Akfen Real Estate Investment Trust (Akfen GYO) has initiated three new projects in Kadıköy Söğütlüçeşme, Bodrum Yalıkavak, and Kıyıkışlacık. The company will invest a total of $170 million in these three projects, which are set to be completed by 2026.
With the addition of the Söğütlüçeşme, Yalıkavak, and Kıyıkışlacık plots, which are currently in the investment phase, Akfen GYO’s portfolio, consisting of 19 hotels, 2 student dormitory complexes, a holiday village, a factory building, and an office building in Turkey and Russia, has reached a total portfolio value of 600 million Euros.
Akfen Gayrimenkul Yatırım Ortaklığı (Akfen GYO) plans to increase its investment in the Kadıköy Söğütlüçeşme project in Istanbul, Bodrum Yalıkavak project in Muğla, and Kıyıkışlacık project in Milas. The company has already invested $70 million in these projects and aims to raise the total investment to $170 million by 2026.
Akfen GYO’s General Manager, Sertac Karaağaoğlu, stated that they have increased the value of their portfolio, which consists of 19 hotels, 1 holiday village, 2 student dormitory complexes, 1 factory building, and 1 office building in Turkey and Russia, to 600 million Euros through new land acquisitions. He emphasized that they have diversified their portfolio with different investments and operated their assets through industry-leading operators, increasing guaranteed rental income consistently. He also mentioned that they have completed their preparations for the future.
Karaağaoğlu explained that they are starting three new projects, aiming to complete them between 2024 and 2026. In Bodrum Yalıkavak, they will develop 29 villas on a 22-acre plot overlooking the harbor, expecting approximately $60 million in revenue from villa sales. The project, designed by Tabanlıoğlu Architecture, has begun, and they plan to deliver it by 2025. Additionally, in Bodrum’s Kıyıkışlacık region, they will develop a new project on an 83.5-acre plot with an investment of $90 million. The project will include single-story and duplex houses, garden and rooftop duplexes, located just 15 minutes away from Bodrum center by sea and 5 minutes away from Güllük Port near the airport. An hotel will also be included in the project.
Regarding the Istanbul Kadıköy Söğütlüçeşme project, Karaağaoğlu mentioned that they have started the production of dining, cultural, and artistic areas on a 19,000-square-meter area in the center of all transportation axes, designed by Tabanlıoğlu Architecture. The project will consist of environmentally friendly structures that do not exceed the height of viaducts. They plan to implement their open-air market concept, similar to those in European cities like London, Barcelona, and Paris, with an investment of $45 million in the first quarter of 2024.
Karaağaoğlu also highlighted that the value of their assets has reached 600 million Euros, and they have increased their annual rental income to 29.5 million Euros. They have conducted their first convertible bond issuance, paid off a significant portion of their bank debts ahead of schedule, and simultaneously embarked on new investments. Thus, they have completed the two-year restructuring period.