Turkey’s first real estate portfolio management company, RE-PIE, will be launching a fund to buy four projects of Turkmall, shopping center development and investment pioneer of Turkey. RE-PIE chairman of the board, Haluk Sur told that RE-PIE will be setting up four investment funds for Uniq Istanbul, Novada Outlet Söke, Novada Outlet Akhisar and Novada Tokat.

Appreciating the collaboration between RE-PIE and Turkmall, Sur thanked SPK (Capital Markets Board of Turkey) which has carried out real estate investment trusts, real estate certificates, Islamic bonds (sukuk) and real estate investment funds in devotion until today. Sur stated that the total volume of four funds will be TRY 1 billion (EUR 300 million) and they have already applied to SPK for three of the funds. “Even though we have just begun our publicity events and we are only at the first stage, the demand for Novada Outlet Söke has doubled. This gives us hope and increases our expectation regarding the future of the funds.”
Haluk Sur expressed their aim as to continue the collaboration between RE-PIE and Turkmall regarding the existing properties, as well as the future endeavors of Turkmall. Sur gave information on the real estate investment funds:

“Real estate investment funds are a new instrument for Turkey and are developing rapidly world-wide. In 2016, the volume of real estate investment funds has reached to 250 billion Euros. We estimate that real estate investment funds will contribute largely to a rapid growth in Turkey, both in real estate and the capital markets.”

Haluk Sur stated that real estate investments funds will play an important role in legally recording the real estate market and in the effort to make the market transparent thus giving the opportunity of an investment in properties that would not have been considered for that otherwise. He further expressed that while real estate investment funds will provide feasibility for new investors via professional methods and tax advantages, the fact that they provide steady dividend payments, long term plans and provide higher profit than investment funds makes real estate investment funds an interesting investment instrument for qualified investors.

“We expect the total value of our 7 funds to exceed 3 billion TL”

RE-PIE board member Dr. M. Emre Çamlıbel stated that all partners of RE-PIE, one of the first real estate portfolio management firms in Turkey, are experts in the fields of real estate, real estate development, city planning, econometrics and fund managements. He further stated: “We aim to be a pioneer in the market with our knowledge in real estate and powerful qualities in fund management. So far, RE-PIE has acquired bylaw approval for the set up of three funds from CMI. One of our approved funds, Anadolu Stratejik Arazi Fonu (Anatolia Strategic Land Fund) will make land investments in developing cities. An annual return of above 15% for the fund is projected in TRY basis. Our second fund is the Maslak 1453 Fund which will operate regarding the commercial units of Maslak 1453 project and our third fund is the Milenyum Fund which will invest on mixed-use properties.”

Çamlıbel explained that they expect the total value of their funds will reach 3 billion TL in the next three years and added that they expect their investment funds will provide a profit of 6% in Euros and a rent profit and value increase of 9% in Euros. Çamlıbel stated that the investigations regarding the purchase of properties with USD rent incomes via investment funds are in progress. He further stated that as RE-PIE, regarding portfolio volume, they aim to be the leader amongst other real estate portfolio management firms established in Turkey and that their priority is to manage the most profitable investment funds for their investors.

“Collaboration with RE-PIE continues”

Turkmall’s chairman of the board Hans Otto Nagel stated that since 1992 they have been pioneering the shopping center development and investment endeavors, developing more than 80 and completing more than 50 shopping center in 25 years. Nagel expressed that they have been hosting more than 150 million visitors a year at Turkmall projects and added “We stood out through our leadership in investment development and service quality and we have been awarded as the Best Retail Developer in Western Europe by the World Finance in 2011. As well as our partnership with Tepe and Metro Group, our successful partnership JV Company Multi Turkmall presented our partnership philosophy and our claim in being the leader. We brought the award winning, most important shopping centers in Turkey and Europe to the market. Furthermore, we have taken part in pioneer ventures such as the Starmall project in China. Our partnership with the IKEA franchise is Turkey, Romania and Bulgaria reflects the dynamic essence of the Turkmall brand.”

Hans Otto Nagel reminded that they are operating in Kazakhstan, The Balkans, Africa, Middle East, Russia and Asia and stated: “As Turkmall, we are pioneering the financial inclusion of the profit and the process of making the market transparent via funds set up for Novada Outlet Söke, Novada Tokat, UNIQ İstanbul and Novada Outlet Akhisar. RE-PIE – Turkmall collaboration will continue with the acquisition of new assets that Turkmall will develop in the future.

“We will continue to invigorate Anatolian social life”

Reminding that Turkmall has been accelerated its nation-wide investments with Novada Outlet Söke in 2012, Levent Eyüboğlu, Vice Chairman of the Board, told that they will continue to invigorate social life in Anatolia with new openings Şanlıurfa, Yozgat and Ordu which were preceded by outlets in Samsun, Istanbul, Tokat, Akhisar, Konya, Izmit, Edremit and Manavgat.

Eyüboğlu stated that there are 11 shopping centers that they are currently providing investment, leasing, management and marketing services and that they will complete 7 more Novada project in Anatolia in the next two years. Expressing that for their investments, they are preferring areas without shopping and leisure centers, Levent Eyüboğlu stated that 300 retail franchises will locate in Anatolia with the opening of new Novada shopping centers in Ordu, Burhaniye, Elbistan, Menemen and Çerkezköy after Şanlıurfa and Yozgat.

At the end of the meeting where the agreement between RE-PIE and Turkmall was presented, RE-PIE chairman of board Haluk Sur and Turkmall chairman of board Hans Otto Nagel signed the contract.