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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 m2

right office opportunity yet as the

which we started to look at an early

Investment opened the 65,000

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.

amount of offers of new or almost new

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,

the shopping centres built with an

matching the right mass with the

unplanned manner on the same axes

correct stores mixture are among the

and at close proximities, have started

most crucial issues following location

Today, the total GLA in Turkey has reached to 8 million

m2

with 259

shopping centres in 53 provinces 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.

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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 GuĹde 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

consists of a suite of 15 buildings,

villas. Total enclosed space is 8,000 m2,

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.

Land

Size: 68,000 m2

Date of Completion: June 2014

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

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

Land

Size: 1,260,000 m2

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


Guide for real-estate investments in Turkey  

Guide for real-estate investments in Turkey

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