in association with INVES T OR`S GUIDE TURKEY 2015

Transcription

in association with
INVESTOR’S GUIDE 2015
EDITORIAL 1
Editor-in-chief
Kuyaş Örs
Editors
Cüneyt Tabanoğlu
Sedef Güneş
Advertising sales manager
Eda Ünsalan Aytemur
WELCOME
Corporate communication
director
Mürüvvet Can
Cover design
Emre Çıkınoğlu
Graphic designer
Aslıhan Özgen
Data visualisation
Ömer Sarı
Publisher
Sirkus Publishing
Rumeli Cad. Itır Sok. 3/2
Nişantaşı 34371 Istanbul
Printer
Ofset Yapimevi
Yahya Kemal Mah. Şair Sok. 4
Kağıthane, Istanbul
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Further information
Networking Turkey
+90 212 225 42 52
info@networkingturkey.net
www.networkingturkey.net
Welcome to the 2015 edition of Investor’s Guide Turkey.
Europe’s real estate industry expects to be busier and more profitable in 2015,
the “Emerging Trends in Real Estate Europe 2015” report by the Urban Land Institute
and PricewaterhouseCoopers has shown. “This optimism is clear, despite weak
fundamentals and economic conditions as well as an undercurrent of concern about
the geopolitical situation in parts of the world.”
According to the report, Turkey’s economy is facing a “correction” this year, which
is expected to hit both the office and residential markets. As a result, Istanbul has
tumbled 13 places to Number 20. Istanbul remains considerably a small market and is
hindered by the lack of institutional-grade stock; in the first three quarters of 2014
EUR 463 million changed hands. Nonetheless, Turkey’s business capital is generally
quite popular with investors. “Istanbul has still a lot of growth potential” and “projects
are coming alive in prime locations,” say the interviewees. For instance, student
housing gaining traction and could appeal to institutional investors. “Growth in this
sector is driven by demand for higher education as a result of Turkey’s young and
growing population and increasing household incomes.”
Additionally, many large-scaled projects set to change the outlook of Istanbul. Marking
one of the major problems of the city, most of these projects are infrastructural
transportation projects, such as the 3rd Bosphorus Bridge, the 3rd airport, or the Eurasia
Tunnel. Such mega developments are expected to create enormous capital and business
activity for Marmara region, main driver of the local economy, in the near future.
This guide you’re holding attempts to reveal current conditions of the Turkish real
estate market as well as providing insight for global investors.
2 CONTENTS
INVESTOR’S GUIDE TURKEY 2015
3 OUTLOOK
the number of exchange students (54,000 by 2014)
and, of course, the students preferring dormitories in
4 FACTORS TO AFFECT THE REAL ESTATE FINANCING MARKET,
their hometowns, the increasing demand for student
Assoc. Prof. Dr. Ali Hepşen
accommodation will be exposed clearly.
Observing trends, benefits and risks in the real estate
financing market might increase the possibility of diligent
16 A VAST VARIETY OF LEGAL ACTORS ARE EFFECTIVE,
investor to reap profits.
Gülnur Çelik
There is actually a real estate and vacant lot shortage in the
6 GREEN DEVELOPMENT OPPORTUNITIES IN TURKEY,
city center due to the escalation of new housing projects
Emre Ilıcalı
and population in the suburbs. Only universities with a
Turkey has several advantages for real estate growth,
stronger financial structure have the means to operate
including geographical location, population growth and
campuses downtown.
demographic advantage, extensive urban renewal and
development, and large capacity in the construction sector.
And these drivers goes well with green...
18 SELECTED PROJECTS
8 FUTURE IS STILL BRIGHT FOR TURKISH REAL ESTATE,
24 WHO’S WHO
Ersun Bayraktaroğlu
infrastructural transportation projects.
26 AB INVEST
28 ÆRIUM
30 BAŞPINAR & PARTNERS
32 CATHAY GROUP
34 CEFIC
36 ENSpd
38 EVRENOL ARCHITECTS
40 HERGÜNER BILGEN ÖZEKE ATTORNEY PARTNERSHIP
42 IMS PROJECT MANAGEMENT AND CONSULTANCY
44 KARAOĞLU PEYZAJ
46 MACE GROUP
48 MAR MIMARLIK
50 MESA
52 METRO PROPERTIES
54 PAKSOY
56 PROJE365
58 PROPIN
60 SAYDAM TASARIM ARCHITECTURAL RENDERINGS &
14 A RISING ASSET CLASS IN TURKISH REAL ESTATE:
62 SISTEMA
Turkish real estate especially for the international real
estate players seeking higher and safer long term returns
for their valuable investments.
10 HOW EASY IS IT TO SET UP A BUSINESS IN TURKEY?,
Advt. Kadir Kurtuluş
The main goal of the New TCC is to develop a corporate
governance approach that holds international standards;
to increase private equity and public offering; to create a
mutual trust environment in managing operations; and to
enlighten Turkish business by EU legislation, as well as for
the practice.
12 THE MAJOR PROJECTS OF ISTANBUL, Makbule Yönel Maya
Many large-scaled, simultaneous developments set
to change the outlook of Istanbul. Marking one of the
major problems of the city, most of these projects are
ANIMATION
STUDENT HOUSING, Hakan Malak
Given the significant annual increase in university
placement quotas (10% by 2014), the increase in
OUTLOOK
>>>
4 OUTLOOK
FACTORS TO AFFECT THE
REAL ESTATE FINANCING MARKET
Observing trends, benefits and risks in the real estate financing market might
increase the possibility of diligent investor to reap profits.
Real estate is defined as land, which is a
principal economic and domestic/foreign
physical asset, and buildings constructed
political factors, which may affect the
by human beings on this land. When it is
financing structure related with real estate
assessed from general aspect, the real
investments in the forthcoming period,
estate market has always been one of
as follows:
the main drivers of national economies
due to its connections with land market,
The fact that the monetary tightening
construction materials, tools and
expected from the Central Bank of the
Assoc. Prof. Dr. Ali Hepşen
equipments, durable consumer goods
United States (FED) in terms of markets
Istanbul University
and labor market. When the notifications
and economies is a turning point becomes
Member of Center for
published by the Capital Markets Board,
a determinant for the configuration of
Strategic Thinking in
regarding real estate investment trusts,
the national economy of Turkey. On the
Real Estate (GISP)
infrastructural real estate investment
other hand, availability of the additional
trusts, real estate and lease certificates,
liquidities announced by the European
and real estate investment funds, are
Central Bank (ECB) and Chinese and
considered, it could be asserted that
Japanese Central Banks against the
real estate markets appear in a structure
monetary tightening to be applied by FED
integrated with the finance markets.
makes us think that Turkey would not face
any problem in finding external sources.
As is in all the asset investments,
investments made for the real estate
Especially the recent downtrend in oil
market not only need financing but also
prices provides an important support
have some risks. Turkey, thanks to the
regarding decrease of the raw material
reforms and the financial discipline
costs in the real estate investments and
applied in several years following the 2001
financing the current deficit. The inflation
financial crisis, has become 18th largest
realized at level of 10 % which is above
economy of the world. More importantly,
the official target of the Central Bank of
by effect of the excess of global liquidities
Turkey, the unemployment rate at the
and cheap financing costs, it has become
level of 10 %, and the short term foreign
a country that provides a considerable
exchange debts of the private sector over
amount of external sources and directs
USD 100 billion can be listed as important
it especially to the real estate markets.
economic and financial problems which
When we make evaluations in this
can cause some anxieties in financing
context, it seems possible to assess the
matters in the coming period.
In order to eliminate the uncertainties
the membership of European Union, and
related to the real estate investments
disappearance of the elements threatening
which require long term sources and to
our foreign security can provide the
provide more intensive source inflow into
inflow of the sources into the country and
the sector it is needed to minimize the
especially into the real estate investments
risks originating from the internal politics
more easily.
as far as possible. Within this context, the
determining role of the general elections
Therefore, while expecting that investors
to be held in June is of critical importance.
would benefit from the opportunities
The factors such as the possibilities of the
offered by the capital markets within the
continuity or termination of the single
context of corporate financing solutions
party government, a possible coalition and
for creation of resources to be used for
its eventual uncertainties, continuation
their next 5-year investment plans, it is
of the positive democratic steps in the
necessary for them to consider absolutely
solution process or suspension of the
the above mentioned risk elements.
negotiations will affect the amount
and continuity of the entry of sources
positively/negatively.
The phenomenon of risk regarding the
foreign policy caused by Middle East and
Ukraine can be considered as an important
factor obscuring the future. On the other
hand, we can assess that the possibility of
turning away of Turkey from the European
Union and refraining from taking the steps
required for full membership and failing
to escalate the bilateral relations to the
desired level would create a troublesome
situation in providing financing to the
real estate sector which needs long
term sources. However, improvement
of the relations with the neighboring
countries, positive steps to be taken for
OUTLOOK 5
6 OUTLOOK
GREEN DEVELOPMENT
OPPORTUNITIES IN TURKEY
Turkey has several advantages for real estate growth, including geographical
location, population growth and demographic advantage, extensive urban renewal
and development, and large capacity in the construction sector. And these drivers
goes well with green...
The world today faces far-reaching
put numerous legislations to enhance
challenges that affect us all and
energy efficiency, green buildings and
Altensis is concerned with the way the
environmental quality into effect.
world is moving forward. Trends such
as urbanization, scarcity of natural
Another important issue; the Urban
resources and economic uncertainty
regeneration program that has formally
each require holistic solutions. Issues
started in 2012 is gaining pace year
related to environment, health and future
by year. It is one of the biggest urban
Emre Ilıcalı
sustainability need to be addressed for a
restructuring initiatives in the world, which
Altensis Managing Partner,
comfortable and promising future.
is expected to result in reconstruction
LEED Ap, BREEAM Assessor
of more than 7,000, 000 dwellings. This
Throughout the world, buildings form
is also a very important opportunity for
a fundamental part of our lives and our
green development. There are and will be
communities. Global trends such as climate
incentives for green certified buildings and
change and urbanization shape the way
buildings with high energy performance
we live and the way we do business.
both financial such as tax and interest
These complex challenges drive customer
incentives, as well as regulatory such as
demand for high class consultancy
more development rights and faster permit
capabilities
processes.
As a developing country, Turkey
In addition to this, international
incorporates various opportunities for
institutitons such as EBRD, IFC and
construction and real estate sectors. With
Worldbank have been working on financial
the positive effect of its young workforce
support programs for energy efficiency
and relatively higher education levels,
and product sustainability, which so far
Turkey’s economic growth is expected
resulted in several funding opportunities
to surpass similar countries. Under the
for residential and SME energy efficiency.
shadow of pessimistic economic indicators
New programs such as green mortgage
of the developed countries, Turkey is
have been just started by several banks
already looking like a promising country
and financial institiutions. With the pulling
for global investments, most of which
effect of these programs, more financial
shall be in Real Estate, striving for quality
and operational opportunities that shall
and valuable assets. Additionally, In order
result in lower costs for Green buildings
to comply with EU norms, Turkey has
are expected to come out.
In recent years, we have experienced a
Turkey (either LEED or BREEAM) have taken
rising demand for “green” and “smart”
advantage of Altensis consultancy and
buildings originating from the debate on
engineering services and all of their green
how to challenge with climate change. It
building certification process has been
has also become essential to stand out
managed by Altensis.
from the crowd, meaning that distinctive
and attention-grabbing design is of
high importance. Developers, investors
and end users all have an interest in the
sustainability credentials of new buildings.
With extensive experience of assessment
methods such as LEED and BREEAM,
projects should incorporate unique and
sustainable solutions that balance form
and function. In addition to enabling
savings in energy use and running costs, a
holistic evaluation of a building’s climatic,
environmental, social and economic
impact should held at the same time.
In Turkey, first green building was
certified in 2009. By 20014, there are
approximately 90 certified and 400
registered green building projects, almost
all of them under LEED or BREEAM. There
are different building types aiming for
the certification, including offices, retails,
homes, residences, hospitals,schools,
industrial buildings and even stadiums.
This number is expected to increase
geometrically, when compared to the
expected rapid growth of real estate sector
in the upcoming years. Also by 2014,
almost two third of all green buildings in
OUTLOOK 7
Palladium Tower
8 OUTLOOK
FUTURE IS STILL BRIGHT FOR
TURKISH REAL ESTATE
Turkish real estate especially for the international real estate players seeking higher
and safer long term returns for their valuable investments.
12th edition of the Emerging Trends
enter into the market. Finally, in addition
in Real Estate Europe report, a joint
to the above, security problems in the
publication of PwC and Urban Land
Southeastern neighbors (Syria and Iraq)
Institute, has been released at the
on top of it, has made it not a “great time”
beginning of 2015. As customary, report
to make big volumes of investments to
provides an outlook on real estate
Turkey.
investments and development trends, real
estate finance and capital markets, cities,
But, time will pass and when everything
Ersun Bayraktaroğlu
property sectors and other real estate
is settled, I believe that Istanbul and
Real Estate Industry Leader,
issues throughout Europe. Istanbul has
Turkish real estate will start shining
PwC Turkey
been the only city from Turkey mentioned
again. Because the “fundamentals” are
in the report among other 27 leading
very strong in Turkey: Comparatively still
European cities.
strong economic growth (despite last two
years’ rather slower growth rates it is still
This year however Istanbul’s ranking has
above most of the European countries),
tumbled by 13 ranks from 7th to 20th.
young population (the highest birth rate
Being on top of the lists for many years,
in Europe), rapid immigration to cities (the
even within first 10 cities during global
urbanization rate is above 70% even today
real estate turmoil years, this year’s
which is a target for most of the European
ranking must be a surprise for the ones
countries) and unique geopolitical location
who got used to see Istanbul on the top!
(a bridge between Asia and Europe,
But, as mentioned throughout the report,
East and West) makes Turkey a unique
this is not an entirely unexpected result
destination for the real estate investors
for the survey respondents. Firstly, as we
maybe not in the short term but in the mid
all know, real estate sector players has
and long term.
started investing again in the southern
Europe for more opportunistic assets
During this period, although the Turkish
and since Turkish real estate has not
government has slowed down in terms
experienced dramatic value losses during
of structural reforms, as regards to
the years under global turmoil, Istanbul
the construction business, which has
has not been attracting opportunistic
been used as the engine of the growth,
investors. Secondly, limited availability of
important laws has been passed from
institutional grade assets in Istanbul also
the parliament such as the one for the
hinders ambitious prime asset investors to
urban regeneration projects. Thus not
only in Istanbul but almost in all big cities
in Turkey a widespread construction
activity has already been started to
renew all existing “old” building stock.
Furthermore, several mega projects has
started, including infrastructure projects
such as 3rd Bosphorus Bridge, 3rd airport
and 3rd tunnel project under Bosphorus
(while the first one is already in operation
and the second one is under construction),
intercity motorway to connect Istanbul
to southwest Turkey and high speed
railway network between several cities
in Turkey, creating enormous people,
capital and business activity that for sure
led a real estate appetite in the coming
years. Finally, with a view to provide
longer terms financing through capital
markets for real estate investments and
construction new type of securities such
as “Sukuk”s, “Real Estate Certificate”s,
“Real Estate Investment Funds”, have been
introduced with handsome tax incentives.
So, I believe the future is still bright for
Turkish real estate especially for the
international real estate players seeking
higher and safer long term returns for
their valuable investments.
OUTLOOK 9
10 OUTLOOK
HOW EASY IS IT TO SET UP A
BUSINESS IN TURKEY?
The main goal of the New TCC is to develop a corporate governance approach that
holds international standards; to increase private equity and public offering;
to create a mutual trust environment in managing operations; and to enlighten
Turkish business by EU legislation, as well as for the practice.
Turkey’s regulatory environment has a
minority shareholders in order to
spirit to encourage the business. You can
comply with the minimum shareholder
easily establish a business in Turkey; it
number requirements by the former TCC.
stands alone from nationality, or place of
The shares of previously established
residence.
companies can now be held by a
single party.
The New Turkish Commercial Code No.
6102 (“New TCC”) was published in the
NEW “BOARD OF DIRECTORS”
Advt. Kadir Kurtuluş
Official Gazette on February 14, 2011. As
STRUCTURE
MBA, Founding Partner at
stipulated in the New TCC and the Law on
Under the New TCC, in compliance with
Kurtuluş & Partners Law Firm
Effectiveness and Implementation of the
the EU legislation, the board of directors
Turkish Commercial Code No. 6103 (“Code
may now be comprised of a single person
on Effectiveness of New TCC”), the new
instead of at least three members. This
code came into effect on July 1, 2012.
offers foreign investors the opportunity
to do business more easily, as board
The main goal of the New TCC is to develop
meetings may be hindered if there are a
a corporate governance approach that
large number of shareholders that have to
holds international standards; to increase
travel frequently between countries.
private equity and public offering; to
create a mutual trust environment in
The New TCC does not require physical
managing operations; and to enlighten
presence of board members; it allows
Turkish business by EU legislation, as well
board meetings to be held in online and
as for the practice.
board resolutions may also be approved
via electronic signatures.
The New TCC code conducted some new
principles such as:
Additionally, legal entities may be
appointed as board members. This means
SINGLE SHAREHOLDER PRINCIPLE
foreign shareholders no longer have to
The New TCC allows the establishment
deal with excessive legal documents or
of joint stock companies (A.Ş.) or limited
holding shareholder meetings in order
liability companies (Ltd. Şti.) with only
to change board members. Different
a single shareholder. Therefore, the
representatives may be appointed as a
New TCC removes the obligation for
board member on each occasion if he or
foreign companies to secure mandatory
she is entitled to by the legal entity.
The requirement that board members
within the field of operations defined
have to be shareholders has also been
in the articles of incorporation.” This
abolished. Any independent person can
doctrine of Ultra Vires was abolished
now be a member. This paves the way
on June 1, 2012, therefore, transactions
for a professional board of directors.
of companies, which operate outside
A professional board of directors can
the business areas specified in their
act separately from shareholders,
agreement.
strengthening corporate governance.
COMPANY ESTABLISHMENT IN ONE DAY
ADOPTION OF THE REGISTERED SHARE
IS POSSIBLE
CAPITAL SYSTEM
It is possible to establish a company in
The New TCC offers non-public companies
just one day by applying to the relevant
the opportunity to adopt a registered
trade registry office with the required
capital system, so non-public joint
documents. The company gets its “legal
stock companies may benefit from the
entity” status upon registration with the
opportunity of flexible capital increases
trade registry.
introduced by the registered capital
system. This is seen as a great advantage
for foreign companies to increase capital
whilst reducing bureaucracy and/or travel
expenses.
INTELLECTUAL PROPERTY RIGHT IS
TRANSFERABLE AS A COMMERCIAL VALUE
Intellectual Property (IP) refers to the
protection of creations of the mind, which
have both a moral and a commercial value,
so they can be contributed as capital in-kind
ULTRA-VIRES PRINCIPLE IS CANCELLED
First, let me define Ultra Vires. It means
“corporations can only be authorized
to acquire rights and undertake debts,
provided that they conduct their business
OUTLOOK 11
12 OUTLOOK
THE MAJOR PROJECTS OF ISTANBUL
Many large-scaled, simultaneous developments set to change the outlook of
Istanbul. Marking one of the major problems of the city, most of these projects are
infrastructural transportation projects.
THE 3rd BRIDGE
completely. Through this project, the
The 3rd Bridge project, part of the Northern
European side of the city will be divided
Marmara Motorway between Edirne and
into two peninsulas and and a new sea route
Izmit, is located in the Odayeri – Paşaköy
will be established between the Marmara
region and it will link Garipçe and Poyrazköy
Sea and the Black Sea. This project has
districts over the Bosphorus. While
become the subject matter of certain major
triggering an increase in land prices already,
debates with respect to possible effects on
the urban development in the northern parts
natural environment.
Makbule Yönel Maya
of the city is expected to reach the highest
General Manager,
level, particularly with housing, upon the
ISTANBUL FINANCE CENTER
TSKB Real Estate Appraisal
completion. The project is scheduled to be
The Istanbul Finance Center, planned to be
Company
completed on October 29, 2015.
located on the Anatolian side of Istanbul in
Ataşehir district, appears to be another mega
THE 3rd AIRPORT
project which will shelter a great number of
The new airport is planned to be constructed
public and private financial establishments.
on the European side of the Istanbul, near
The population to be accommodated and
the Black Sea border, between the villages
settlement areas to be specified are two
of Yeniköy and Akpınar. With an annual
issues need to be taken into account with a
capacity of 150 million passengers, the
great emphasis. The excavation, license and
project is planned to be one of the largest
project studies regarding the project are
airports in the world. A rail line is planned
currently in progress. The project will contain
to be integrated with the project as well.
1,500 residences with 200 commercial
Owing to the project, the development of
units. Moreover, the tenders regarding the
the city towards north will continue with
service buildings to be constructed within
new housing, commercial and transportation
the project, such as a center for the Capital
investments. A significant increase in land
Markets Board of Turkey and Banking
prices has been noted with the construction
Regulation and Supervision Agency are also
of the airport, while owners of the majority
in progress. The project is expected to be
of the large lands have been already
completed in 2018.
changed. Limak Group has announced that
the first phase of the airport will be opened
TRANSPORTATION PROJECTS
on October 29, 2017 with an annual capacity
Metro (Subway)
of 90 million passengers.
The current metro lines of Istanbul are
between the districts of Kartal-Kadıköy,
CANAL ISTANBUL
Yenikapı-Hacıosman, Kirazlı-Başakşehir and
Canal Istanbul is one of the largest projects
Aksaray-Atatürk Airport. Kartal-Kaynarca,
within the vision for the year 2023. If this
Üsküdar-Sancaktepe and Levent-Hisarüstü
project enters into service, the macroform
lines are now under construction and they
of the city of Istanbul is expected to change
are expected to ease accessibility within
the city. It is a known fact that metro lines
increased property prices in neighborhoods
have a direct impact on urban development
around the route and changed the
and property prices.
transportation habits of inhabitants.
Metro lines currently under construction
The Eurasia Tunnel
M4 line extension between Kartal and
Kaynarca. Date of completion: August 2015.
M5 line between Üsküdar and Sancaktepe.
Date of completion: May 2015.
M6 line between Levent and Hisarüstü.
Date of completion: H1 2015.
M7 Line between Mecidiyeköy and
The Eurasia Tunnel will offer an alternative
route between Kazlıçeşme and Göztepe
where the traffic is really dense. With this
mega transportation project, the traffic
load of the city, particularly of the historical
peninsula, will be shared by a highway that
will pass under the Bosphorus. The project is
Mahmutbey. Date of completion: H1 2017.
scheduled to be opened in December 2016.
The metro lines planned or
High Speed Train
pending for tender
The Ankara-Istanbul High Speed Train is
1
Bakırköy - Beylikdüzü (Tender realized)
expected to affect Istanbul on medium
Bostancı - Dudullu
term, as a transportation alternative that
Göztepe - Ümraniye
will reduce the travelling time between the
Kazlıçeşme - Söğütlüçeşme
cities to approximately 3 hours. It is already
Mahmutbey - Halkalı
noted that the project had an impact on
Pendik – Sabiha Gökçen Airport
property prices in Pendik. The Eskişehir-
Kadıköy - Sultanbeyli
Istanbul phase is completed on July 25,
Başakşehir - Kayabaşı – Olimpics Village
2014. And the second phase between
Çekmeköy - Taşdelen
Bostancı-Haydarpaşa is planned to be
Şişhane - Kabataş
completed on June 19, 2015.
Sancaktepe - Sultanbeyli
Üsküdar - Beykoz
Izmit Bay Crossing
Olimpiyatköy - Kayabaşı
A part of the Gebze-Orhangazi-Izmir
Beşiktaş - Sarıyer
Motorway, a suspension bridge will connect
Hacıosman - Çayırbaşı
Dilovası and Hersek forelands over the
Büyükçekmece - Silivri
Izmıt Bay. The mega project is expected
Sultangazi - Başakşehir
to introduce a new mobility for logistics
Esenyurt - Beylikdüzü - Avcılar
market and even change the travelling
Sabiha Gökçen - Tuzla (OSB)
habits. Following the completion, the
Edirnekapı – Vezneciler
property prices in Yalova, Gebze and Bursa
will gradually increase. The first phase
Marmaray
of the project, covering approximately 9
The Marmaray project connects the
kilometers between Gebze and Iznik, is
European and Asian sides of the city with
planned to be completed in 2015.
a rail line, provides an alternative route
between Kazlıçeşme and Söğütlüçeşme
* The article includes citations from “Thinking The Future”,
districts. As of the end 2013, this project
a report by the Center for Strategic Thinking in Real Estate (GISP)
has been regarded as the most significant
on seven 7 factors that will affect the real estate market in Turkey.
contribution to the transportation
1
infrastructure of Istanbul. The project has
http://www.istanbul-ulasim.com.tr/rayl%C4%B1-sistemler
The metro lines that are planned or that are pending for tender
OUTLOOK 13
14 OUTLOOK
A RISING ASSET CLASS IN TURKISH
REAL ESTATE: STUDENT HOUSING
Given the significant annual increase in university placement quotas (10% by
2014), the increase in the number of exchange students (54,000 by 2014) and,
of course, the students preferring dormitories in their hometowns, the increasing
demand for student accommodation will be exposed clearly.
Student housing became a popular
difference between on-campus and off-
investment asset class in recent years
campus dormitory investments. In the
for the Turkish real estate market. The
metropolitan cities of Turkey, particularly
statistics reveal the increasing demand for
in Istanbul, there are many universities
accommodation need of approximately 1.2
with small campuses and most of them
million (nearly 40% of the total) university
are private ones located in the city center
students most likely studying out of
where land prices are considerably high.
hometown. Accommodation alternatives
The students of these universities are
Hakan Malak
for students are dormitories, houses of
largely from higher socioeconomic levels.
Founding Partner, TeraYapı
kith and kin, or houses for rent. The total
Off-campus high-end dormitories to be
Real Estate Investment &
capacity of dormitories of Higher Education
developed for these students need to keep
Development
Credit & Dormitories Institution will reach
the pricing model at a certain level.
to 400,000 people with projects under
construction or in tender, project and land
Secondly, unlike the off-campus dormitories,
allocation phases. And the total capacity of
on-campus dormitories necessarily
private dormitories will reach to 250,000
target the students of a single university.
students in a few years. Given the significant
Therefore, investors should directly ally
annual increase in university placement
with the university administration for such
quotas (10% by 2014), the increase in the
investments. Universities could guarantee
number of exchange students (54,000
the return of the investment with the
by 2014) and, of course, the students
model of build-operate-and transfer or
preferring dormitories in their hometowns,
pre-lease agreements. Thus, developers
the increasing demand for student
could operate with better feasibilities for
accommodation will be exposed clearly.
operational cash-flow instead of depending
I strongly believe that student housing
on a detailed market analysis or a sales-
investments will become more popular in
marketing oriented approach. The prospects
the course of 5-10 years due to the results
of universities and the needs of university
of the state policies and practices for
students become more of an issue for such
accommodating students in dormitories.
developments.
OFF-CAMPUS DORMITORIES VS
STUDENTS PRIORITIZING FREEDOM,
ON-CAMPUS DORMITORIES
PARENTS PRIORITIZING SAFETY
So, what kind of an investment reason lies
We need to remember that students are
behind the dormitories to be developed
the main customers of dormitories, but
by the private sector? In order to answer
parents also have a say for the decision for
this question, we need to consider the
accommodation. Balancing the needs of
students prioritizing freedom and parents
other revenue items are food and drink,
prioritizing safety seems to be the main
laundry, parking lot and commercial
issue. Practices like allowing guests to
leases, such revenues constitute around
dormitories until certain hours or regular
5-15% of the total revenues in regards
reporting for parents need to be considered
to different concepts. Based on location,
carefully. According to private dormitories
common spaces or room cleaning services
regulation published in 2004, female and
EBITDA margins are around 55% and 75%.
male students need to be accommodated
However, I can say that the margins are
in separate buildings, blocks or floors with
increasing in large metropolitans, while
two entrances. However, there are some
decreasing in Anatolian cities.
OUTLOOK 15
student housing investments not subject
to the regulation and operating with apart
Investors interested in private dormitories
licensing.
should focus on enriching their products
with various differentiation instruments
EBITDA MARGINS ARE BETWEEN
as well as feasibility studies and concept
55% AND 75%
developments based on data analysis.
Monthly single-bed prices vary by project
Practices and services like extra rooms to
and city, particularly due to the number
be allocated daily for parents and other
of beds in a room. In private dormitories
guests, kitchenettes, refrigerators and TVs
prices are ranging from TRY 400 to 2,000.
in the rooms, delivering multi-function
Dormitories are usually operating with
common spaces (study rooms, fitness
10-month rental agreements, but certain
centers, etc.), cultural events for the student
discounts are available for 12-month
community, high-speed internet, shuttle
leases. In summer, short-term rentals are
service to campuses and city centers,
vital for yield management, particularly
counseling and guidance services should be
in apart licensed establishments. While
considered on project basis.
Republika, Ortaköy, Istanbul
16 OUTLOOK
A VAST VARIETY OF LEGAL ACTORS
ARE EFFECTIVE
There is actually a real estate and vacant lot shortage in the city center due to the
escalation of new housing projects and population in the suburbs. Only universities
with a stronger financial structure have the means to operate campuses downtown.
Gülnur Çelik
The ‘‘For Quality in Higher Education’’ report
whose legal status are determined by
Harmoni Real Estate
published by the Turkish Council of Higher
law, regulations or any other legal basis
Appraisal, Appraiser
Education on June 27, 2014 states that the
are significant for families in terms of the
gross schooling ratio for higher education
principle of ‘‘trust.’’ Among the legal basis
in 2012 was %75 with the number of
about Turkish dorms are the Law Regarding
universities standing at 184. These numbers
the Higher Education Loans and Dorms,
has increased to more than %80 and 196 in
the essentials regarding the establishment
2014. The increase in schooling ratio and
and terminating institutions linked to
number of universities result in a need for
the Ministry of National Education and
housing for all those students who migrate
Regulation Regarding Private Student
to university cities from smaller towns.
Dorms. While it is considered that dorms
At this point, multiple factors such as the
are only legally bound by legal framework
customs and traditions of the Turkish family,
within the education scope, actually a vast
the real estate sales and rent prices around
variety of legal actors including the Civil
the area where the university is located
Code and Commonhold are enabled.
and transportation opportunities all play
a role. With these in mind, the need for
TRAINING FACILITY SUPPLY IS INCREASING IN
housing turns into a housing problem for
DEVELOPING REGIONS
the students and the family. Leaving their
Dorms are clearly defined by multiple
familiar environments to get an education,
restrictions, definitions and conditions.
students start to look for answers to the
In addition to the state dorms, there are
questions of where to live with whom
four types in terms of their operation
for how much in a city which they barely
structure. According to the Ministry of
know. Researches regarding housing
National Education stats of 2013-2014,
choices display that students usually prefer
there are 4,405 dorms in the country. 50%
dorms in metropolitan cities and rented
of these are dorms owned by associations,
apartments in the rest. The reason behind
33% are by other legal personalities
the preference for dormitories in bigger
and 13% by actual people. Only 4% of
cities is the fact that rents are too high in
dorms countrywide are owned by private
districts where the universities are located
universities and these actually have a higher
compared to smaller cities.
percentage of occupancy in relation to the
rest. The 2013-2014 statistics state that the
Another reason why dorms, which are
average occupancy rate of different types
operated by high/low profit margins,
of private dorms is 52%. It is observed that
are preferred by families is that they are
student population is also denser in terms of
somehow bound by legal basis. Dorms,
structure and demographics where private
education institutions are denser. In all of
NEW UNIVERSITIES, NEW DORMITORIES
Istanbul, there are a total of 438 student
It can be observed that the private dorms
dorms with 23 state and 415 private. Fatih
situated in developing suburbs such as Tuzla
and Beşiktaş lead with the most since more
and Sultanbeyli have higher occupancy rates
universities exist in these districts.
than the rest. Two more private universities
are erected in late 2013, in addition to the
Beyoğlu, Fatih, Beşiktaş, Üsküdar, Kadıköy,
Istanbul Technical University Department of
all of which are considered to be located in
Maritime and Sabancı University. In 2014,
the city center, are homes mostly to state
Tuzla proclaimed its vision as a student city.
universities. They usually are located in
Erecting six more universities in the city
registered historical buildings or buildings
are among the goals. Districts with similar
built prior to the earthquake building code.
developing patterns, Sultanbeyli and Çatalca
There is actually a real estate and vacant
also have plans for new universities. These
lot shortage in the city center due to the
goals and investments bring about a demand
escalation of new housing projects and
for private dorms and these three districts
population in the suburbs. Only universities
are considered as investment areas.
with a stronger financial structure have the
means to operate campuses downtown.
To conclude, in accordance with the
In addition to the group of buildings
education policies outlined in the 10 th
downtown with the main campus identity,
Development Plan, suburbs, not downtown,
universities tend to operate additional
will provide for the need of physical space
campuses in the suburbs to provide for the
of education investments required for
education need there.
the demand of a qualified education and
workforce. Thus investments for dorms
Research shows that dorm investments also
will also shape up parallel to the general
play a role in determining the location of
development of education.
Private Dormitories
university campuses. Fatih, Üsküdar, Beşiktaş
State Dormitories
ve Şişli are the districts with the highest
Universities
number of dorms in Istanbul. Universities
located around Fatih have higher student
populations and the number of private
dorms in this district is high and occupancy
rates are close to the Istanbul average. This
is directly linked to the fact that both private
dorms and students prefer locations that are
close the universities themselves.
Universities in Üsküdar and Kadıköy also
have a high student capacity, whereas the
number of private dorms is at average and
occupancy rates are below the Istanbul
Private Dormitories
average. The reason behind this is the fact
State Dormitories
that apartment buildings are wide enough
Universities
for a group of students to live in and cost
less than their counterparts in Beşiktaş
and Sarıyer.
OUTLOOK 17
SELECTED
PROJECTS
>>>
BALANCE GÜNEŞLİ
Location: Bağcılar, Istanbul
Type: Mixed-use
Land Size: 16,900 m2
Total Construction Area: 83,500 m2
Opening Date: 2015
Architect: Avcı Architects
The popular “gated community” concept of 2000s in Istanbul has
been changing. Perhaps the demand of inhabitants or the guidance
of architects, we have been seeing more extraverted projects.
Developed in one of the main axes of the city, Basın-Ekspres Road,
Balance
Güneşli
Küçükçekmece,
İstanbul is a project that does not turn its back on the next
parcel of land while sharing its social reinforcements and decisions
of architectural design.
İSTOÇ
Mall of İstanbul
Batışehir
TEM
Basın Eks
pres Ro
ad
Holiday Inn
Balance Güneşli
Küçükçekmece, İstanbul
Ağaoğlu My Office 212
HILTON BOMONTI
İSTOÇ
Mall of İstanbul
Batışehir
TEM
Basın Eks
pres Roa
d
Holiday Inn
Balance Güneşli
Ağaoğlu My Office 212
Location: Bomonti, Istanbul
Type: 5-star hotel & congress center
Opening Date: 2013
Architect: Linea Tusavul (hotel and convention center)
Han Tümertekin (historical beer factory)
Offering a new mixed-use concept for Istanbul, Hilton Istanbul
Bomonti consists of both convention center and hotel functions. The
829-room hotel also includes a 12,000 m2 space for events and a
2,815 m2 ballroom with a capacity of 3,200 people. The land of the
project shelters the historical Bomonti Beer Factory as well. Planned
to be an Şişli,
attractive
İstanbul cultural center for the district, the factory is
P iy
ale
pa
şa
B ou
lard
currently under renovation.
t
ee
St r
re
kde Cevahir
yü
Bü
SC
Hilton Bomonti
Hotel
t re
e
t
Anthill
Rixos Bomonti
Şişli Etfal
Hospital
Şişli, İstanbul
rd
S
ar
Ak
zi Caddesi
Halaskarga
PERPA
E-5
Cevahir Hotel
E-5
SELECTED PROJECTS 21
MISTRAL IZMIR
Location: Konak, Izmir
Type: Mixed-use
Opening Date: 2016
Architect: DNA Architects
Comprising two towers in the function of residence and offices as
well as an open shopping center, Mistral Izmir claims
Konak,itself
İzmir as a new
reference point in Izmir with its favorable location and its iconic
architectural form. Expected to have an impact on surrounding area,
the project also sets a good example for Izmir where A-class office
space for large-scaled companies is in short supply.
İzmir
Courthouse
a
kad
An
Ege Perla Project
Mistral İzmir
yol
İzmir Port
Altı
n
Konak, İzmir
et
Stre
İzmir Atatürk
Stadium
PIRI REIS UNIVERSITY
İzmir
Courthouse
Ank
Ege Perla Project
et
Stre
Mistral İzmir
Alt
ınyo
l
İzmir Port
ada
İzmir Atatürk
Stadium
Location: Tuzla, Istanbul
Type: University
Opening Date: 2013
Architect: Aydan Volkan, Selim Cengiç, Nihat Kalfazade,
Erhan Ilıcalı, Ufuk Berberoğlu, Erbuğ Bengüler
The new green campus of Piri Reis Maritime University opened
in Tuzla in 2014. The project consists of 60,000 m2 covered
area in eight interconnected blocks, designed with the utmost
contemporary sustainability principles that resulted with the
BREEAM’s “very good” certificate. The architectural concept of the
campus has been inspired by ships as the university is devoted to
maritime education. The project’s facility management services are
delivered by RGM Turkey.
Tuzla, İstanbul
D-1
00
Tuzla Shipyard
ITU Maritime Faculty
Tuzla, İstanbul
Piri Reis
University
TRIOS 2023
The organized industrial zone in Ikitelli district seems to be
transformed soon due to problems old building stock, lack of
Location: İkitelli, Istanbul
office and other work areas. The very first project that initiates
Type: Industrial, mixed-use
the transformation is TRIOS 2023. The project is already awarded
with two prizes at European Property Awards in the categories of
industrial and mixed-use developments. Obviously, the developer
Opening Date: 2016
of the project, TSP, has worked on a proper long-term investment,
Architect: Zambak Architecture
changing the perspective of the investor as well.
Başakşehir, İstanbul
Sazlıdere
Dam
Trios 2023
İkitelli OSB
lard
Atatürk Bou
rd
et Boula
Hürriy
Atatürk
Olympic
Stadium
Mall of İstanbul
Ağaoğlu Myworld Europe
TEM
Küçükçekmece
Lake
Başakşehir, İstanbul
TRUMP CADDE
Sazlıdere
Dam
Trios 2023
İkitelli OSB
oul
Atatürk B
ard
Ağaoğlu Myworld Europe
rd
et Boula
Hürriy
Atatürk
Olympic
Stadium
Mall of İstanbul
TEM
Location: Mecidiyeköy,
Istanbul
Küçükçekmece
Lake
Type: Restaurant, Retail
Land Size: 2,300 m2
Total Construction Area: 900 m2
Opening Date: 2013
Architect: GAD & Gökhan Avcıoğlu
The competition between shopping centers in CBD of Istanbul that
extends across Büyükdere axis increasingly continues. Located in
Mecidiyeköy, one of the main hubs of public transportation on the
axis, Trump Towers include the functions of residence, office and
shopping center. In order to struggle against the competition, Trump
Cadde has been
created between two towers on the roof terrace of
Şişli, İstanbul
the high-end shopping center with modular containers.
Trump Cadde
Grad Cevahir
Hotel
Şişli Mosque
Profilo
SC
E-5
Bü
e
kd
yü
S
re
et
tre
Cevahir
SC
Şişli, İstanbul
Trump Cadde
Grad Cevahir
Profilo
SC
E-5
t
ree
SELECTED PROJECTS 23
UNIQ ISTANBUL
Location: Maslak, Istanbul
Type: Office, Entertainment, Ecucation, Retail
Opening Date: 2014
Architect: Era Planning Architecture Consulting
Vitalizing and enriching the city life, cultural events gradually have
an increasing share in the economy. UNIQ Istanbul gathers the
worlds of culture and arts, conventions, entertainment and business
in a single space with a concept of new generation life center. The
Sarıyer,
İstanbul
12,000 m2 performance center of the project,
Vokswagen
Arena, has
hosted many international shows since June 2014.
Büyükdere Street
Ayazağa Village
Maslak CBD
Maslak
Aya
zağa
İstinye
Str
İTÜ Ayazağa Campus
Türk Telekom Arena
TE
M
Sarıyer, İstanbul
Maslak CBD
Maslak
Aya
zağ
a St
r
Street
Bayırı
İstinye
eet
UNIQ Istanbul
Büyükdere Street
VAULT KARAKÖY,
THE HOUSE HOTEL
Ayazağa Village
İTÜ Ayazağa Campus
Türk Telekom Arena
TE
M
Location: Karaköy, Istanbul
Type: Hotel (renovation)
Land Size: 637 m2
Opening Date: 2014
Architect: Han Tümertekin
Bankalar Street, the old CBD of Istanbul, had fallen from grace due
to the development of the city. Now such idle and valuable spaces
İstanbul
in the city center are being reintroduced to the city life.
Located on
the street, the 63-room Vault Karaköy is a project created by the
renovation of two adjacent buildings dating from the 19th century.
Bankalar Street
sa
Ter
t
ee
Str
ne
İstanbul
t
tree
Vault Karaköy
The House Hotel
clis
Me
eş
nk
ma
Ke
nS
usa
eb
-i M
Karaköy Port
t
ee
Str
et
Stre
Bayırı
eet
UNIQ Istanbul
WHO’S
WHO >>>
26 WHO’S WHO
AB INVEST
A ve B Gayrimenkul Geliştirme Inşaat
Current Projects:
Yatırım (AB Invest) was established
in Istanbul in 2005. Since then,
Podium Ankara Shopping Centre
we have consistently provided a
Forum Diyarbakır Shopping Centre
highly efficient professional project
PPP Gaziantep Integrated Health
development service comprising
Melih Arslan
Zafer Arslan
project conception, project
Partner
Partner
completion, initial strategic planning,
Campus
IPCU Seismic Risk and Emergency
Preparedness of Schools Project
marketing decisions, the actual design,
development and implementation.
Further to our role as investors, we
provide project development, project
& construction management, project
design, technical due diligence
services too.
Bulgurlu Mah. Sarıgazi Cad. AB Plaza No:61
Özgür Demir
Süleyman
Business
Çavuşoğlu
In recent years, the role of engineers
Development
Business
and consultants has changed
P: +90 216 481 47 00
Director
Development
significantly. Clients in all sectors
F: +90 216 481 47 05
Manager
require facilities and services to be
34696 Üsküdar, İstanbul, Turkey
supplied to them in easy-to-tenderand-handle packaged deals. The
package includes a wide range of
services from concept development
and engineering to operation and even
ownership. We believe in long term
Faruk Yılmaz
business benefits and relationships.
Project
We believe in long term relationships
Coordinator
with our clients, employees,
regulators, business partners, capital
providers, shareholders and acting
in the community’s interest. We are
proud of our accountability, integrity
and ethical business approach. Our
business is to provide the optimum
value in functionality, location and
cost. We achieve this by avoiding
unnecessary expenses and improving
efficiency and effectiveness for all
parties involved.
www.abinvest.com.tr
SHOPPING
CENTRE
Investing opportunity in Turkey’s Capital
Bulgurlu Mah. Sarıgazi Cad. AB Plaza No: 61 34696 Üsküdar Istanbul / TURKEY
Tel: +90 216 4814700 Fax: +90 216 4814705 Web: www.abinvest.com.tr
28 WHO’S WHO
ÆRIUM
Founded in 2003, ÆRIUM is an
independent pan-European real
estate investment manager,
headquartered in Luxembourg, with
offices in London, Paris, Geneva,
Dusseldorf and Istanbul. With over
ÆRIUM TURKEY
Anthony Khoi
Yağmur Yaşar
USD 8 billion under management
Hakkı Yeten Caddesi, Terrace Fulya Center
President & CEO
CFO,
throughout Europe and Turkey,
2, D:40, Teşvikiye, 34365, Şişli Istanbul,
Aerium Turkey
ÆRIUM ranks amongst the leading
Turkey
independent platforms in Europe.
P +90 212 215 50 95
ÆRIUM has launched 16 closed-
F +90 212 215 50 96
ended funds since 2003, and also
manages separate account mandates
ÆRIUM UNITED KINGDOM
for long-term institutional investors.
49 Grosvenor Street W1K 3HP London, UK
Acquisitions to date total over
P +44 207 838 79 00
650 assets across Europe and Turkey,
F +44 207 838 78 58
with a typical asset size of between
USD 30 million and USD 150 million.
Despite a global financial crisis,
Ærium has achieved an exceptional
track record and has found unrivalled
success in managing and developing
its portfolio of properties through
proactive asset management
strategies.
In 2005, Ærium became one of the
first foreign investors to purchase
Turkish commercial properties.
In 2015, Ærium Turkey’s asset value
represents over USD 800 million in
property, with an additional
USD 3 billion under development.
Ærium has proven it is not only a
market pioneer, but also a leader
and expert in Turkey’s shopping
center sector.
www.aerium.com
30 WHO’S WHO
BAŞPINAR & PARTNERS
approaches, but also test alternative
Başpınar & Partners contributed the
approaches and invent unique
Turkey chapter of ICLG (International
solutions.
Comparative Legal Guide) to Real
Estate 2015 published by Global Legal
Başpınar & Partners has remarkable
Group
experience in real estate, litigation,
Gökmen Başpınar
Ali Ceylan
corporate law, M&A, international
Partner
Partner
arbitration, energy, privatization and
the Commercial Real Estate in Turkey:
intellectual property.
Overview chapter of Practical Law,
Başpınar & Partners contributed
Thomson Reuters.
Most of Başpınar & Partners’ clients
are international corporations
Başpınar & Partners is one of the
investing in Turkey. Başpınar &
sponsors of GRI (Global Real Estate
Partners has clients from the US,
Institute) 2015 Turkey event and our
Europe, Central Asia and the Gulf
Partners Mr. Gokmen Başpınar and
Kaan Gök
countries. Başpınar & Partners
Mr. Ali Ceylan will lead a workshop on
Partner
currently advises one of the largest
Doing Business in Turkey.
real estate project developments in
the west coast of Turkey, with a multibillion dollar value. The Firm is also
At Başpınar & Partners, we believe
advising 10 urban renewal projects in
that the quality of our work enables
important locations of Istanbul such as
us to meet the needs of our clients
Etiler, Bagdat Street, etc.
efficiently and with the success that
Başpınar & Partners is among
İstiklal Cad. No:163 Mısır Apartmanı Kat 6
multi-lingual services for vast array
recommended firms by IFLR1000
No:23-24, Beyoğlu 34433 Istanbul, Turkey
of clients given that each one of our
2014 and 2015.
they are accustomed to. We offer
attorneys are fluent in at least one
foreign language.
P: +90 212 465 66 99
Başpınar & Partners is a ranked firm
F: +90 212 465 36 99
by Chambers & Partners under the real
Our mission is to create value for
estate field. (TBA in April 2015)
our clients. We are proud of the
recognition we have received from
our clients for our commitment
Başpınar & Partners is among
recommended firms by Legal 500 2014.
to service, and we value their
satisfaction as the best measure of
The firm is a member of the British
our success. Our firm’s culture is
Chamber of Commerce, the German
characterized by teamwork, mutual
Chamber of Commerce, the Swedish
respect and a commitment to
Chamber of Commerce, the Dutch
excellence in everything we do. Our
Business Association, the Kuwait
legal experts do not solve problems
Business Association, the Ethics and
merely by replicating historical
Reputation Society.
www.baspinar.av.tr
WHO’S WHO 31
REAL ESTATE NOTES OF TURKEY
Since 2002 Turkish governments always considered real estate sector as a leading sector for the growth of
Turkey’s economy and therefore adopted policies in this respect and supported the market.
Gökmen Başpınar, Partner
Ceylan Kuşçu, Associate
Turkey is the sixth largest economy
destruction during natural disasters
Since the market grows rapidly,
in Europe. Despite the economic
including 6.5 million residences with a
facing certain problems is a natural
slowdown in most of the European
budget of USD 400 billion.
outcome. For instance, the regulations
countries last year, Turkey recorded
are criticized with not being clear in
a relatively high economic growth
According to the same report, Turkey’s
some cases or there have been some
among emerging countries. Due to
strategic geographical position, strong
issues with the implementation. Yet,
certain reasons, the real estate market
demographics, the increase in income
the government is trying hard to
is the main driver of this economic
per capita, large-scale urban renewal
solve these problems. On the other
growth.
and development and ease of doing
hand, the Court of Appeal rulings also
business are the drivers of the real
help to solve the issues regarding the
The Turkish government has set a
estate market in Turkey. With the
implementation of the regulations.
premium on real estate market since
impact of developing technologies
2002; therefore policies have been
and qualified workforce, the length
Despite these problems which can be
adopted in this respect and the market
of the constructions is shortened and
overcome, the real estate market in
has been generously supported.
this speeds up the return.
Turkey will keep growing in the next
For instance, the amendment in the
years and Turkey will hold its position
Title Deed Law, which removed the
Shopping center, office, hotel and
as center of attraction for global
reciprocity rule, allowed foreigners to
industrial investments as well as
investors.
purchase property in Turkey and more
housing developments are all playing a
foreign investors have entered the
significant role in the growth of the real
market. According to the data revealed
estate market. The leading international
by Turkish Statistical Institute, real
brands and hotel chains are seeking for
estate acquisitions of the foreigners
new opportunities in Turkey.
was increased by 35% in 2014.
The tourism sector is one of the most
Furthermore, the enactment of the
important sectors in Turkey due to
Urban Transformation Law, which
vacation spots in south and west
provides certain advantages for
Turkey. Many foreigners prefer to buy
reconstruction of the buildings under
summerhouses in Turkey considering
earthquake risk, boosted to the market
the distance to Europe and, of course,
as well. Pursuant to a report of the
reasonable prices. Besides, the health
Investment Support and Promotion
tourism sector is also growing and
Agency of Turkey, the Turkish
many hospitals, dispensaries and
government has decided to renew and
residential facilities are opening one
retrofit buildings that are prone to
after another.
32 WHO’S WHO
CATHAY GROUP
Right locations, profitable
We love change. That is why we stay
investments
young!
With 25 years of experience, Cathay
As excited, keen and dynamic citizens
Group cooperates with local and
of a centuries-old city, we support the
international investors and develops
creative mind of the youth and love to
quality residence, office, commercial,
come up with extraordinary projects.
Mahmut Alper
Mehmet Yılmaz
trade centers, social and cultural
We shape Istanbul with positive
Tuğsuz
Co-founder
projects on valuable lands. With
energy.
Co-founder
Cathay Group’s strategy to create
spaces that increase the value of
Ongoing Projects
living we facilitate a profitable
PARK 1001
investment for both landowners and
PARK Ataköy
end users.
PARK Sefaköy
We are specialized in all service areas
Completed Projects
that we provide. Our group consists
Arterium Section 1, 2, 3, 4, 5 and 6
of 4 companies and an affiliate;
Arterium Villas
Cathay Invest, Cathay Tourism,
Arterium Plus
Cathay Construction, Asya Avrupa
Arterium AVC
Construction and Cathay Nema
Affiliate.
We know Istanbul well
With its development areas,
promising axes, ongoing urban
transformation projects Istanbul is a
dynamic city to invest in. Thanks to
Askerocağı Caddesi, 6/2109, Süzer Plaza,
our extensive knowledge in Istanbul’s
Şişli, 34367, İstanbul
social trends, up-to-date demographic
data and our close collaborations with
P: +90 212 244 54 54
local municipalities we build projects
F: +90 212 244 45 45
following the Istanbul lifestyle trends.
www.cathay.com.tr
We create respectable and
sustainable living areas
All projects of Cathay Group aim
to increase the quality of living by
environmentally friendly concepts.
We believe energy efficiency is the
most important architectural priority
of the 21st century and we create our
spaces accordingly.
info@cathay.com.tr
34 WHO’S WHO
CEFIC
LEADER IN TURKEY WITH OVER 20
YEARS OF EXPERIENCE AND SUCCESS
CEFIC consulting company is
operating in Europe since 1986 and
in Turkey since 1994. CEFIC
Anthony Khoi
Nihat Evcimen
is providing service with an
Ihlamur Yıldız Cad. No:8 Toprak Centre
President & CEO
Finance &
international know-how and tailored
A Blok 4.Kat Beşiktaş, Istanbul, Turkey
Administration
solutions to strongly support
Director
investors, developers and tenants for
P +90 212 327 11 40
the most efficient results in growth
F +90 212 258 03 37
and added value. With its team of
85 professionals, CEFIC manages over
350,000
m2
GBA of shopping centers
and commercial properties
in Turkey.
The company supports its clients in
investment, development, design,
leasing, property and facility
management, as well as sales,
marketing & promotion of shopping
centers and commercial properties.
Its deep market knowledge and
experience have established CEFIC
as the leading expert in its field in
Turkey. CEFIC is highly recognized
by the industry with one of the
best track records for accomplished
achievement during the past 20
years in the Turkish market. CEFIC
continues to strive for excellence and
performance in the art of shopping
center leasing and management.
www.ceficturkey.com
36 WHO’S WHO
ENSpd
ENSpd is an integrated real estate
investment project development
company driving its core competence
from the syncronism of urban
Caner Bingöl
Mehmet Ali Ergin
Managing Partner
Managing Partner
planning, architecture, econometrics
Ömer Avni Mah., Inebolu Sok. No:53,
and land development divisions.
Kabataş, Beyoğlu, Istanbul, Turkey
While ENSpd creates tailorized
P +90 212 327 20 90
real estate projects according to
F +90 212 327 20 91
expectations of investors; also finance
her projects within the funds she
info@enspd.com
manages.
caner@enspd.com
ali@enspd.com
ENSpd has created many real estate
projects like 3,000 beds student
housing portfolio; 4 city hotels;
hundreds units of residential and
retail projects and more than thousand
hectare of land development projects.
Project in Progress:
Yeşil Merter - Mixed Use - Istanbul
Beşiktaş Urban Renewal - Mixed Use Istanbul
DAP Office - Commercial - Istanbul
Cendere Storm - Mixed Use - Istanbul
Sokak İstanbul - Mixed Use - Istanbul
Dolapdere Hotel - Hotel - Istanbul
Dolapdere Residence - Residence Istanbul
Sarımsaklı Beach - Urban Design
- Balıkesir
Çayderesi Recreation Area - Urban
Design - Balıkesir
Karizma Life Centre - Retail - Balıkesir
Hayat Adana - Urban Design - Adana
Novada Urfa - Urban Design / Retail Şanlıurfa
WHO’S WHO 37
38 WHO’S WHO
EVRENOL ARCHITECTS
Evrenol Architects is a leading
architecture, interior design and urban
Selected Built Projects:
Sev American College, 44,200 m²,
planning office based in İstanbul. EA
Istanbul, Health&Education
values the cultural heritage of the
Foundation, 2014
society and aims at reinterpreting
these values by integrating them into
Mehpare Evrenol
its designs while developing its large
M.Arch, Founder
scale urban projects. Evrenol Architects
consists of a group of experienced
members all devoted to architecture
and contemporary urban design.
Ottomare Sutites, 58,000 m²,
Istanbul, Ottoman Real Estate Inv. 2014
Istanbul Palaces, 250,000 m²,
Istanbul, Sinpaş Yapı, 2013
Akasya Acıbadem, 262,700 m²,
Istanbul, Saf REIT, 2013
Kelebekia - Kelebekia Premium,
59,400 m², Istanbul, Sinpaş Yapı, 2012
Evrenol DETAIL is a construction
administration branch founded
by Evrenol Architects. ED team is
specialized on Multidisciplinary Project
Tamer Tunbiş
Burak Karaca
Co-ordination, Shop Drawings, Design
M.Arch, Partner &
Arch., Partner &
Development and Tender Documents
Project Manager
Project Manager
Bosphorus City, 481,600 m²,
Bursa Modern, 314,000 m², Bursa,
Sinpaş REIT, 2011
Avangarden, 93,000 m², Istanbul,
Sinpaş Yapı, 2006
Rumeli Mansions, 29,000 m²,
Recent Works: Under Construction
Çankaya Residence, 137,000 m²,
Ankara, Sinpaş REIT, 2014
Incek Life, 156,960 m², Ankara,
Sinpaş REIT, 2014
Marenegro, 39,100 m², Istanbul,
Sinpaş Yapı, 2005
Sealybria, 93,000 m², Istanbul,
Sinpaş Yapı, 2004
King Khalid University Med. City
Admin. Bldngs, Abha / Saudi Arabia,
Saudi Arabian Baytur Cons., 2014
Jabal Omar Development Project Westin & Shereton Hotels, 115,725 m²,
Mekke / Saudi Arabia, Saudi Arabian
Şekercioğlu Sok. No.10 Koşuyolu, Kadıköy
Baytur Cons. Co., 2013
34718 İstanbul, Turkey
Köyceğiz Residences, 59,580 m²,
Aquacity Denizli, 400,000 m²,
P: +90 216 326 97 19 (20)
F: +90 216 326 97 21
Denizli, Sinpaş Yapı, 2013
Altınoran, 487,000 m², Ankara,
Sinpaş Yapı, 2011
Ataköy ‘Seapearl’, 511,600 m²,
Istanbul, Kat REIT, Qatari Diar,
Kuzu Grup, 2010
Antepia, 588.300 m², Gaziantep,
Sinpaş Yapı, 2009
info@evrenol.com
www.evrenolarchitects.com
WHO’S WHO 39
40 WHO’S WHO
HERGÜNER BILGEN ÖZEKE
ATTORNEY PARTNERSHIP
Founded in 1989, Hergüner Bilgen
The team’s transactional experience
Özeke is one of the largest law
is diverse and unique, forged
firms in Turkey, representing major
especially by structuring acquisition
multinational and local corporations
and development mechanisms for
and persons, as well as international
commercial projects. Since 2003, the
and multilateral financial institutions
team continues to assist one of the
Serkan Gül
Tolga Danışman
and agencies. Hergüner is a full-
world’s largest retailers, Tesco PLC and
Corporate Partner
Dispute
service law firm, with major practice
its local subsidiary in acquiring real
specialized in
Resolution Partner
areas that include corporate law;
properties in cities throughout Turkey
Real Estate
specialized in Real
mergers and acquisitions; banking and
to build and develop hypermarkets.
matters
Estate matters
finance; real estate, capital markets;
project finance; competition law;
intellectual property; information
technology and telecommunications;
energy and infrastructure; dispute
resolution and commercial; and
aviation and transportation.
Büyükdere Caddesi 199 Levent 34394
Nazım Olcay Kurt
Hergüner is a “Standout,” and an
Istanbul, Turkey
Corporate Managing
award winning firm for real estate. The
Associate specialized
firm represents the world’s leading
P: +90 212 310 18 00
in Real Estate
international retailers, real estate
F: +90 212 310 18 99
matters
funds and developers based in the
USA, Europe and UAE and local players
info@herguner.av.tr
in development projects, including
www.herguner.av.tr
large-scale shopping centers,
offices, residential complexes, urban
regeneration projects, city-size
tourism facilities and commercial
leases. The firm’s client portfolio
is extensive, including Pramerica,
Wafra, VastNed, Merrill Lynch, Prime
Development Union Invest, ECE, Metro
Asset Management, Aerium, Extensa,
St. Martins and ADIA.
The real estate team has significant
experience in port development and
acquisition projects and has been
assisting DP World and APMT.
WHO’S WHO 41
ESSENTIAL CHANGES FAVORING
INTERNATIONAL INVESTMENTS
The Law on Retail Trade, which was subject to broad public discussions during the legislation process, has been
introduced in 2014 and entered into force at the beginning of 2015.
Serkan Gül, Corporate Partner specialized in Real Estate matters
In the past year, several important
2. NEW CONSUMER LAW AND
shopping malls as well as to establish
and market-friendly changes
SECONDARY LEGISLATION
a more regulated and competitive
have been made in the Turkish
The new Consumer Law, namely
environment in the sector.
legislation. We have compiled the
the Regulation on Residence Sales
most essential changes favoring
entered into force in November, 2014.
As per the law, certain areas within
international investments in the real
Secondary legislation has been enacted
shopping malls must be set aside to
estate sector.
to improve corporate governance
be leased for certain purposes (e.g.,
in the real estate sector and protect
5% of the total sales area for small
consumers against risks mainly arising
business enterprises). Moreover,
1. TAX IMMUNITIES UNDER
from unprofessional developers in the
the law stipulates that licenses and
URBAN REGENERATION LAW
market.
permits relating to shopping malls
As per the Law on Regeneration of
(i.e., construction permits, occupancy
Areas under Risk of Natural Disasters,
In this context, it is stipulated that
permits and operation licenses)
commonly known as the Urban
no sales or promotions can be made
will be issued by metropolitan
Regeneration Law (“UR Law”) in the
until a construction permit for the
municipalities.All these legislative
market, which has been in effect since
relevant development is obtained. The
changes take root from a rapidly
May 2012, transactions executed
delivery of the independent units to
growing of Turkish real estate sector
under the UR Law are exempt from
the consumers should be made within
over the past few years, which in
certain taxes and duties, such as
36 months following the execution
general is growing more rapidly than
the stamp duty, notary charges
of the sales agreement. The law and
the general Turkish economy. We
and land registry fees. However,
the regulation have also introduced
believe that the real estate sector is
contrasting views and the lack of
insurance requirements that protect the
acting as the locomotive driving the
effective coordination among relevant
end buyer by alternative means (e.g.,
overall Turkish economy, and that
governmental authorities have
construction completion insurance). It
the legislative authorities decided to
created certain ambiguities regarding
is believed that such changes will have
regulate the construction and retail
the scope and implementation of such
consequences in favor of well-governed
sectors, which, in our opinion creates
exemptions in practice.
developers who consistently aim to act
an overall more comprehensive and
in accordance with the law.
diversified real estate market.
amendments have been made to the
3. LAW ON RETAIL TRADE AND ITS
*Hergüner Bilgen Özeke Attorney Partnership
implementation regulation of the
EFFECTS ON SHOPPING MALLS
is a fully-fledged attorney partnership with
UR Law in 2014. Only time will tell
The Law on Retail Trade has been
international clients. This article was prepared
whether such amendments will be
introduced in 2014 and entered into
for the purpose of sharing developments in
sufficient to provide relief to the
force at the beginning of 2015. The law
Turkey with regard to real property law. It should
developers in utilizing the intended
aims to provide a balanced growth and
not be construed as a legal opinion or guidance of
tax and duty exemptions.
improvement for retail businesses and
any sort and solely provides general information.
In order to overcome such ambiguities,
42 WHO’S WHO
IMS PROJECT MANAGEMENT AND
CONSULTANCY
IMS, founded in 1989, is the leading
IMS provides the following services:
project management consultancy
company in Turkey. Having been active
Design Management
in the market for more than 25 years,
Tender Management
IMS has provided services to more than
Construction Management
400 commercial real estate projects.
Lender’s Technical Advisory
Serdar Güçar
Technical Due Diligence
President of the
IMS helps clients make the most
Cost Consultancy
Executive Board
from their investments by providing
Time Consultancy
structured services based on the
Handover and Commissioning
sector know-how and professional
Claim Management
skills. Services provided in all stages
Sustainability Consultancy
of the projects ensure that clients
reach their goals in terms of cost,
time, and quality. This constitutes the
basis for its long-lasting relationships
with clients, which include renowned
international developers, institutional
investors, and major retailers.
IMS started to provide services to
international markets after 1995 and
Büyükdere Cad. Ali Kaya Sok., Polat Plaza B
its success brought opportunities
Blok Kat:5, Levent, 34394, Istanbul, Turkey
in cross-border expansion. Today,
IMS operates in Central Asia, Eastern
P: +90 212 270 96 50
Europe, North Africa, and Middle East
F: +90 212 270 96 55
from its offices in 7 countries, namely
Turkey, Kazakhstan, Russia, Romania,
www.ims.com.tr
Macedonia, UAE, and Tajikistan.
ims@ims.com.tr
IMS is managed by an executive board
that oversees the company operations
in the markets that it operates. The
headquarter management team
located in Istanbul advises the board
on Professional Corporate Services
and Financial/ Administrative
Coordination. Today, IMS employs
about 200 engineers and architects
in its branches across the globe along
with 25 administrative staff.
44 WHO’S WHO
KARAOĞLU PEYZAJ
Karaoğlu Peyzaj has been selected as
one of ten Ruban d’Honneur recipients
Sinpaş GYO, İncek Life Project
Hardscaping Works
for The BP Target Neutral Growth
Strategy of the Year Award category
Eczacıbaşı-İş GYO, Kanyon Shopping
in the 2013/14 European Business
Mall and Residences Hardscaping and
Awards.
Softscaping Works
Nesrin Karaoğlu Otuzoğlu
Koru Gayrimenkul Yatırım, Soyak
Landscape Architect, Company Owner
On Going Works:
Crystal Tower Landscaping Works
Yüksel Özaltın Adi Ortaklığı - Nurol
İnşaat - Makyol - Göçay Adi Ortaklığı,
Mesa Aktürk Adi Ortaklığı / Ankara,
Karaoğlu Peyzaj is a landscape
Gebze-Orhangazi-İzmir Highway /
Park Oran Residences Hardscaping and
contractor firm founded in 1994. Over
Landscaping of Gebze-Orhangazi
Softscaping Works
the years, the company became one
Section
Pasifik Gayrimenkul Yatırım / Ankara,
of the biggest Landscape Architecture
firms in Turkey, which carries out
Koray İnşaat, İş GYO Tuzla
projects successfully in various scales
Technology and Operation Center
all around the country.
Landscaping Works
Next Level Shopping Mall Hardscaping
and Softscaping works
Tepe İnşaat / Ankara, Tepe Prime
As Karaoğlu Peyzaj, we offer services
that start out at residential scope and
Tepe Emlak Yatırım İnşaat, Bilkent
Center / Landscaping Renovation
Hardscaping, Softscaping and
Irrigation System Constitution
span urban and public spaces, hotels,
marinas, industrial zones, shopping
malls, power plants, dams, highways;
Siemens, Bandırma II CCPP Project
Erosion Control and Re-vegetation
in starting lawns, erosion control and
nature restoration systems through
Hydroseeding, periodical garden
maintenance, terrace gardening,
Examples of Completed Works:
Aktürk Yapı / İstanbul, Zorlu Center
Hardscaping and Softscaping Works
vertical gardening, technical
consultancy, production and supply
of plants alongside hardscape and
ISTANBUL OFFICE
Tepe İnşaat / İstanbul, Beykoz
Konakları Landscaping Works
softscape implementations.
second chance to recover what is lost.
ANKARA OFFICE
Sera Yapı, Piri Reis University
Ümit Mah. Seralar Bölgesi, 123/5-6,
and Udem Construction Project
Çayyolu, Yenimahalle, Ankara
Hardscaping and Softscaping Works
P: +90 312 235 99 91
We ranked among the top 25 fastest
growing companies between 2008
F: +90 216 680 44 53
Office Landscaping Works
spaces where people can live in peace,
to restore nature and to attain a
Beykoz, İstanbul
P: +90 216 680 44 41
Rönesans İnşaat, Rönesans Park
Our objective is to realize living
Dedeoğlu Cad. Sonu No: 78, Çubuklu,
F: +90 312 235 99 33
Folkart Yapı, Folkart Narlıdere
and 2010 in Turkey thanks to a 68
Residences Hardscaping and
www.karaoglu.com.tr
percent growth in revenue.
Softscaping Works
karaoglu@karaoglu.com.tr
46 WHO’S WHO
MACE GROUP
Mace is an international consultancy
Whether commissioned to provide
and construction company working
a specific discipline or offering
across the entire property and
our unique integrated service, we
infrastructure lifecycle and has been
believe it is our relentless passion for
operating in Turkey since 2010.
finding a better way that helps us to
deliver the best projects safely and
Ryan McIvor
Jyldyza Sydykova
This year Mace is celebrating its 25th
efficiently, while delivering best value
Country Director,
Business
anniversary. Since its foundation in
for our clients.
Turkey
Development
1990, Mace has believed that every
Manager, Turkey
space, every structure and every city
is a chance to deliver in a better way
for clients and the communities in
which we work.
We currently operate across
Maçka Cad, Tuncer Building, No:29 D.13,
70 countries, and employ over
Macka, İstanbul, Turkey
4,300 people with a current turnover
in excess of £1,18 billion.
P: +90 212 236 16 46
Since our establishment in Turkey
ryan.mcivor@macegroup.com
we have delivered projects for a range
jyldyza.sydykova@macegroup.com
of local and international clients
in the market. We employ a highly
experienced team to bring benefit to
our clients’ projects at the key
stages of design and construction.
We employ locally and bring
global expertise through the wider
Mace group.
Our services include:
Programme management
Project management
Construction management
Cost, procurement and contract
consultancy
Due diligence
Fit out
www.macegroup.com
Imagine better
Top L to R: Mandarin Oriental, Bodrum, Turkey. The Shard, London, UK. Bottom L to R: 1 Angel Lane, London UK. Hilton Bomonti Hotel and Conference
Centre, Istanubul, Turkey. Abu Dhabi National Exhibitions Company, Abu Dhabi, UAE.
For Mace, every project is an opportunity
to think and do differently.
For 25 years, our pursuit of a better
way has driven us to do things better,
to push for more, to improve the world
and to move the industry forward.
Our experience in Turkey ranges from
a combined project management and
main contractor role in the commercial
office sector to the due diligence,
www.macegroup.com
planning and project management
of a number of 5 star hotel and
leisure developments.
Whether commissioned to provide
a specific discipline or our unique
integrated service offer, Mace delivers
projects safely and efficiently, while
defining industry best practice.
For further information please contact:
Jyldyza Sydykova
Business Development Manager
t +90 549 524 6911
e jyldyza.sydykova@macegroup.com
48 WHO’S WHO
MAR MIMARLIK
be built, employer’s requests, user’s
Mahal Palas Hotel Project, Armutlu,
objectives, budget and benefits
Yalova: Concept, Decoration and
required to be obtained from the
Construction Projects. (Enclosure Area:
structure. Our mission as architects is
42,000 m²)
to understand the spirit of the project
and use all our professional and
Gülfem Karaer
Osman B. Elliiki
Four Points By Sheraton Hotel and
technical experience available to form
Vnukova Statium Project, Vnukova,
the project in the best way possible.
Moscow, Russia: Concept Development
and Architectural Construction
Our philosophy in project design and
Every project has a soul.
Projects (Enclosure Area: 38,000 m²)
implementation is to create projects
which are human and environmentally
Sütlüce Urban Renewal Mixed Use
Mar Mimarlık, is an architect firm,
friendly, aware of opportunities and
Project, Haliç, İstanbul: Concept, Final,
has founded in 1993 by architects
alive in all aspects. Our biggest goal is
Construction Projects and Urban
who aims to catch this soul. From
to realize what has been designed by
Design. (Enclosure Area: 200,000 m²)
the first date to today, our primary
unlimited imagination while making
Visit www.marmimarlik.com for full
goal is to design buildings with
progress with these principles.
reference list.
economic, value added, innovative
and respectful to people.
Mar Mimarlık currently continues
to provide services under the
It has a multi-faceted team comprising
management of Senior Architect
architects, interior designers,
Gulfem Karaer and Senior Architect,
urban designers, engineers and
Urban Design Expert Osman B. Elliiki,
consultants. So far, design, project
its founding partners.
and implementation services of many
domestic and international projects
Bağdat Cad. 169/5 Selamiçeşme 34730
On Going Projects:
Kadıköy, Istanbul, Turkey
have been successfully completed.
Swiss Hotel Renewal Project,
P: +90 216 385 23 52
ongoing domestic and international
İstanbul: Hotel Public Area and
F: +90 216 385 21 39
projects on our website under the
Back of House Area, Architectural
heading, “Projects”.
Construction Projects. (Enclosure Area:
You can follow our completed and
9,500 m²)
Mar Mimarlık team is a group which
has gained national and international
Dinamik Yapı Kalamış Vefa
Project preparation experience by
Residence Project, İstanbul: Concept
working with well-known Turkish
Decoration Project and Construction
construction companies and won first
Project. (Enclosure Area: 4,500 m²)
place in competitions held abroad.
Dinamik Yapı Şenman Apartment
As Mar Mimarlık, we think every
Project, İstanbul: Façade, Decoration
project has a spirit. This spirit is given
Projects and Construction Project.
to the project by the place where it’ll
(Enclosure Area: 4,000 m²)
www.marmimarlik.com
WHO’S WHO 49
ZORLU CENTER, RAFFLES HOTEL
Client: Zorlu Yapı Yatırım
Location: Zincirlikuyu, Istanbul
Enclosed Area: 83,000 m²
Project Date: 2011 - 2012
Scope of Design: Decoration’s Final, Construction and Detail
Project, BOQ
Concept : HBA
Scope of project, prepare interior final, construction and
detail project for the 27-storey hotel and Branded Residence
floor, under the hotel Shell terrace house, public areas, SPA
center and BOH areas.
HALICENAZIR REHABILATION PROJECT
Client: Amplio
Location: Haliç, Istanbul
Scope of Design: Concept, Draft Final, Construction Project
Concept : Mar Mimarlık & Patzchke Architects
As part of the project, the inadequate settlement form
at the two parcels by the Halic shore is eliminated, and a
modern settlement project incorporated with residences,
stores, offices and social amenities based on the traditional
neighborhood theme is proposed.
MAHAL PALAS HOTEL PROJECT
Client: Akarsu Holding
Location: Armutlu, Yalova
Scope of Design: Concept, Draft Final, Construction Project,
Decoration Project
Concept : Mar Mimarlık
Scope of the project includes a 217 room-capacity hotel, spa,
thermal health and detox center at the Armutlu shores. The
designs of the areas belonging to the outdoor functions and the
private beach are completed, and their projects are prepared.
50 WHO’S WHO
MESA
The foundations of MESA Holding
were laid 46 years ago with the
establishment of MESA Housing
Industries Inc. in 1969. Now, with
the power, strength and confidence
MESA Plaza, Koru Sitesi, Ihlamur Cad. 2/12
derived from its past and past
Çayyolu 06810 Ankara - Turkey
Erhan Boysanoğlu
Evren Ünver
achievements, MESA Holding is rising
Chairman
Vice President
on its foundations, which are as robust
P: +90 312 291 50 00 (pbx)
and strong as the buildings it has
F: +90 312 240 09 99
constructed.
www.mesaholding.com.tr
MESA, in the course of its journey,
which started aiming to bring new
perspectives and dimensions to
the construction industry to make a
Murat Sezgin
difference in people’s lives by strictly
Board Member
adhering to its principles without any
change, has always taken bold steps
to realize its vision and in all fields
in which it operates has successfully
achieved all of its preset targets in a
timely fashion. Indeed, MESA owes its
great success and growth over long
years to the happiness of millions
of its customers and employees and
its brand name, which is associated
with trust and innovation and which
conveys the sense of confidence, and
actually these are the driving factors
that brought MESA to where it is now
and make all of us proud of being the
members of MESA Holding.
Now, we are proud of creating future
and value for our employees and
customers and making a difference
in people’s lives relying on our
experience of 46 years full with
success and great achievements.
52 WHO’S WHO
METRO PROPERTIES
METRO PROPERTIES is the real
estate entity of METRO GROUP. The
METRO PROPERTIES Turkey portfolio:
A total land of 1,147,429 m²
company combines comprehensive
A total leasable area of 452,526 m²
retail competence with extensive
Total car park area for 21,221 vehicles,
expertise in real estate and consistent
9 Shopping Centers in Adana, Ankara,
execution. When it comes to
Antalya, Bursa, Gaziantep, Izmit,
Gündüz Bayer
Osman Koçak
developing and managing modern
Konya, Istanbul Kartal and Merter
Managing Director,
Finance Director
retail and wholesale locations, METRO
Region Asia/ Turkey
20 METRO Cash&Carry stores
PROPERTIES is the partner of choice.
The company is committed to
contributing to the success of its
clients and adding value to the
customers and manages to be the
sales divisions’ landlord and solutions
Marmara Forum Garden Office Kat :3,
provider at the same time. This is what
Osmaniye Mah., Çobançeşme Koşuyolu
is meant by Driving real estate value.
Bulvarı, No:3, PK 34146 Bakırköy/Istanbul
Turkey
The core responsibility of METRO
PROPERTIES Turkey is to enhance the
P: +90 212 454 43 00
value of its real estate assets in the
F: +90 212 451 07 41
long term through active asset and
strategic portfolio management.
www.metro-properties.com.tr
From scratch to completion, METRO
info@metro-properties.com.tr
PROPERTIES acts as a Real Estate
Developer and Investor for the
expansion of METRO GROUP
Sales Lines.
With its international experience and
know-how of the management and
leasing of own and managed shopping
centres, METRO PROPERTIES now
teams-up with Third Party Real Estate
Developers/Investors to expand its
own portfolio with new shopping
centers projects.
From new builds to conversions,
from modernisations to extensions:
METRO PROPERTIES Turkey offers its
customers turnkey solutions for retail
property.
54 WHO’S WHO
PAKSOY
Since its inception in 1997, Paksoy
Paksoy is a full service law firm with
stands as one of the strongest local
a culture and passion to provide
legal brands in Turkey with a senior
practical, innovative and creative
team of lawyers acting for leading
solutions to the issues faced by
global investors and strategic players
its clients that strive to make
in their transactions, investments,
contributions to create value. With
Av. Elvan Aziz
real estate projects and disputes.
a fully committed legal staff, Paksoy
Partner
Paksoy’s real estate team handles
focuses on solutions, seamless service
a wide variety of real property
and needs its clients care about.
transactions with special focus on
construction contracts, real estate
Paksoy’s services include both legal
financing, sale and purchase of
services and specialist input (e.g.,
property, long-term commercial
tax, compliance, and antitrust) for
leasehold contracts and all aspects of
domestic and global clients, ranging
property development including land
from financial institutions, private
Av. Selin Barlın
Av. Burak Kepkep
due diligence, zoning applications,
and public companies, private equity
Senior Associate
Senior Associate
issuance of construction licences
funds and venture capital players
and joint-venture establishments
operating in the real estate, energy
for foreign and domestic clients
and natural resources, infrastructure,
investing in Turkey.
hospitality and health care sectors,
financial markets to technology/
Some recent work Paksoy has
media/telecommunications.
advised include all aspects of a
proposed joint venture investment
for development of a luxury hotel in
Istanbul for a leading international
hotel management company, all
aspects of development, construction
and operations of a greenfield
Orjin Maslak Eski Büyükdere Cad.
data centre project in Turkey for a
No:27 K:11 Maslak, 34398, Istanbul, Turkey
leading data centre management
company, legal due diligence aspects
P: +90 212 366 47 00
of a joint venture investment for
F: +90 212 290 23 55
Fingen, all aspects of development
and construction of a hotel, holiday
eaziz@paksoy.av.tr
village and residential real estate
sbarlin@paksoy.av.tr
in Gümüşlük, Bodrum, Turkey
bkepkep@paksoy.av.tr
for Bank Alkhair, and a proposed
www.paksoy.av.tr
urban regeneration investment in
residential property development
of Sumitomo Realty & Development
Co., Ltd.
WHO’S WHO 55
REGENERATION, INNOVATION,
TRANSFORMATION: TURKISH REAL ESTATE
MARKET UNDER SPOTLIGHT
Investors express a growing appetite for Turkish real estate assets varying from traditional commercial spaces to
hotels and student housing. The changing legislative framework enables the development of an efficient market
environment that will maximize the reliability and productivity.
Av. Elvan Aziz, Partner
Activity in the Turkish real estate
We anticipate that 2015 will see
enactment of the Shopping Centers
market will likely continue unabated in
a considerable acceleration in the
Law (Law No. 6585 on the Regulation
2015 regardless of some analysts’ talk
amount of residential property
of Retail Commerce), the development
of a potential economic slow-down or
development as a consequence
and operation of shopping centers
impact by the parliamentary elections
of the legislature’s elimination of
now have a legal framework.
in June. Upcoming legislative changes
uncertainties and legal barriers
Management companies must comply
along with prior reforms will increase
interfering with urban regeneration
with these laws going forward.
real estate development across
projects, especially in and around
Turkey, particularly in Istanbul. The
Istanbul. One of the most important
In conventional commercial
introduction in 2014 of REIFs, or real
points for residential property
investments, investors are leaning
estate investments funds, as a new
developers to consider is the
towards green projects that are
type of investment vehicle, will allow
different mandatory rules on pre-paid
LEED or BREEAM certified. Investors
qualified investors to specifically
residential property sales brought by
including our clients are also now
focus on real estate investments.
consumer protection legislation in
concentrating more on projects
Additionally, ongoing construction
2014. New obligations, in particular
outside traditional commercial
for the
3rd
Bosphorus Bridge and the
the type of guarantees developers
sectors and on alternative uses of real
3rd Airport in Istanbul along with
are required to provide consumers
property. In this context, we expect a
new highway projects is expected to
(e.g., building completion insurance
significant acceleration of real estate
further accelerate development of
policies, letters of guarantee, etc.),
investments in hospitality, healthcare
new commercial and residential areas.
must be considered in the early
and serviced apartments.
development phase of a project
This year significant amendments to
to avoid unpleasant surprises in
With these new developments,
the Zoning Code, the main legislation
financing and operation of the
2015 will be an exciting year for
governing real estate development,
properties.
opportunities in the Turkish real estate
are expected. Although the scale
market. Paksoy with its experienced
and detail of these changes are
Shopping centers are still the
real estate team looks forward to
currently unclear, we anticipate that
dominant type of construction when
working with market developers, both
the legislature intends to create new
it comes to commercial real estate
experienced and those that are new to
investment tools to further boost
development. Experts predict that
Turkey, on future real estate projects
growth in the real estate sector.
in Turkey the number of shopping
and other activities.
The issuance of zoning certificates
centers will increase up to 450 by the
allowing transfers of development
end of 2016, evidencing the demand
rights is one of these anticipated new
and appetite of local and foreign
additions.
investors for such structures. With the
56 WHO’S WHO
PROJE365
Proje365, Real Estate Consultancy
and Project Management, is an
independent consulting and project
management firm that provides
occupiers and investors around the
world with industry leading, end-toAli Ekşi
Hilmi Ekşi
end property solutions. We provide
Dilek Sabancı Cad, Nuray Sk, Inlife,
Chairman
Finance and
customized and consultative real
No:7/A4 - 3 Ataşehir, İstanbul, Turkey
Co-founder
Administration
estate services to corporate and
Director
commercial industries that seek
Co-founder
excellence, experience and a high-
P: +90 216 290 23 37/38
level of attention to detail. From
info@proje365.com
land acquisition, to construction,
www.proje365.com
operations, marketing and sales,
Proje365 professionals work to
maximize your return and provide
you with the highest levels of care
for your projectand ideas. Proje365
Reyhan Ekşi Aksu
İrem Çubukçu
provides asset management, project
Project
Business
analysis and advisory services to
Coordinator
Development
private and corporate clients. You will
Co-founder
Co-founder
find our property project managers
approachable, trustworthy and above
all, knowledgeable. Our innovative
advice and assessment will help
our clients to gain a competitive
advantage in their real estate
investments. We intend to provide our
customers with the best marketing
services and solutions from beginning
to end, with a smart, innovative,
clear, fast, quality delivery and
customer oriented solutions to match
according to the needs of clients.
The project marketing & consultancy
service, covers every aspect of the
development cycle, right from initial
feasibility through to the final sale.
58 WHO’S WHO
PROPIN
PROPIN Property Investment
Büyükdere Caddesi, Gökfiliz İş Merkezi
Consultancy, is a property investment
No.8/22 K.9 Pk.34387 Mecidiyeköy/Istanbul
consultancy company specializing
in the “office” segment of the
P +90 212 217 85 55
commercial property sector. PROPIN
F +90 212 217 85 53
provides advisory and agency services
Aydan Bozkurt
Ebru Ersöz
to property users, landlords, property
www.propin.com.tr
Managing Partner
Managing Partner
investors and developers in this field.
info@propin.com.tr
The company’s service covers Istanbul
and other big cities where the office
market is developing.
Founded in 2005, PROPIN has made
an impact in the sector within a
short space of time, exemplified by
its quality work and the quality of
its service with experienced team.
Obvious indicators of its success
are the references from the most
prestigious Turkish and global
companies.
PROPIN, with a quality and productivity
accompanied by expertise, provides a
full range of service to its customers
in the office segment. Its guiding
principle is never to make concessions
on business ethics from its inception.
The values it offers emphasize the
importance it attaches to maintaining
the trust it has built up in the sector
forever. PROPIN’s professional team is
ready to work with you: to answer your
questions in any of your advisory and
agency needs in the office sector of the
commercial property market.
ISTANBUL OFFICE MARKET 4 th QUARTER OF 2014
Tenant/Buyer
Consultancy
Tenant/Buyer
Consultancy
"Build-to-Suit
Model"
Development
Consultancy
Contract
Renewing
Consultancy
User
Representation
"Build-to-Suit
Model"
Development
Consultancy
Contract
Renewing
Consultancy
User
Representation
Property
Marketing
Consultancy
Landlord
Representation
Property
Marketing
Consultancy
Landlord
Representation
Contract
Renewing
Consultancy
Contract
Renewing
Consultancy
Market
Research
Reports
Market
Research
Reports
Project
Development
Consultancy
Project
Development
Consultancy
60 WHO’S WHO
SAYDAM TASARIM ARCHITECTURAL
RENDERINGS & ANIMATION
Saydam Tasarım is leading visualization
GMW Istanbul / TAV Riyadh Airport
company in Turkey with the experience
Torunlar REIC Mall of Istanbul
of domestic and overseas real estate
Torunlar REIC Torun Center
projects since 2006.
GAP Tarlabaşı 360
Garanti Koza Kozapark
We have established Saydam Tasarım
Garanti Koza Koza World of Sports
Mustafa Tutar
with a goal: ensure that the real estate
Ülker Fenerbahçe Arena
Owner
project visualizied as imagined and
Sur Yapı EXEN
collabrated within all audiences from
TurkMall Uniq Istanbul
architects to sales and consumers.
Ege Yapı Batışehir
We always follow innovation in
the industry for best service in
photorealistic architectural
visualization and film:
Our company is located in Istanbul
Turkey.
Please feel free to contact with
Saydam Tasarım get the best service in
visualization and film.
Acıbadem Cad. Palmiye sok. No 1 / 13
Üsküdar/Istanbul - Turkey
We provide :
P : +90 216 340 11 40
Photorealistic Architectural
F : +90 216 340 10 18
Visualization
Films & Animation
info@saydamtasarim.com
Photography
www.saydamtasarim.com
2-D Illustration & Plan
References:
Astana Railway Station Azerbaijan
GMW London / TAV Madinah Airport
Vodafone Besiktaş Arena
Sinpaş REIC Bosphorus City - Mipim
2013 Winner
Saf REIC - Akasya Residential and Mall
Project . Mipim 2013 Winner
WHO’S WHO 61
62 WHO’S WHO
SISTEMA
Founded in 2001, SISTEMA
Rendering service on a wide scale,
TEKNOLOJIK YAPI is a full-service
the design and build contracts of
organization, active in middle and
SISTEMA are mainly offices and general
large scale contracts, contractual
management buildings, call centers,
sub-contract, delicate design
high level IT and data processing
workmanship and architectural
centers, educational facilities and
İhsan Kendirli
contract, conceptual design, electric
campus buildings, hotels, chain shops,
Chairman
- electronic - automation - data
bank headquarters / branches and
processing - mechanical projects
financial institution buildings and
design, installation and commisioning,
branches, projects and planning,
operation and service fields as well as
control, follow up, design and concept
import transactions and integrations
development services, application,
of various products in relation to the
operation and services in relation to
general scope.
these contracts.
SISTEMA serves its customers with
a well skilled, young and dynamic
operational core staff of 100+ people,
highly educated and technically expert
on their fields ensuring every project
has access to the best of talent and
Nisbetiye Cad. Birlik Sok. No:29
resources. The wide span of field
1.Levent - Istanbul - Turkey
force is approximately 1200+ team
members.
P : +90 212 324 50 02
SISTEMA righteously prides itself
F : +90 212 324 50 04
on ability to carry out medium and
large-scale “office” project desing &
www.sistema-tr.com
construction contracts as the market
info@sistema-tr.com
leader in Turkey, in the shortest
application time smoothly and easily
thanks to its flexible organization and
strong pre-financing structure.
Furthermore, contractual relations
with countries such as Turkish
Republics, Russia, Germany and U.A.E
are carried out in means of direct and
indirect material / service export and
technological construction projects.
WHO’S WHO 63
The 7th Annual
TÜRKİYE TURKEY
GRI2015
ISTANBUL 20-21 APRIL
Turkey’s most senior real estate investment meeting
Among the participating co-chairs:
Andreas Hohlmann General Manager ECE TÜRKİYE PROJE YÖNETİMİ TURKEY
Cem Alfar CEO CORIO TURKEY TURKEY
Fawaz Al Saleh Vice Chairman & CEO TURKAPITAL HOLDING KUWAIT
Şenay Azak-Matt General Manager, Turkey AAREAL BANK AG, İSTANBUL REP. OFFICE TURKEY
Asli Ay Senior Advisor LONE STAR FUNDS USA
Ömer İsvan President SERVOTEL CORPORATION TURKEY
Ruslan Alakbarov Head of Real Estate SOFAZ AZERBAIJAN
Yurdaer Kahraman CEO – Commercial Real Estate Properties FİBA HOLDING TURKEY
Özgür Demirdöven Head of Team Turkey & Italy HYPOTHEKENBANK FRANKFURT GERMANY
Rishi Kapoor Senior Vice President, International Development MGM HOSPITALITY UAE
Zafer Baysal Senior Vice President AMSTAR GLOBAL PARTNERS TURKEY
Cüneyt Can Taşan Business Development Turkey GLOBE INTERNATIONAL GERMANY
Stelios Zavvos Founder & CEO ZEUS CAPITAL MANAGERS GREECE
SAME EXCLUSIVITY, SENIORITY AND INFORMAL FORMAT • BEST NETWORKING OPPORTUNITIES •
NEW FACES • NEW INTERNATIONAL INVESTORS • MORE IN DEPT DISCUSSIONS ON:
ISTANBUL • IZMIR • BURSA • GAZIANTEP • FOREIGN INVESTMENT • JV & PARTNERSHIPS
INVESTMENT OPPORTUNITIES • LENDING ENVIRONMENT
NEW
DEVELOPERS
PRESENTATIONS
HALF DAY
EDUCATIONAL
SEMINAR ON:
Doing Business in
Turkey
Bilfer Budak Roche, Director - Turkey
T + 44 (0)20 7121 5067 | bilfer.roche@globalrealestate.org
MINI SEMINARS
ON
“GLOBAL BEST
PRACTICE”
NEW REGIONS:
Istanbul, Izmir,
Bursa,
Gaziantep,
Azerbaijan...
www.globalrealestate.org/Turkey2015
Since 1998, GRI meetings provide a forum for the world’s leading real estate players to develop valuable
relationships, find new business par tners, and strengthen their global networks.
All material throughout is subject to change without notice.
You can see all par ticipants on event website
Turkey’s one and only
real estate development magazine

in association with INVES T OR`S GUIDE TURKEY 2015

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