2025
-The merging process of Akfen REIT and Akfen Karaköy was completed with the approval of the Capital Markets Board (March 20, 2025).
-Through our wholly owned subsidiary Bafra Real Estate Investments (Florida), Inc., we completed a 32.5% partnership with Florida-based EA Fountains Senior Care, LLC. Following a capital transfer of USD 2,000,000 and closing procedures, we continued to strengthen our portfolio in the US market with this senior care center investment.
-The Terminal Kadıköy project, implemented by our affiliate Fıratcan, opened on May 1, 2025. The project will contribute €9.6 million (including VAT) in regular rental income annually to the group’s commercial real estate portfolio.
-The company has initiated the official process for the allocation of an additional 2,098.98 m² Treasury property adjacent to Bodrum Loft Holiday Village. In the project, for which the EIA process has been initiated by the Ministry of Environment, Urbanization, and Climate Change, the final allocation procedures will be carried out following the preliminary approval stage.
-Akfen Tourism made a payment of 4.8 million euros (234.01 million TL), corresponding to 50% of the first year’s rent under the Kadıköy Terminal lease agreement, on October 1, 2025.
-On December 23, 2025, a major step toward the future vision was taken by acquiring the 141,007.78 m² property located in Balçık Mahallesi, one of the strategic points of Kocaeli Gebze, for a price of 1,391,247,000 TL. The increase in value of the land in question and the potential rental income from developments for storage purposes are expected to make a significant contribution to the Company’s equity and profitability.
-The company has regained full control over the property by terminating its repurchase and sales commitment obligations to Eraysan İmalat İthalat İhracat Plastik Makina Sanayi Ticaret A.Ş. for €10,260,000, which is below the appraised value. Simultaneously, it completed the operation by leasing part of the property to Farklı Yatırım İnşaat A.Ş. for an annual rent of 250,000 euros, above the market rate.
2024
-The authorized capital was increased to 3.9 billion TL with a 200% cash increase by exercising all preemptive rights.
-The registered capital ceiling was raised to 50 billion TL for the 2024-2028 period.
-Net debt was reduced by transferring the shares of KKTC Merit Park Hotel, owned by the affiliated company Akfen GT, for 73 million USD + variable consideration in cash.
-The registered capital ceiling was raised to TL 50 billion for the 2024-2028 period.
-The Long-Term National Credit Rating was upgraded from AA- (Stable) to AA (Stable) (“Very High Credit Quality”).
-The 53 million Euro loan used from CEB N.V. for Akfen Karaköy was refinanced with Vakıfbank with an 84-month maturity and improved terms.
-The land-qualified immovable property located in Muğla, Bodrum Eskiçeşme, was purchased through a tender for 9,000,000 TL.
-An indirect stake was acquired in EO AT Fountains LLC in Florida, USA, for approximately USD 4.7 million.
-31.32% of the shares of Akfen Int. Holding B.V. (unit price: TL 2.00) were sold to Akfen Holding A.Ş.
-All Akfen Karaköy shares were sold to Akfen Güney İşletme A.Ş. (a 100% subsidiary) based on the unit price in the independent valuation report.
-The planned 830 million TL fund for the Shipyard Hotel Project was transferred to the Yalıkavak Villa and Tuzla 2nd Hotel Projects due to increased costs.
-The lease commencement date for the Terminal Kadıköy is April 1, 2025; 50% of the first year’s rent is due on October 1, 2025, and the remaining balance is due on April 1, 2026.
2023
-Akfen GT acquired 85.16% of the third-party shares of Akfen Karaköy (totaling 7.25%). The remaining 14.84% (totaling 1.27%) was acquired by Akfen Holding for USD 1.5 million. The ownership ratio of the REIT became 98.73%.
-The agreement regarding the transfer of Merit Park Hotel & Casino in the TRNC was signed with Merit Kıbrıs Turizm Ltd Şti. (Buyer) on 13.04.2023.
-The Long-Term National Institutional Credit Rating was upgraded from A- (High) to AA- (Very High), while the Short-Term Rating was upgraded from J2 (BBB) to J1+ (AA).
-Share buybacks commenced on April 23, 2023, to protect the interests of shareholders. The program duration is 1 year, the maximum fund is 200 million TL, and the maximum number of shares is 65 million (5% of the capital).
-A factory building with a closed area of 16,119 m² on a 7,027 m² plot in Arnavutköy was purchased for 3.1 million euros with a right of first refusal, despite having a market value of 13.5 million euros.
-The 30,000,000 shares repurchased (2.31% of the capital) were sold at an average price of 5.2534 TL on August 8, 2023, leaving no repurchased shares in the company.
-Akfen GT was split into a hotel only. Akfen Karaköy shares (78.83%) were transferred to Akfen Güney, while the Russian affiliates were transferred to Akfen Kuzey.
-The “AKFGY” stock began trading on the BIST Sustainability Index for the fourth quarter of 2023 (October 1, 2023-December 31, 2023).
-The application to increase the issued capital from 1.3 billion TL to 3.9 billion TL (a 200% increase with 2.6 billion TL in cash) within the registered capital ceiling of 6.5 billion TL was approved by the CMB on December 7, 2023.
2022
-On January 27, 2022, the registered capital ceiling was increased from 1 billion TL to 6.5 billion TL.
-Accor, the operator of four hotels in Russia, has suspended its new growth and hotel opening operations in Russia. Current hotel operations continue.
-The long-term national institutional credit rating from JCR Eurasia was upgraded from BBB (good credit quality) to A- (high credit quality).
-An early payment of EUR 3.1 million was made in addition to the current credit repayment plan, thanks to the cash surplus generated by increased revenues.
-Interim real estate valuation studies were conducted for the June 30, 2022 financial reports due to the increase in exchange rates and the lifting of pandemic restrictions.
-Akfen REIT (stock code AKFGY) began trading on the BIST 100 index as of July 1.
-On September 14, 2022, a 22,197 m² plot of land in Yalıkavak, Bodrum, Muğla, was purchased for TL 365 million, and a construction contract was signed.
-Akfen REIT terminated its share buyback program with the approval of the extraordinary general assembly. (September 29, 2022)
-A total of 259,980,000 TL nominal value shares (20% of the Company’s capital) belonging to Akfen Holding and Akfen International Holding were sold at a price of 3.70 TL per 1 TL nominal value share. (November 11, 2022)
-Akfen REIT acquired the entire Gökliman Yatırım Company, owner of an 83,625 m² plot of land, from Akfen GPYŞ for 477 million TL, representing a 40% discount. (December 29, 2022)
– The value of the real estate in the company’s portfolio increased by 38% in Euro terms compared to the previous year, reaching 590.2 million Euro as of December 31, 2022. (End of 2021: 428.5 million Euro)
2021
– 238 million TL convertible bonds were converted into shares and redeemed.
– With 450 million TL allocated capital increase, 3 new assets (Isparta Student Dormitory, Kütahya Student Dormitory, Bodrum Loft) worth 62.5 million EUR were purchased for 53 million EUR.
– Rental agreements of 19 hotels were revised with Accor, resulting in an increase in rents of approximately 15%.
– Financial debt of 177.7 million EUR was refinanced with a term of 10 years.
– After the 3rd capital increase of 55 million EUR, the financial debt was reduced to 132 million EUR.
– BBB rating received from JCR.
– 51% participation in Fıratcan İnşaat, owner of the Söğütlüçeşme Project, at a cost of EUR 6.2 million.
2020
– Within the scope of coronavirus measures, 13 of our hotels stopped their activities for an average of 4 months. 3 of our hotels have been allocated to healthcare professionals for 2 months.
– A protocol was signed for the restructuring of the existing bank debt of 177.7M Euros from Credit Europe and Fibabanka with a 10-year maturity.
2019
– Bulvar Loft Project was sold wholesale and 380 million TRY revenue was obtained from the project.
-With the buyback of 2.015.384 units of shares, the total repurchased shares reached 6.233.384 units, and its ratio to capital reached 3.39%.
2018
– Shares Convertible Bonds issued for the first time by a public company in Turkey, took place in the history of our company by 17 January 2018 170.000.000. –TRY nominal value of.
– 1000 A group and 1000 D group privileged shares of Akfen Holding were transferred to Hamdi Akın.
2017
– The 200-room Ibis Otel Tuzla became operational.
– The Land (area: 36.947 m²) Sales Counterpart Revenue Sharingn project (Bulvar Loft); with 822 houses and 7000 m² commercial area locatted in Ankara, Gölbaşı, Kızılcaşar; is transferred on 10 November 2017 to ordinary partnership which established on 9 Kasım 2017 and by Akfen Consturction (Akfen İnşaat A.Ş.) and Akfen REIT (Akfen REIT 99% – Akfen Construction 1%).
– Between 19.09.2016 – 23.05.2017, 2.29% of the capital was repurchased as 4.218.000 units.
2016
– The 200-room Novotel Istanbul Bosphorus Karakoy became operational.
2015
– The 317 room Ibis Hotel Moscow became operational.
– Financing of 220 million EUR with a 10-year term was obtained from Credit Europe and Fibabanka to refinance existing investments in Turkey, Cyprus, and Russia and to finance our last 5 hotels.
2014
– The 147-room Ibis Hotel Ankara Airport became operational.
2013
– 156-room Ibis Hotel Esenyurt/ İstanbul became operational.
– 140-room Ibis Hotel Alsancak/İzmir became operational.
– 167-room Ibis Hotel Kaliningrad became operational.
2012
– 204-room Ibis Hotel Samara started operations.
– 165-room Ibis Hotel Adana started operations.
– Akfen REIT’s subsidiary Akfen Real Estate Trading and Construction signed a 20-year lease contract with Voyager Cyprus Limited Company for the lease of a 5-star hotel in Kyrenia, TRNC along with the casino and all the outbuildings.
2011
– The Company’s paid in capital increased from TL 138 million to TL 184 million through an initial public offering in May 2011.
– The Company increased its share in its joint investments in Russia from 50% to 95%
– 177-room Ibis Hotel Yaroslavl started operations.
2010
– 92-room Novotel Gaziantep and 177-room Ibis Hotel Gaziantep started operations.
– 96-room Novotel Kayseri and a 160-room Ibis Hotel Kayseri started operations.
– 200-room Ibis Hotel Bursa started operations.
– The Company’s paid-in capital was increased to TL 138 million from TL 72 million.
– Akfen Holding acquired the 32,46 percent share owned by Goldman Sachs.
2008
– 200 room Novotel Trabzon started operations.
2007
– 208-room Novotel İstanbul and 228-room Ibis Hotel İstanbul in Zeytinburnu started operations.
– 108-room Ibis Hotel Eskisehir started operations.
– 286-room Merit Park Hotel Kyrenia in TRNC started operations.
– Goldman Sachs became a partner of Akfen REIT by acquiring minority shares.
2006
– Following CMB approval, Aksel Tourism Investment and Operations was transformed into Akfen REIT.
2005
– Akfen Holding and Accor S.A. signed a memorandum of understanding.
