type: Villa Owner: Kulak Inşaat Tic. ve San. A.Ş.
KLK Construction Co. , the main real
All villas in the project have 1,007
Total housing unit: 44
estate development group of the
m² gross and 669 m² net area of
Housing unit types and sizes:
Kulak Construction Co. is developing
usage, 180 m² terrace alongside an
Monotype Villas – net 669 m²
its’ own project Valle Lacus on Kulak
approximately 2,000 m² garden.
Prices: USD 1,500,000 - 1,750,000
Construction Co.’s site.
Land size: 110,000 m²
Each and every villa in the project
Construction area: 50,000 m² villa
KLK construction Co. has
includes a total of 8 bedrooms
& 4,000 m² public facilities
accomplished the Valle Lacus project
including a master suite, a guest
Date started: 01/09/2012
in Büyükçekmece region, containing
suite, 4 bedrooms with a bathroom, a
Public facilities: Indoor & Outdoor
44 villas within 110,000 m² of its own
standard bedroom and a servant living
pool, fitness centre, sauna and steam
land, formed in a total of 50,000 m²
area. A specially landscaped courtyard
room, terraced restaurant, 2 tennis
gross total construction area, 60,000
heading down to the 11 m² basement
courts, a basketball court, childrens’
m² landscaping area and 4,000 m²
floor, a room for GYM, sauna, steam
play area
public facilities.
and resting rooms, an (optional)
Contact info: Cenk Yazıcı
screening room, an exclusive 72 m²
Sales Coordinator
The Valle Lacus project designed by
heated pool, an indoor garage and a
+90 212 283 01 01
the architect Turgut TOYDEMİR is a
titanium alloyed roof cladding system
cenkyazici@klk.com.tr
candidate of the BREEAM CERTIFICATE.
with natural ventilation.
Investor’s Guıde 2013
Within the scope of project, the heating and cooling expenditures were reduced to minimum with the air-based heat pumps. with the aid of special biologic purifying systems, the recycling in grey waters are accomplished. Public facilities are offering a different way of living in nature with its indoor and outdoor swimming pools, a fitness centre, sauna and steam rooms, outdoor sport courts, its terraced restaurant and a generator system capable of servicing the every villa.
PROJECTS 23
24 PROJECTS
Investor’s Guıde 2013
Investor’s Guıde 2013
Kulak Co. Since 1943, our company is proceeding business with consecutive 69 years of experience. Within these years, Kulak Co. has accomplished thousands of projects, including American Ministry of Defence & U.N.D.P. As a result of our sensitivity about worker health, business health and environment, Kulak Co. has been awarded with with ISO 9001:2008, BS OHSAS 18001:2007, ISO 14001:2004 certificate of quality. Alt Zeren Sok. No:33 Levent/Istanbul/Türkiye T +90 212 283 01 01 F +90 212 283 09 46 www.klk.com.tr info@klk.com.tr
Subsidiary Of Kulak Construction Co
PROJECTS 25
26 PROJECTS
Investor’s Guıde 2013
Nef Offices Dörtlevent 09 Dörtlevent, Istanbul Owner: Nef
2012 Best Office Project Award
“Foldoffice” concept is one of Nef
Type: Offices
Winner
discoveries; which reduces fixed and
Land Use: Offices, Retail Stores
operational costs through the efficient
Land Size: 3,600 m2
Located at the heart of Istanbul’s
and shared use of 24 common spaces
Date Started: October 2012
business center on Büyükdere Avenue;
such as meeting rooms, squash court,
Date of Completion: October 2014
Nef Offices Dörtlevent 09 is located
video-conference rooms, fitness and
Project Web Site:
just 120 meters away from the
private cinema.
www.nefoffices09.com
subway. Nef 09 includes office units and retail units in two 14-storey high
HOK, one of Europe’s 5 most prestigious
buildings. In each building, there are
architectural firms, and several
DEVELOPMENT TEAM
also shopping areas, a common plaza
designers, who have already received a
Owner: NEF
“Nefmeydan”, basement floors set up
large number of awards for their work
Developer: NEF
for archives, subterranean car parking
on previous Nef projects; worked on the
Architects: HOK
and “Foldofffice” units.
design of Nef Offices Dörtlevent 09.
Statıstıcs Office Space: 22,000 m2 Retail Space: 3,100 m2 Parking Spaces: 400 Max Floors: 11 subterranean + 14 floors
Contact Info Address: Büyükdere Cad. Yapı Kredi Plaza C-Blok K:16 Levent, Istanbul, Turkey Web Site: www.nef.com.tr Telephone: +90 212 325 11 11 Contact Person: Selçuk Çelik, Director Markleting & Sales Mail Address: selcuk.celik@nef.com.tr
Investor’s Guıde 2013
PROJECTS 27
Nef Bebeköy Bebek, Istanbul Type: Hotel
Nef is creating a hub of international
units ranging between 60 – 500 m2
Land Use: Hotel and Recreation Areas
art and culture. Nef Bebeköy project
spread across 7 wooden buildings and 5
Land Size: 68,000 m2
consists of a suite of 15 buildings,
villas. Total enclosed space is 8,000 m2,
Date of Completion: June 2014
which have been built on an historical
located within a 63,000 m2 forest land
site a top hill cresting above the chic
with direct views of the Bosphorus.
waterfront neighborhood of Bebek. DEVELOPMENT TEAM
Nef Bebeköy occupies the last large
The landscaping for Bebeköy is being
Owner: NEF
plot of green land to offer a panoramic
undertaken by the globally-respected
Developer: NEF
the Bosphorus view while giving
architectural, master planning and
Architects: WATG
easy access to the residential and
landscaping firm, WATG. For close to 65
entertainment of Bebeköy.
years, WATG has been working with the
Statıstıcs
world’s best-known hotel brands such
Enclosed Space: 8,000 m2
Adopting a style in keeping with the
as Banyan Tree, Six Senses, Ritz-Carlton,
Forest Land: 63,000 m2
essence of the area on a plot of 68.000
Conrad, Swissotel, Four Seasons and
Buildings: 7 wooden buildings + 5 villas
m2, one of the world’s most renowned
Hyatt Regency.
hotel chains is poised to take its place there, creating an inspiring artistic and
The project has been short-listed for
Contact Info
cultural resource not only for Istanbul
the renowned Aga Khan Architectural
Address: Büyükdere Cad. Yapı Kredi Plaza
but the whole world.
award in 2010. The development is
C-Blok K:16 Levent, Istanbul, Turkey
being converted to a 7 star hotel and
Web Site: www.nef.com.tr
The buildings have been completely
is planned to become operational by
Telephone: +90 212 325 11 11
re-furbished creating a complex of
2014. The residence / hotel will be
Contact Person: Selçuk Çelik, Director
buildings to be used as a residence/
managed by a world-class luxury hotel
Markleting & Sales
hotel encompassing 60-70 separate
management company.
Mail Address: selcuk.celik@nef.com.tr
28 PROJECTS
Investor’s Guıde 2013
Tac Mahal Beylikdüzü, Istanbul Type: Studio, 1+1, 2+1, 3+1 4+2, 5+2
Uluhan Group is developer of housing
Professional site management,
times as you want with the modular
and shopping mall projects and living
7/24 hour private security, indoor
architecture and the area
centers in Turkey. Headquarter of
swimming pool, outdoor - indoor car
Land Use: 40 m² in size options
the company is located in Istanbul.
park, kindergarden, fitness center,
Land Size: Times as you want with the
The unique design of each apartment
spa, sea views, terraces, restaurants,
modular architecture and the area
on each floor, the floor gardens.
cafes, theaters and cinema halls,
Date Started: August 2012
Uluhan Group, the world opens
playgrounds suitable for all ages,
Date Completed: December 2014
its doors for you and your loved
pre-determined sectors bazaar with
Project Web Site:
ones in an exclusive, distinguished.
projects that add value to your life.
www.tac-mahal.com DEVELOPMENT TEAM Owner: Bekir Cesur Developer: Taha Aktülün and Necati Aktülün Architect(s): Prof. Dr. Sinan Mert Şener Project Manager: Atilla Esen Consultant(s): Istanbul Technical University
Statistics Residential Units: Housing; 970 units, Shopping Mall with 262 stores, Home Office; 99 units Contact Info Address: Güzelyurt Mahallesi 55.sokak No:9 Beylikdüzü/ Istanbul Telephone: +90 0212 999 10 01
Uluhan Grup Uluhan Grup is developer of housing
livin areas, Uluhan and partners are
and shopping mall projects and living
continuing its business since 1970.
centers in Turkey. Headquarter of the
The firm constructs housing and
company is located in Istanbul. With
shopping mall projects with minimum
the mission to develop special and
200 units.
Investor’s Guıde 2013
PROJECTS 29
30 PROJECTS
Investor’s Guıde 2013
Ankara GolfKent Ballıkuyumcu, Ankara Type: Residential
The project is at west of Ankara, on the
housing demand. The project will also
Land Use: Residences & Golf Course
Eskişehir Highway, at 32nd km.
comprise schools from kindergarten
Land Size: 1,260,000 m2
Out of 1.2 million m2 of land, 446,000
to secondary, retail and social areas,
Date Started: March 2010
m2 are dedicated for housing, to include
technical, recreational, outdoor and
Date Completed: March 2017
2,640 units as villas and apartment
indoor sports facilities to complement a
Project Web Site:
buildings of various heights avoiding
nine-hole golf course.
www.ankaragolfkent.com
monotony and ranging from studios to simplex/duplex flats and to large family
The final delivery will be at the end of
5+1’s to respond to Ankara’s varied
March 2017.
DEVELOPMENT TEAM Owner: PORTAŞ (Ankara Metropolitan Municipality’s fully owned real estate affiliate) Developer: TURYAP – ÇEVTAŞ JV Architect(s): db Architecture – Bünyamin Derman Project Manager: Tayfun Tezcan Statistics Residential Units: 2640 units - Single Family Units: 160 - Multifamiliy Units: 45 (blocks) Max Floors: 50-320 m2 Commercial Space: 76,400 m2 Contact Info Company: TURYAP – ÇEVTAŞ JV Address: Şişli Plaza Ofis Blokları E Blok Kat: B1 Şişli / Istanbul Web Site: www.turyap.com.tr Telephone: +90 212 373 13 00 Contact Person: Nurbanu Türgen Mail Address: koordinator@ankaragolfkent.com
Investor’s Guıde 2013
PROJECTS 31
32 PROJECTS
Investor’s Guıde 2013
Kartall MESA Implementing Company: MESA Project Location: Kartal-Istanbul/Turkey Starting and Completion Dates: 2011-2014 Project Features and Housing Options: MESA Kartall consists of a single 31-storey building. There are a total of 286 housing units in the project. Several options ranging from 1+1 to 5+1 are available in the Project where flat sizes range from 61 m2 to 346 m2. www.mesakartall.com
Papirus Plaza Implementing Company: MESA-Ferko Project Location: Kağıthane-Istanbul/Turkey Starting and Completion Dates: 2011-2012 Project Features and Housing Options: Ground floor + 13-storey Papirus Plaza is composed of 158 offices in different sizes and types with a surface area ranging from 159 m2 to 454 m2. www.papirusplaza.com
Investor’s Guıde 2013
PROJECTS 33
MN Bahçeşehir Housing Project 4th Phase Implementing Company: MESA-Nurol Project Location: Bahçeşehir-Istanbul/Turkey Starting and Completion Dates: 2011- 2013 Project Features and Housing Options: The project consists of two ground floor + 23-storey buildings on a surface area of 17,858 m2. The 4th phase consists of a total of 182 flats with 2, 3, 4 bedroom options. www.mesa-nurol.com
MESA in Çengelköy Implementing Company: MESA Project Location: Çengelköy-Istanbul/Turkey Starting and Completion Dates: 2008-2011 Project Features and Housing Options: MESA in Çengelköy was established on an area almost entirely green with a total surface area of 100,000 m2. The project is located in an area covered by green
such as tennis and basketball courts, various playgrounds, jogging
space by 80%, consisting of 46 3-storey buildings that are in harmony
trails, and recreation sites. The entire traffic in Çengelköy Mesa runs
with the surrounding landscape, reflecting the warmth and beauty of
underground with entry and exit points from the side roads around the
the area. The project includes 6 different types of blocks with 1, 2, 4,
site. Above the ground, roads surrounding the buildings are reserved
and 5 bedroom options. There are a total of 298 flats with a surface
for pedestrians only to be opened to traffic in case of emergency. The
area ranging from 80 m2 to 290 m2. The 1,300 m2 ecological social
project also includes the Eko Center that aims at meeting energy needs
centre addresses all needs with indoor and outdoor swimming pools,
through renewable resources and minimizing carbon emissions.
a fitness centre, sauna and a multi-purpose hall. In addition, Çengelköy Mesa residents will take a fresh and deep breath with outdoor facilities
www.mesacengelkoyde.com
34 PROJECTS
Investor’s Guıde 2013
MESA Urla Houses 2nd Phase Implementing Company: MESA Project Location: Urla-İzmir/ Turkey Starting and Completion Dates: 2007-2009 Project Features and Housing Options: MESA Urla Houses İzmir – Located at 2 km from the Urla Çeşme Highway toll booths, Mesa Urla Houses are surrounded by fences with checkpoints at the entrance and are self-sufficient in terms of
different types of units on 20 hectares. The site composed of 30
the equipment installed. At its centre, the site has a centre for
houses with 4 bedrooms, each equipped with a garage, porch and
sports and social activities with indoor and outdoor swimming
terrace offering rich life spaces, already hosts its residents. The 2nd
pools as well as sports halls. The texture of the site was formed
phase on the adjoining site consists of 21 units with a surface area
with a different and contemporary interpretation of the Aegean
of 23,000 m2. The site hosts two types of units: A (Gross surface
Architecture. An environment with a distinct character was created
area 325 m2) and B (Gross surface area 278 m2).
and the same approach was adopted in interior and environmental design. The 1st phase of MESA Urla Houses are composed of 3
www.mesaurlaevleri.com
ParkOran Housing Project Implementing Company: MESA-Aktürk Project Location: Eski TBMM Lojmanları-Oran-Ankara/Turkey Starting and Completion Dates: 2007- 2013 Project Features and Housing Options: ParkOran units are composed of a total of 12 31-storey A and B-type buildings and a total of 5 7-storey C and D-type buildings. The types vary between one-bedroom flats and 6-bedroom duplexes. The construction
parking site, natural gas fired heating with heat cost allocators, smart
system in ParkOran Houses is based on raft foundation and tunnel
homes prepared for use with kitchen and white goods depending on
formwork. The project covers a total surface area of 146,000 m2 and
the project are some of the facilities available on site.
includes 1,843 housing units; 60 offices and 12 stores in an office building as well as various social facilities. 24/7 security, closed
www.parkoran.com
Investor’s Guıde 2013
PROJECTS 35
Çınarlı Bahçe Employer: İş Gayrimenkul Yatırım Ortaklığı A.Ş. Implementing Company: MESA Project Location: Tuzla-Istanbul/Turkey Starting and Completion Dates: 2011-2013 Project Features and Housing Options: The project was designed as 7 blocks and 476 housing units. The project includes housing units with sizes ranging from 58 m2 to 211 m2 in 1+1,1+1,5+2+1,3+1,4+1 room combinations as well as facilities such as closed and outdoor parking sites, indoor and outdoor swimming pools, children’s swimming pool, fitness centre, playgrounds, decorative pools, outdoor sports halls, a market and a school. Commodious living spaces in low-rise buildings and lateral planes are incorporated in the project.
MESA Yalıkavak Houses Implementing Company: MESA Project Location: Bodrum/ Turkey Starting and Completion Dates:2006-2007 Project Features and Housing Options: MESA Yalıkavak Houses that cover a surface area of 28,000 m2 comprise 28 units in 8 different types. Some of the structures are single houses while most of them are twin houses. Others incorporate 3 or 4 houses. Twin houses do not look like conjoined twins but they are rather
bedroom houses covering a surface area ranging between 75 m2
independent while joining hands; free while standing together. A
and 145 m2.
total of 61 houses in 28 different types meeting different needs are included in the project. The houses are composed of 2 and 3-
www.mesayalikavakevleri.com
36 PROJECTS
Investor’s Guıde 2013
MESA Çamlıca Houses Implementing Company: MESA Project Location: Istanbul/ Turkey STARTING AND COMPLETION DATES: 2013-2015 Project Features and Housing Options: The project is composed of 3 different types of units and 99 independent units on a site consisting of green spaces by 80%. The project includes 72 flats, 27 villas in the following combination: 17 A-type villas, 10 B-type villas and 12 buildings. All the villas have independent swimming pools. The project also includes a fitness centre, swimming pool, playground and indoor parking sites.
THEMEPARK Implementing Company: MESA,Kantur-Akdaş, Artaş, Öztaş Consortium
Location: Atakent, Küçükçekmece-Istanbul Project Start-End Dates: 2013-2016 Project Specifications and Residential Options: Situated on a land of 1 million 500 thousand m2, the ThemePark has a construction site of 900 thousand m2. The project includes not only 4 thousand residences but also 3 hotel blocks with 1000 rooms each, a shopping mall of 200 thousand m2, and an indoor exhibition area of 200 thousand m2. With a 6000-car parking lot and a convention centre within its exhibition area, the Project is
a science house, museums, exhibition halls, a shooting range, a
also home to the largest Theme Park of the region and Turkey.
squash court, recreational gardens, a cafe, restaurant, green areas,
The park features horror and adventure tunnels, speed elevators,
social activity areas.
rafting tracks, 4-D movie theatres, show pools, a giant 3-D aquarium, an ice and skating rink, an amusement park, a theatre,
www.istanbulthemepark.net
SELECTED PROJECTS >>>
38 SELECTED PROJECTS
Investor’s Guıde 2013
Emaar Square
Zorlu Centre
Mixed-use, Istanbul
Mixed-use, Istanbul
Developed by Emaar Turkey, Emaar Square will comprise over
Zorlu Real Estate has invested USD 2.5 billion in a major real
1,000 luxury homes, a 180 room five star hotel, a 40,000 m2 office
estate project in the very heart of Istanbul, to be completed
building, and a shopping centre, the largest in Turkey. The shopping
by 2013. The five-in-one Zorlu Centre includes a residential
centre will offer city dwellers a world class shopping and leisure
building, a shopping centre, office buildings, a five-star hotel
destination with over 150,000 m2 of GLA. The project in Çamlıca is
and a culture & arts centre with a theatre in the Zincirlikuyu
scheduled to be completed by the end of 2015.
district of Istanbul.
Varyap Meridian
Mall of Istanbul
Mixed-use, Istanbul
Mixed-use, Istanbul
Located in Istanbul’s proposed financial district, the Varyap
Located in Başakşehir district of Istanbul, Mall of Istanbul by
Meridian by Varyap Real Estate presents a 374,000 m2 mixed-
Torunlar REIT is an ambitious mixed-use project featuring
use development including five tower elements housing
1,114 residential units, a shopping centre with a GLA of
residential units, hotel, offices, and conference facilities with
148,000 m2, a 32,000 m2 office building, a 15,000 m2 theme
landscaped public areas and parking facilities while enjoying
park, and a five-star hotel. With USD 325 million investment,
the panoramic views of the city.
the project will be completed in 2013.
Investor’s Guıde 2013
SELECTED PROJECTS 39
Via/Port Venezia
Istanbloom
Mixed-use, Istanbul
Residential & Office, Istanbul
The very first project of Bayraktar & Gürsoy Investment
Located in Zincirlikuyu district of Istanbul and bringing nature and
partnership, Via/Port Venezia is a mixed-use project located on a
business life together through six court gardens, the Istanbloom
82,000 m2 of land in Gaziosmanpaşa district of Istanbul. Designed
project by Esin Yapı is consisting totally of 46 floors with 36 floors
in reference to the city of Venice, the project comprises of 2,500
reserved for housing units, 4 for penthouses and 4 for office
luxurious residential units, a shopping centre with a 70,000 m2 of
floors. With office areas of around 9, 700 m2, the project has the
GLA, and 50,000 m2 thematic office spaces.
possibility of constructing modular office areas.
Vadi Istanbul
Palladium Tower
Mixed-Use, Istanbul
Office, Istanbul
Developed jointly by Artaş, Aydınlı, and Keleşoğlu Construction in
Palladium Tower by Tahincioğlu Real Estate is an A-class office
Ayazağa district of Istanbul, Vadi Istanbul is an ambitious project
building, with 43 floors. Designed in accordance with Feng Shui
comprising of 3,000 residential units, a 55,000 m2 shopping
system, the project offers 55,000 m2 of leasable area, as well as a
centre, a 28,000 m2 shopping street on a 700-meter street,
150-person lounge, 11 meeting and seminar rooms, a sports centre,
240,000 m2 of office area, and both 5 and 4-star hotels. Planned
an leisure areas. A LEED Gold certificate nominee project is located
to be constructed in two phases, the project is scheduled to be
in Kozyatağı district of Istanbul, next to Palladium Shopping Centre,
completed in 2015.
and it is scheduled to be completed in the third quarter of 2013.
40 SELECTED PROJECTS
Investor’s Guıde 2013
yooistanbul
Nidakule Göztepe
Residence, Istanbul
Office, Istanbul
Developed by Say Yapı in Ortaköy, with interiors by “yoo inspired
Nidakule Göztepe by Tahincioğlu Real Estate is rising on a land of
by Starck”, yooistanbul is set to redefine boutique city living in
10, 813 m2 in Göztepe, a major centre on the Asian side of Istanbul.
Istanbul. It is announced that EUR 180 million invested in the
Having been built according to Class-A (LEED Gold) office criteria,
project, which offers 11 elegant buildings and 100 boutique
the project is designed in consideration of not only needs of today,
apartments. yooistanbul combines the sanctuary and space of a
but those of tomorrow as well, the project aims to bring a new
rural retreat with the luxurious amenities of a vibrant city location.
energy to the business world of Istanbul.
Maçka Residences
Ormanada
Residential, Istanbul
Residential, Istanbul
Located in the very heart of Istanbul, Maçka Residences by
Ormanda by Eczacıbaşı Property, located in a wooded suburb
Astaş Real Estate features panoramic views from the Bosphorus
to the north of Istanbul, Zekeriyaköy, aims to create a low rise,
Bridge and to Princess’ Islands and the old city. 10 different
moderate density gated community that is highly sensitive to the
unit floor plans and 170 total units, ranging from studio
surrounding environment and wildlife. The project will comprise
apartments to penthouse duplexes, all featuring walk-out
a mix of a 260 residential units ranging from town houses to
balconies or terraces. Over 50% of the project is devoted to
detached and semi-detached villas and flats, as well as a sports
green space, pools, and recreation areas.
club and a selected mix of retailers.
Investor’s Guıde 2013
SELECTED PROJECTS 41
Çukurova Tower
Mandarin Oriental
Residential, Istanbul
Hotel & Residence, Bodrum
Çukurova Tower by Çukurova Real Estate is located on 7,068 m2
Located on a 600,000 m2 of land in Bodrum, Mandarin Oriental
of land in Kartal and comprises of 238 residential units. Designed
by Astaş Real Estate will feature 98 villas and 116 residences
by Tago Architecture, the project stands out with environment-
with breathtaking views over the Aegean Sea, designed with
friendly building materials, large green areas (92% of the
sophisticated and natural materials. The operation of the
project), and leisure areas iÇukurova Tower is scheduled to be
residences and the hotel will be run by Mandarin Oriental Hotel
completed in October 2014.
Group and the project is scheduled to be completed in 2013.
Incek Life
Folkart Towers
Residential, Ankara
Mixed-use, Izmir
Located on a 150,000 m2 of land in Ankara, the ambitious
Folkart’s new project, Folkart Towers, is located in Bayraklı district
residential project, Incek Life, is being developed by Sinpaş REIT.
of Izmir, which has recently been introduced as the new business
The project comprises of 448 residential units and 38 villas
centre of Izmir. The USD 150 million-project consists of two
offering 22 different options in size, and it is scheduled to be
towers, approx. 200 meters high with 40 floors featuring a sports
completed in August 2014. Designed in reference to the Turkish
complex, a shopping centre, an office and residential floors. Office
architecture in Republican Era of Turkey with large green areas,
spaces will be located in the upper floors, while shopping areas
Incek Life offers leisure, safety, prestige, and comfort together.
are planned to be in the ground floors.
WHO’S WHO >>>
44 WHO’S WHO
Investor’s Guıde 2013
Turkish Council of Shopping Centers In December 2008, 16 founding members created the Turkish Council of Shopping Centers (AYD) with the purpose of supporting the Turkish retail industry through the difficult times brought about by the global financial crisis. Through a union of powers, this number has now reached 201 members. Hulusi Belgü
Avi Alkaş
Coşkun
A total of 101 operational shopping centers currently run by those
Chairman
Vice Chairman
Bayraktar
members represents 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 the Turkish retail industry to the level of global standards. The mission that AYD undertakes in this vision is to contribute to the healthy development of the retail industry along with retailers, Fuat Atalay
Nuri Şapkacı
Nihat
Vice Chairman
Vice Chairman
Sandıkcıoğlu
consumers and industrial solution partners.
Secretary
The Council’s main mission and targets are as follows:
General
To act as the responsible leader for the shopping center sector • To represent the industry in legislative studies with governmental and local authorities
Büyükdere Cad. No:185, Kanyon Ofis Blok, Kat:3, 34394,
• Standardization
1.Levent, Istanbul, Turkey
• Training (management, marketing, law) • To supply reliable information to the industry by conducting customer
T + 90 212 353 54 73-74
surveys
F +90 212 353 54 75
• To issue and publish monthly SC Index (turnover, foot-fall)
www. ayd.org.tr ayd@ayd.org.tr
To contribute to the development of the retail sector • To work out projects that would help increase the efficiency-by-thesquare-meter in shopping centers • To organize training courses for shops and stores on a center-bycenter basis • To encourage new and successful retailers • To represent the industry in various platforms • To cooperate with national and international organisations and the public
Investor’s Guıde 2013
WHO’S WHO 45
CEFIC LEADER IN TURKEY WITH OVER 19 YEARS OF EXPERIENCE AND SUCCESS Operating in Europe since 1986 and in Turkey since 1994, Cefic is active as a consulting firm supporting its clients in investment,development, leasing, property and facility management as well as sales, marketing and promotion of shopping centers and Anthony Khoi
Vahit İpekçi
Nihat Evcimen
President &
COO
Finance &
CEO
Administration
commercial properties. Cefic is operating with an international know-how and tailored solutions to strongly support investors and tenants for the most efficient results in growth and added value.
Ihlamur Yıldız Cad. No:8 Toprak Centre A Blok 4.Kat Beşiktaş / Istanbul / Turkey
Its deep market knowledge and experience have established Cefic as the leading expert in its field in Turkey with its team of 85
T: +90 212 327 11 40
professionals. Cefic is highly recognized by the industry with one
F: +90 212 258 03 37
of the best track records for accomplished achievement during the
www.ceficturkey.com
past 19 years in the Turkish market. Cefic continues to strive for excellence. Assets under management: Palm City Mersin SC Carrefour Ankara SC Carrefour Bursa SC Carrefour Haramidere SC Carrefour İçerenköy SC Carrefour İzmit SC CarrefourSA Ümraniye AVM CarrefourSA Bayrampaşa SC Kızılay Shopping Center EXCELLENCE IN THE ART OF SHOPPING CENTER LEASING AND MANAGEMENT
46 WHO’S WHO
Investor’s Guıde 2013
Epos Property Consulting EPOS Property Consulting and Valuation PLC is a company, which offers valuation and consulting services across Turkey and worldwide for 18 years. EPOS is accepted to be listed in the “Committee List” according to Capital Markets Board of Turkey (CMB) regulation. EPOS, has also been authorized by the Banking Regulation and Supervision Agency (BRSC) to give valuation services to banks . Neşecan Çekici
EPOS comprised of experienced principals is able to combine the
Chairman of
physical planning, market research and economic aspects into a unified
the Board,
analysis process. Our goal is to provide our clients with the comfort
Responsible
of knowing that we have the knowledge of both physical as well as
Appraiser
economic aspects and can provide an independent product that can be used in the client’s decision making process. As EPOS we have established Quality Management System to ensure the permanence of our service quality. As a result of audits performed by German NISZERT company, it has been affirmed that ISO 9001:2008 quality system standarts has been implemented in EPOS. The EPOS Team consists of staffs that hold degrees in property
Hamdi Arıkan
Dilek Yılmaz
Özlem Dever
development, urban planning, business management, marketing
Manager ,
Aydın
Manager,
communication, engineering, architecture and economics.
Real Estate
Manager,
Finance Dept.
Valuation
Real Estate
VALUATION SERVICES
Dept,
Development
Residences- Villas- Mansions, Land, Business Centres- Plazas -Offices,
Responsible
Dept, Licenced
Hotels -Holiday Resorts -Tourism Facilities, Shopping Centres, Cinemas
Appraiser
Appraiser
and Leisure Centres, Factories and Production Plants, Warehouses and Logistics Sites, Petrol - Gas Stations - Refineries, Marinas and Ports, Time Share Units, Health Facilities, Training Facilities, Congress and Exhibition Centres, Machinery and Other Capital Assets, Power plants
Öğretmen Haşim Çeken Cd. Ceceli İş Merkezi No:15/2
(HES-RES), Mines-Springs, Rights and Benefits related to a Property,
Fulya-Şişli -Istanbul/Turkey
Real Estate Projects
T+90 212 216 52 74
PROPERTY DEVELOPMENT CONSULTANCY
F+90 212 216 18 73
Feasibility Studies, Highest and Best Use Analysis, Market Research,
www.epos.com.tr
Regional and Sector Analysis Reports, Supply Level and Price
info@epos.com.tr
Researches, Pricing and Goodwill Studies
Investor’s Guıde 2013
WHO’S WHO 47
GYODER GYODER, the Association of Real Estate Investment Companies, was established in 1999 for the purpose of encouraging the development of the newly booming real estate industry in Turkey. Today, GYODER has 265 members ranging from project developers, consulting companies, REICs to appraisers, constructing companies. GYODER works to foster real estate standards and also supports urban regeneration for the Aziz Torun
growth of the real estate sector, generating cooperation between
Chairman
all local authorities, relevant state bodies, private institutions, academics and NGOs, in shaping quality environments and exchange of information among them. As a common voice of the real estate industry,
Cumhuriyet Caddesi Pegasus Evi No:48
it contributes to the improvement of the legislation regulating the real
Zemin Kat C Elmadağ/ Taksim – Istanbul
estate sector such as Law on the protection of the consumer, zoning plans, communique on REICs, VAT Law, Reciprocity Law, Corporate Tax
T +90 212 282 53 65
Law and Regulation on Energy Savings in Buildings.
F +90 212 282 53 93 www.gyoder.org.tr
GYODER aims to make real estate more institutional by creating reliable data and knowhow. It releases quarterly and annually reports on Turkish Real Estate Sector. GYODER organizes along with Capital Markets Board of Turkey and Istanbul Stock Exchange workshops on IPO’s of REICs and analyst meetings with the Association of Capital Market Intermediary Institutions of Turkey. It publishes monthly new home price indices along with REIDIN.com. Turkish Real Estate Summits, organized annually by GYODER since 2000, have become sector’s traditional meeting and idea sharing events with their international participants. Since 2009, GYODER has been organizing Turkey’s primary regional real estate and investment fair. This year’s summit will be held on 28-29 May 2013 in Istanbul. 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. This will be trailed in 2013 by the upcoming events in Far and Middle East, namely Malaysia, Singapore and Qatar to introduce Turkish real estate industry and REICs to private and institutional investors. GYODER will also attend Dubai Cityscape Global Fair in October 2013. 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. In 2013, Izmir hosted the first summit of the year, which will be followed by a similar event in Antalya in October or November 2013.
48 WHO’S WHO
Investor’s Guıde 2013
KONUTDER Housing Developers and Investors Organization (KONUTDER) was found on 9th June 2011 by 16 big housing producers of Turkey and 47 real persons representing these producers. KONUTDER members, who play an important role for producing branded residences in a considerable amount in Turkey, have put their signature under building over 200 thousand residences so far. The member companies of KONUTDER who Ömer Faruk
provide approximately 3 billion dollars per annum for Turkish economy
Çelik
provide employment opportunity to approximately 30 thousand people
Chairman
directly or indirectly. KONUTDER was found as a platform that will make the sound of this
Ömer Avni Mah. İnebolu Sok. Dünya Han No: 15/3
sector louder and that eliminate all complications for a healthy growing.
Setüstü Kabataş Beyoğlu-Istanbul Turkey
While housing sector has made a lot of progress with the projects developed within each period, it also faces so much trouble including
T +90 212 245 05 66 pbx
the structural or cyclical problems. The solution of the troubles requires
F +90 212 245 05 64
a broad-based partnership. KONUTDER take the required steps to
www.konutder.org.tr
overcome these troubles, act commonly with share holders and make
info@konutder.org
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.
Investor’s Guıde 2013
WHO’S WHO 49
Kulak Construction Co Kulak Construction Co. was incorporated in Adana in 1943 and the Company has successfully completed more than 40,000 buildings having total area of 4,000,000 m2 in Turkey and abroad and it has successfully applied and implemented numerous projects in cooperation with miscellaneous international companies and consortiums. Tarkan Kulak
Bahadır Yetki
Atakan Kulak
Chairman
CEO
Board Member,
Kulak Construction Co. commenced its projects in Adana, yet it
General
expanded them all over Turkey, to be followed by miscellaneous
Manager
countries in the world such as Iraq, Kyrgyzstan, Omani, Afghanistan, United Arab Emirates, Saudi Arabia, Maldives and it proudly presents Turkey with the functional, efficient and comfortable structures and areas it has created all over the world.
Levent Caddesi Alt Zeren Sokak No: 33 Levent/Istanbul
Kulak Construction Co. continues its growth with T +90 212 283 01 01
KLK Construction in its 70th Year
F +90 212 283 09 46
KLK Construction which is an affiliate of Kulak Construction Co.
www.klk.com.tr
continues to implement its modern architecture and aesthetical
info@klk.com.tr
approach and uses 70 years of experience and knowledge it has received from Kulak Construction Co. in the international arena to become a reputable reliable and leading company. With the ISO 9001, ISO 14001, ISO 18001 certificates it holds, KLK Construction has an innovative approach and customer focused creativity in its applications, creations and applications and it is a leader in Construction Industry also with its conscientiousness towards the protection of the environment for the future generations. KLK Construction continues creating innovative, comfortable and convenient designs for modern urban people with its experienced workers and it continues making contributions to future with its environment conscientious and friendly mindset and client focused service policy.
50 WHO’S WHO
Investor’s Guıde 2013
METRO PROPERTIES TURKEY METRO PROPERTIES is the real estate company of METRO GROUP. In 29 countries, the company is managing the most international retail property portfolio worldwide. The core responsibility of METRO PROPERTIES Turkey is to enhance the value of its real estate assets in the long term through active Eyüphan
Osman Koçak
Hüseyin
asset and strategic portfolio management. As a service provider for
Boyvadaoğlu
Finance
Okumuş
the site search, development and construction of retail locations,
Managing
Director
Head of Centre
METRO PROPERTIES acts as a Real Estate solution provider and
Management
Investor for the expansion of METRO GROUP Sales Lines from scratch
Director
to completion. In addition, METRO PROPERTIES provides the METRO GROUP Sales Lines with fast and flexible expansion opportunities. The service range also includes the energy management of retail properties, facility management for commercial, administrative and warehouse locations as well as the management and leasing of shopping centers. İlker Aydın
Göksel
Avni Ulusoy
Head of
Atikeler
Head of
Development
Head of
Construction
A total land of 1,290,376 m²
& Asset
Finance &
Management
A total leasable area of 529,623 m², of 216 stores
Management
Administration
METRO PROPERTIES Turkey portfolıo
Total car park area for 24,200 vehicles, 10 Shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep, Izmit, Konya, Istanbul Kartal, Ümraniye and Merter 20 METRO Cash&Carry storesw
Marmara Forum Garden Office Kat :3 Osmaniye Mah. Çobançesme Kosuyolu Bulvarı No:3 PK 34146 Bakırköy/Istanbul T +90 212 454 43 00 F +90 212 451 07 41 info@metro-properties.com.tr www.metro-properties.com.tr
Investor’s Guıde 2013
WHO’S WHO 51
Multi Development TÜRKİYE Multi Development Türkiye, 100% affiliate of Multi Corporation, the number one retail developer in Europe with 189 real estate projects completed in 14 European countries, and 50 malls being managed, develops multi-purpose projects consisting of malls, offices and residences. Multi invests in, develops and manages these projects. The “Forum” malls of Multi Development Türkiye are unique Hulusi Belgü
Hakan Turunç
Jurn
projects with their special custom architecture in full compliance
Ceo, Multi
Ceo, Forum
Hoeksema
with the cities they are located in, and in their sensitivity to the local
Development
Turkey Fund
General Manager
environment and the community. These projects, designed by Multi’s
Forum Turkey
in-house architectural design company T+T Design, have won the most
Fund
prestigious international awards and became significant assets to the
Türkiye
cities in which they play important roles by reviving the city and region where they are located. Multi Development Türkiye has developed 10 mall projects under the Forum name that are in operation, 4 more are under construction and 2 projects in development stages, across all regions in Turkey. Multi undertakes the management of its malls, in order to ensure the continuation of the concepts of the projects it has developed, and to Luis Pereira
Özge Ülkü
Managing
Leasing
Director, Multi
Director, Multi
Development
Development
Forum Bornova (Izmir); built on an area of 67,000 m2; 130 stores
Türkiye Mall
Türkiye
Forum Mersin (Mersin); 71,500 m2 rental space; 200 stores
Management
continuously strengthen and enhance their investment values. Actıve projects of Multi Development Türkiye
Forum Çamlık (Denizli); 33,900 m2 rental space; over 130 stores Forum Trabzon (Trabzon); 49,200 m2 rental space, 177 brands Forum Aydın (Aydın); 29,400 m2 rental space; 120 brands Forum Ankara (Ankara); 86,300 m2 rental space, 149 brands
Ebulula Mardin Caddesi Maya Meridien İş Merkezi Zemin
Forum Istanbul (Istanbul); 175,000 m2 rental space, 265 brands
ve 1. Kat 34335 Akatlar, Istanbul, Türkiye
Forum Kapadokya (Nevşehir); 24,500 m2 rental space, 75 brands Marmara Forum (Istanbul); 165,000 m2 rental space, over 300 brands
T +90 212 349 10 00
Forum Kayseri (Kayseri); 65,000 m2 rental space; over 200 brands
F +90 212349 10 99 wwww.multiturkiye.com
Under constructıon and under development projects Forum Gaziantep Forum Adana Forum Diyarbakır Forum Çanakkale Forum Çorum Forum Elazığ
52 WHO’S WHO
Investor’s Guıde 2013
NATA HOLDING NATA Holding is a group of companies operating in project development and real estate investment, construction, contracting services in foreign countries, concrete pipe and prefabricated manufacture, cement and energy sectors. Nata VEGA Shopping Mall and Life Centre project is among the largest Namık Tanık
Cüneyt
shopping malls and life centres with a total closed area of 450,000
Chairman of
Kandemir
m2 in Turkey. This complex houses a giant aquarium of 6,000 m2 and
the Board
General
a 98-meter tunnel making it the longest-tunnel-aquarium of Turkey.
Manager
Worldwide famous textile brands have stores in this shopping mall, and Nata VEGA breaking a new ground offers the showrooms of 10 automotive brands along with their technical services to the visitors.
Nagihan Polat
Nata Holding brings the concept of shopping together in my single
Planing
address with this project, and has been constructing 46-storey 365 houses total the tallest ones in Ankara right to next to the Nata Vega as
Ahmet Çakmak
well. Antares Shopping Mall and Life Centre constructed by Dolunay
Marketing
Co., a subsidiary of Nata Holding, opened in October 2007. During the course of time, Antares has been the favored and popular shopping and
Mustafa Çayırpınar
business centre of Ankara with its 122,000-m2 leasable area. Antares
Constumer Relations
Shopping Mall offers a modern and privileged living area to the fellow residents of Ankara with its business tower and living complex of 619 houses. Nata DELTA is the shopping and entertainment centre project
Ayaş Yolu 21. Km Çatalca Sok.
located in the developing western region of Ankara. Nata DELTA having
No: 238 Sincan, Ankara
a construction site of 300,000 m2 will be put into service in 2013. A
T +90 312 269 12 32
ski track of 130 meters will be constructed by a special system on the
F +90 312 270 03 15
roof of this centre and the visitors will have the chance of skiing all the year round. In addition to this, there is a project of building 500 houses in this project. Located by the metro station extending from Central Ankara - Kizilay to Sincan, Nata Delta project will be a major shopping, life and entertainment hub of Ankara thanks to its easy accessibility. As Nata Holding, we are proud of all the works we completed and we are competing with ourselves. We are aware that not putting any limit to what we assigns greater meanings and responsibilities to us. We continue working to always do the better in line with our goals and objectives while observing the values based on our experiences and achievements, and bringing in living structures to the city life. That is why we are in the foundation of life.
Investor’s Guıde 2013
WHO’S WHO 53
NEF Nef, is a unique real estate brand working not in square-meters but rather in square-centimeters. Our aim is to be a brand designing finely thought-out, quality living space for people. Setting out to create its life-giving and indispensable oeuvres just like the breath we take, Nef is engaged in a number of different lifestyle and design projects. Erden Timur
Selçuk Çelik
Yaman Parar
With its series of 7 finely thought-out designs for homes, offices, suites,
Board Member
Head of Sales
Head of
apartments, flats, dorms and residences, Nef is distinct from all other
& Marketing
Finance
projects currently under execution. With our projects and patented inventions such as Foldhome and Foldoffice, set to appear at world design fairs from 2011 onwards together with the products of the world’s most important designers, our aim is to make design, no longer a luxury, but rather an essential part of people’s way of life. Patented by Nef the firm’s “Foldhome” system which is built into each of its projects enables tenants to purchase a single-bedroom flat, while
Benal Çalışkan
having access to shared public amenities that extends their personal
Director Nef
space into what is virtually a 24-room, 24-hour-a-day house. Nef 163,
Bebeköy
for example, includes interiors ranging from a roof garden grill, music studio and open-air cinema to a Playstation room, cigar and gusto room and observatory. Each space is designed by a different studio and
Büyükdere Caddesi Yapı Kredi Plaza
hosts services that will change according to the needs and habits of the
C Blok Kat 16 Levent, Istanbul 34330
inhabitants of each property.
T +90 212 325 11 11 (pbx)
Tapping world-class architects and designers, including Foster +
F +90 212 325 10 41
Partners, SOM, FX Fowler, RMJM, Autoban, Tago and LTL Architects,
www.nef.com.tr
along with Sébastien Agneessens / Seb Leon Studio, Dror Benshetrit / Studio Dror, Stefan Boublil / The Apt, Harry Allen and Alper Böler, Nef’s ten inaugural Istanbul projects include offices, suites, apartment buildings, flats and dorms Enlisting so many designers ensures diverse approaches and solutions to every problem and intense attention to detail. Treating design and art as creative systems that work best in concert, Nef identifies and addresses details of daily life that most developers fail to consider at all. From doorknobs to elevator music, Nef is building an entirely fresh experience of living space.
54 WHO’S WHO
Investor’s Guıde 2013
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 Artuğ Çetin
Carsten Probst
Philipp von
CEO
Co-Founder
Wilmowsky
& Managing
Co-Founder
environmental awareness. With an expert team of project developers, architects, civil engineers, leasing and financing specialists as well as experienced in the
Partner
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 Emre Şen
Mehmet Ali
Yasemin Gün
order to guarantee the centers to well remain an attraction and point
Head of Center
Ünsay
Altay
of interest for many years to come. The latter is of crucial importance
Management
Head of
Head of
and hence supported by Prime Development’s fully integrated center
Leasing
Architecture
management experts. Prime Development (PD) wants to grow into one of the leading retail development and service companies. This growth philosophy is a strategic one and always be based on the individual market dynamics. In addition the second and sometime even more important factor is the people factor, which consists of the internal and external side, both are of equal importance to PD.
Tolga Taylan Head of
Prime Mall İskenderun (Hatay)
Construction
36,500 m2 leaseable area 126 shops
Bağdat Caddesi No. 325/1
Prime Mall Antakya (Hatay)
34738 Erenköy – Istanbul
35,300 m2 leaseable area 127 shops
T +90 216 385 83 85 F +90 216 385 99 41
Prime Mall Gaziantep (Gaziantep)
www.pd-global.com
55,100 m2 leaseable area 160 shops
Investor’s Guıde 2013
WHO’S WHO 55
PROPIN PROPIN Property Investment Consultancy, is a property investment consultancy company specializing in the “office” segment of the commercial property sector. PROPIN provides advisory and agency services to property users, landlords, property investors and developers in this field. The company’s service covers Istanbul and other big cities where the office market is developing. Aydan Bozkurt
Ebru Ersöz
Managing
Managing
Founded in 2005, PROPIN has made an impact in the sector within a
Partner
Partner
short space of time, exemplified by its quality work and the quality of its service with experienced team. Obvious indicators of its success
Reha Aksoy
are the references from the most prestigious Turkish and global
PR
companies. PROPIN, with a quality and productivity accompanied by expertise,
Büyükdere Caddesi, Gökfiliz İş Merkezi No.8/22 K.9
provides a full range of service to its customers in the office segment.
Pk.34387 Mecidiyeköy/Istanbul
Its guiding principle is never to make concessions on business ethics from its inception. The values it offers emphasize the importance it
T +90 212 217 85 55
attaches to maintaining the trust it has built up in the sector forever.
F +90 212 217 85 53
PROPIN’s professional team is ready to work with you: to answer your
www.propin.com.tr
questions in any of your advisory and agency needs in the office
info@propin.com.tr
sector of the commercial property market. PROPIN’s servıces Agency Services User Representation
• Tenant / Buyer Consultancy
• “Built-to-Suit Model” Development Consultancy
• Contract Renewing Consultancy
Landlord Representation
• Property Marketing Consultancy
• Contract Renewing Consultancy
Advisory Services
• Market Research Reports
• Office Feasibility Reports
• Project Development Consultancy
56 WHO’S WHO
Investor’s Guıde 2013
Proplan Project management Established in 2005 with 40 years of experience in order to prepare plans for tomorrow and put these plans into practice flawlessly, ProPlan has created from tens of projects high-rise buildings reaching the sky, factories which contributed to the economy, and facilities which evoke admiration. It has put quite a few local projects as well as international projects into practice with the strong teams it formed and with its Gökhan Özber
Yener Karadağ
Erkan Özber
specialist business partners, perfect work processes, detailed reporting
Chairman
General
Director
tools, thorough audit system and correct planning.
Manager
Business
With its entrepreneurial spirit, experienced staff and leader viewpoint,
Development
it has become a company which carried the project development and project management sector one step forward. Having considerable experience in various construction sites such as airports, subways, dams, infrastructures, railways, tunnels, luxurious housings, hotel chains, industrial facilities, sport complexes, shopping malls, cultural and trade centres, marinas and projects of combined buildings, ProPlan has been operating with the strength it acquired from knowledge as well as with the principal of perfection which it has never departed
Banu Özber
Ebru Dumanlı
Emre
from. ProPlan continues to transform the dreams into plans and plans
Çetin
Director, Project
Kınıkoğlu
into reality.
Regional
Management
Director,
Manager
System
Design
Managing your Projects in full content,
Coordination
We create alternative solutions fulfilling projects’ needs at every stage and offer guidance to our customers not just when producing solutions, but also when determining targets. We manage the development, design, planning, construction, operation and
Istanbul Head Office
evaluation stages of our projects and we direct them through to
Ekinciler Cad. Ekinciler Plaza No: 1 Kat: 6
the final stage. we stand for no errors in terms of time, quality and
Kavacık 34810 Beykoz-Istanbul/Turkey
budgets as we work. Our services are;
T +90 216 537 06 87
Design Management, Tender Management,
Ankara Office
Contract and Claim Management,
Cinnah Cad. No: 38/8
Risk Analysis and Assessment,
Çankaya-Ankara/Turkey
Construction Management,
T +90 312 440 43 30
Quality Assurance and Control, Budget Management,
Baku Office
Planning,
World Business Center, Selayman Rehimov Sk.
Supervision,
No: 309 Kat: 12 Ofis No: 4 Baku-Azerbaijan
Auditing and Commissioning,
T +994 12 597 48 36
Sustainable Project Management, Value Engineering, Technical Consultancy, Due Diligence.
Investor’s Guıde 2013
WHO’S WHO 57
Space Real Estate Dev. & Services SPACE Real Estate Development & Services facilitates 12 years of real estate consulting experience . Main Branch of Space is located in Bebek, one of the top end districts of Istanbul at the Bosphorus coast famous with its historical chalets and prestigious apartments and villas. Targeting a niche portfolio of Şeli İpekel
Filiz Çakmur
client base, Space opened 2nd branch in Kandilli which is the best
Elvaşvili
Founder &
location of Anatolian Bosphorus Coast. Space is constantly proud on
Founder &
Managing
getting high level of successful and prestigious contract deals with
Managing
Partner
excellent customer satisfaction from both the buyer / seller and
Partner
tenant / landlord parts. Through the past ten years, Istanbul has been a rapid developing
Cevdet Paşa Cad. Germencik Sok. Bebek Palas Apt. No:1
city in real estate which led to vast amounts of agents ranging from
Bebek - Istanbul Bebek - Istanbul
sophisticated professional firms to shady unlicensed spot brokers.
T +90 212 263 47 97
Space has constantly been on positive pattern to redefine
F +90 212 263 48 20
customer confidence through its prestigious management team
space@spaceIstanbul.com
of executive professionals. Resulting high level of customer
www.spaceIstanbul.com
confidence and pleasant feedback from medium to high end income level of clientele, Space is proud on achieved success for being acknowledged as a preferred brand name in Istanbul ‘s real- estate platform. Although mainly operating in residential area, Space has also accomplished the remarkable commercial sales / lease transactions and has an objective to have branches specialized in commercial real estate consultancy within next two years. REFERENCES • ISTINYE PARK Residence, ORJIN GAYRIMENKUL A.S. • DOGUS HOLDING A.S. • AKBANK T.A.S • DERELI HOLDING A.S. • L’IST SUITES- KREA GAYRIMENKUL • CARMIKLI HOLDING A.S. • DELTA HOLDING A.S. • KARAMANCI HOLDING A.S. • GARANTI BANKASI A.S.
58 WHO’S WHO
Investor’s Guıde 2013
Tahincioglu Real Estate Tahincioglu Real Estate is the real estate development and investment arm of Tahincioglu group of companies. The Company is an active player in the Turkish real estate market, with a particular focus on the development of premium quality retail, office space as well as residential properties and premium hotels. In addition to the development projects undertaken, the company has a large portfolio of Özcan
income generating real estate assets that it actively manages.
Tahincioğlu Chairman of
The construction area of projects completed by Tahincioglu Real
Board
Estate to date has reached over 1.5 million square meters. Nida Insaat, construction arm of Tahincioglu under takes the general contractor role in each project. Landmark projects undertaken by Tahincioglu
Nidakule, Değirmen Street, No: 18 Kat 22, 34742
include Palladium Shopping Center and Residence Tower, Nidakule
Kozyatağı, Istanbul, Turkey
Kozyatagi and Nidakule Göztepe Office Towers, Swissôtel Grand Efes &
T +90 216 384 93 11
Convention Center.
F +90 216 384 81 87 www.tahincioglu.com
Tahincioglu is currently engaged in the development of two Leed
info@tahincioglu.com
Gold Certificate, A-class office towers located in Istanbul (Nidakule Levent and Palladium Tower) and a shopping center in Hatay (Palladium Antakya). In addition to aforementioned projects that are under construction, the Company has six other projects which are currently at their design and planning phase, namely an office building in Atasehir Istanbul Finance Center, two residential projects in Cengelkoy and Seyrantepe, three mixed-use projects in Bomonti, Kozyatagi and Adana (four of which plan to break ground in 2013). SELECTED COMPLETED PROJECTS • Palladium Shopping Center & Residence Tower, Istanbul • Nidakule Kozyatagi Office Tower, Istanbul • Nidakule Goztepe Office Tower, Istanbul • Swissotel Grand Efes & Convention Center, Izmir • Nidapark Villa Compound, Istanbul • Mavikent Apartments, Istanbul • Kent Gida HQ and Factory, Istanbul • Perissia Hotel, Cappadocia • Paloma Hotels Sendita Perissia, Antalya PROJECTS UNDER CONSTRUCTION • Palladium Office Tower, Istanbul • Palladium Antakya Shopping Center, Hatay • Nidakule Levent Office Tower, Istanbul
Investor’s Guıde 2013
WHO’S WHO 59
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 Haluk Sur
of sustainability globally while working together with international
Chairman of
green building councils. The construction sector is the most active
TGBC
sector in the Turkish economy and as new development continues to thrive across the country, it is crucial to ensure this is done in a sustainable fashion.
Başlık Sokak Hızır Apt. No:2 Daire.8 Levent, Istanbul, Türkiye
TGBC conducts its activities with the belief that buildings and settlements designed and constructed with an ecological sensibility
T +90 212 269 59 41-42
allow us to live and work in healthier places and lead healthier lives.
F +90 212 284 21 14
TGBC organises educational programs, develops pilot projects with
info@cedbik.org
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.
60 WHO’S WHO
Investor’s Guıde 2013
TURKMALL Real Estate Turkmall is leading the Turkish shopping centre development and investment industry since 1992. We have developed more than 50, and completed more than 30 shopping centre in 15 years and have added value to their regions and our retail partners. Turkmall has been awarded with Excellence in Retail and Real Estate Hans Otto
Levent
Hilmi Özçakır
prizes. We have developed 5 million m² retail construction area,
Nagel
Eyuboğlu
Ceo
resulting in 2.5 million m² leasable retail space; we have concluded
Founder &
Vice Chairman
over 2,500 lease contracts and are welcoming more than 150 million visitors each year.
Chairman
With the priority of developing Turkey’s retail market, Turkmall concludes important partnerships in projects which determine the dynamics of the Turkish shopping centre industry. Our partnerships with international groups and our successful JV Company Multi Turkmall have proven our partnership philosophy M.Murat
Serdar
Tolga Ergut
and our leadership persistence. We delivered Turkey’s and Europe’s
Sekmen
Çetinkaya
Leasing
most important award winning shopping centre to the market,
Vice President
Financial
Director
including Forum Mersin and Forum Istanbul.
Director We have increased the diversity of our partnerships through our office and residential projects. Our Yorum Istanbul residential project has been an important step towards our target “10,000 Residences in Istanbul”. The dynamic spirit of the Turkmall brand was further reflected by our IKEA franchise partnership for Turkey, Romania and Bulgaria. F.Ulaş Erdem
Rezzan
Our partnership with FIBA Holding under the name Starmall in China
Asset & Mall
Gülsün Kurt
has been another one of our unique initiations. We have established
Management
Commercial
joint ventures in many other countries as well.
Director
Director Our activities continue in Turkey, the Balkans, North Africa, the
Turkmall Real Estate Yatırım İnş. ve Tic. A.Ş.
Middle East, Georgia, Russia and Asia.
Ebulula Mardin Cad. Maya Meridien Is Merkezi Akatlar / Istanbul / Turkey
Taking responsibility of more than 30 partnerships in more than 10
T +90 212 350 91 00
countries, and a delivered investment value of USD 3 billion gives us
office@turkmalls.com
F +90 212 351 45 32
excitement and inspiration for the future.
www.turkmalls.com
Activities in: Turkey, Georgia, Makedonia, Bosnia,Kosovo, Iraq,Tunusia, Russia, China, Libya, Egypt, Kazakhstan,Azerbaijan,Tajikistan
Investor’s Guıde 2013
WHO’S WHO 61
Total Solution Provider Total Solution Provider (TSP) creates systematic, fast, and creative solutions for all client types in real estate sector. Services mainly consist of Real Estate Development and Marketing, Facility Management and Property Management including Extended Stay Facilities. Founded in 1999, TSP has proven itself both nationally and internationally. TSP, fully owned by Turkish shareholders, offers services to more than 100 A. Gökçenur
Levent Bağan
Savaş Arıhan
clients, including highly prestigious multi-national companies such
Çelebioğlu
Partner
Partner
as Vodafone, British American Tobacco, Hilton, Fox Entertainment and Turkey’s largest and most important investment’s as Zorlu Center, Mall
Partner
of İstanbul etc. TSP provides its all customers with sustainable benefits thanks to its management experience it has gained over an area of more than 15 million square meters. TSP has integrated its international know-how and with the experience it has gained in local markets for its solution partners. TSP offers full range services to an extensive portfolio of clients from real estate investors to land lords, from commercial and industrial organizations to retailers. Fahrettin
Engin Kabakçı
M. Kemal
Gökşin
TSP
Karaaslan
Real Estate Development and Marketing
TSP CEO
Enginerring
Hotech
• TSP manages development and marketing of USD 300 million portfolio.
and TSP
General
Consulting
Manager
Management and Operation Consultancy (Major Projects)
General
• Zorlu Center- Mix Use Project- Residence, Office, Hotel, Shopping Mall,
Manager
Performance Arts Center • Eroğlu Seyrantepe- Mix Use Project- Residence, Office, Hotel, Shopping Mall • Mall Of Istanbul- Mix Use Project- Residence, Office, Shopping Mall
Metroport Busidence Kültür Sokak 1 Kat 12
• Ali Sami Yen Projesi- Zorlu Center- Mix Use Project- Residence, Office,
Behçelievler / Istanbul / Turkey
Shopping Mall
T + 90 212 441 09 00 www.tsp.com.tr
Residencial & Commerical Facility Management Projects (Major Projects) • OnaltıDokuz Istanbul Residence • Buyaka Residence- Mixed-Use Project- Residence, Office • Terrace Fulya Residence - Mixed-Use Project- Residence, Office • Nish Istanbul Residence - Mixed-Use Project- Residence, Office Property Management • TSP manages property management projects of 100 million USD portfolio. Corporate Facility Management Projects (Major Projects) • Vodafone Türkiye- HQ Office, Office Buildings, MTX Buildings • British American Tobacco Türkiye- HQ Office, Factories, Warehouses • FOX TV Entertainment- HQ Office and live broadcasting studios • Hilton – 141 rooms, convertioncenter, spa, sports center
62 NOTES
Investor’s Guıde 2013
63 NOTES
Investor’s Guıde 2013
64 NOTES
Investor’s Guıde 2013