ABOUT US

- Within the registered capital ceiling of TL 6.5 billion, the Company's issued capital of TL 1.3 billion was increased by TL 2.6 billion (200%), all in cash, by exercising the pre-emptive rights of existing shareholders by a percentage) and increased to TL 3.9 billion.
- The authorized capital ceiling was increased to TL 50 billion for the years 2024-2028.
Net indebtedness was reduced by transferring all shares of subsidiary Akfen GT (TRNC Merit Park) for USD 73 million+Variable in cash.
- Our long term national corporate credit rating, which was announced as “AA- (en) / Stable” by JCR Eurasia Rating A.Ş., was raised to “AA (en) / Stable” (very high credit quality).
- Approximately EUR 53 million loan from CEB N.V. for the Company's subsidiary Akfen Karaköy' was refinanced with T.Vakıflar Bankası T.A.O. with 84 months maturity and improved commercial terms.
- The immovable property with the characteristics of land, block 811, parcel 23, located in Eskiçeşme Mahallesi, Bodrum District, Muğla province, was purchased at auction for TL 9,000,000.
- EO AT Fountains LLC, a company located in Florida, USA, was acquired as an indirect partner through a subsidiary and an investment of approximately USD 4.7 million was made, which will be consolidated using the equity method. 
- The EIA process has been completed by obtaining the approval of “Environmental Impact Assessment is not required” for Tuzla Novotel (150 Rooms) and Esenboğa Novotel (175 Rooms) for which new investments are envisaged.
Akfen Int. Holding B.V., TL 1,221,670,260 (31.32%) of our Company's shares were sold to Akfen Holding A.Ş. by paying TL 2.00 for shares with a nominal value of TL 1.
- All 25.611.697 shares of Akfen Karaköy Gayrimenkul Yatırımları ve İnşaat A.Ş., owned by the Company, were sold to Akfen Güney İşletme A.Ş., a 100% subsidiary of the Company, at a unit price of TL 28,61 as determined by the independent valuation report dated 14.11.2024.
- An application has been made to the CMB for the merger of the Company and its 100% subsidiary Akfen Karaköy Gayrimenkul Yatırımları ve İnşaat A.Ş. under the simplified procedure.
- On 21.08.2024, the amount of funds (TL 830 million) planned to be utilized for the Tersane Hotel Project stated in the Fund Utilization Report, in order to replace the section related to the new area of fund utilization, was utilized in the Yalıkavak Villa Project and Tuzla 2nd Hotel (Tuzla Novotel) Project, which are already included in the Fund Utilization Report, instead of the aforementioned project, taking into account the final evaluations made regarding the Tersane Hotel Project and the increasing costs and risks.
- Söğütlüçeşme Project Lease Agreement has been amended and an agreement has been reached between the parties as of 31.12.2024 regarding the revision of the start date of the lease agreements as 01.04.2025, the payment date of 50% of the rent for the first year as 01.10.2025 and the payment date of the remaining balance as 01.04.2026.

- Akfen Karaköy's 8,53% shares held by third parties, 85,16% (7,25% of the total shares) was acquired by Akfen GT as a set-off against Akfen GT's receivables from Akfen Karaköy's other shareholders with accrued interest until the date of share transfer, and 14,84% (1,27% of the total shares) of the remaining shares was acquired by Akfen Holding for USD 1.500.000. After the aforementioned share purchase, Akfen REIT's direct and indirect ownership ratio in Akfen Karaköy became 98.73%.

- On April 13, 2023, a transfer agreement was signed between Akfen REIT and Merit Kıbrıs Turizm Ltd (the Buyer) for the transfer of the hotel in TRNC, whose investment was completed and operated under the name of Merit Park Hotel & Casino.

- Our Long Term National Corporate Credit Rating has improved from A- (high credit quality) to AA- (very high credit quality) and our Short Term National Corporate Credit Rating has improved from J2 (BBB) to J1+ (AA).

- On April 23, 2023, the share price and price movements were taken into consideration and the shareholders' share buyback has been initiated in order to protect the interests of the Company. Buy-back The duration of the program is 1 year and the maximum amount of funds that can be allocated is TL 200,000,000. The maximum number of shares that may be subject to repurchase is TL 65,000,000 (The Company's 5% of its issued capital).

- Akfen REIT acquired 1,27% of Akfen Karaköy shares owned by Akfen Holding for TL 16.048.940 on May 2, 2023. After the share transfer, Akfen Karaköy became a 100% direct and indirect subsidiary of Akfen REIT.

- Eraysan İmalat İthalat İhracat Plastik Makina Ve Sanayi Ticaret Anonim Şirketi (Eraysan) owns a factory building and land with a closed area of 16.119 m² on a land of 7.027 m² on block 267, parcel 5, Ömerli Mahallesi, Arnavutköy District, Istanbul. According to the valuation report, the market value of this real estate is EUR 13.5 million and it was purchased on May 5, 2023 for EUR 3.1 million together with the right of interest.

- On 08.08.2023, 30,000,000 repurchased shares of Akfen REIT, corresponding to 2.31% of its capital, were sold at a price range of TL 5.25 - 5.33 (average TL 5.2534) and Akfen REIT has no remaining repurchased shares.

- The demerger of Akfen GT, which will be comprised of only hotels, has been completed and 78.83% of the shares of Akfen Karaköy Gayrimenkul Yatırımları ve İnşaat Anonim Şirketi have been transferred to the newly established Akfen Güney Gayrimenkul İşletme Anonim Şirketi through the demerger and the shares of our subsidiaries in Russia have been transferred to the newly established Akfen Kuzey Gayrimenkul İşletme Anonim Şirketi through the demerger.

- "AKFGY" shares started to be traded in the BIST Sustainability index for the fourth quarter of 2023 (01.10.2023-31.12.2023)

- Within the registered capital ceiling of TL 6.5 billion, the application for increasing the issued capital from TL 1.3 billion to TL 3.9 billion with an increase of TL 2,600,000,000 (200%), all in cash, was approved by the Capital Markets Board at its meeting dated 07.12.2023 and numbered 76/1684.

- On January 27, 2022, Akfen REIT’s registered capital ceiling increased from 1,000,000,000 TL to 6,500,000,000 TL was approved at Extraordinary General Assembly and the amendment of Article 8 of articles of association titled "Capital and Shares" Akfen REIT was registered on February  1, 2022.

- The concept project with Penguen Gıda Sanayi A.Ş. “Penguen Gıda” was signed on March 10, 2022. The project is going to be located in Bursa Görükle has a total area of 226,465 m² which is going to be designed by Tabanlıoğlu Architecture A.Ş. that is going to be the headquarter of Penguen Gıda.

- Accor Group who is the operator of Akfen REIT’s four hotels in Russia, stated that it has suspended both its growth and opening new hotel operations in Russia. Accor Group still continues its operations including Akfen REIT’s Hotels in Russia. In addition to this Akfen REIT’s tenant’s in Samara Office also still continue to operate their operations as well.

- In 2022 Akfen REIT’S long-term national corporate credit was rated by JCR Eurasia Rating Inc., which was announced as BBB (good credit quality) last year increased to A- (high credit quality), and improved its investment grade level.

- With the help of increased revenues of Akfen REIT’S provided cash surplus, EUR 3.1 million early payment was made in addition to the ongoing loan repayment plan.

- Due to the elimination of pandemic effects and the increases in the fx rates results as significant changes in the asset value of the portfolio of Akfen REIT therefore interim valuation of assets performed as of June 30, 2022.

- As of 1 July, Akfen REIT started to be traded on the BIST 100 with the share code AKFGY.

- On 14 September 2022, land of 22,197 m² in Muğla, Bodrum Yalıkavak was purchased in cash for a price of 365 million TL, with all licenses and permits ready. A contracting agreement was signed with Akfen Construction and Tourism Inc. for the land.

- On 29 September 2022, Akfen REIT ended the share buyback program with the approval of the Extraordinary General Assembly.

- On 11 November 2022, shares with a nominal value of 259.980.000 TL in total, corresponding to 20% of the Company’s capital, were sold at a price of TL 3.70 per share with a nominal value of TL 1; of the total 129.990.000 TL belonged to Akfen Holding Inc., one of Akfen REIT’s shareholders, whose shares are traded on Star Market, and 129.990.000 TL belonged to Akfen International Holding B.V.

- On 29 December 2022, Akfen REIT purchased the entire company of Gökliman Investment Construction Tourism Trade Inc which owns an 83,625 m² land in Milas Kıyıkışlacık from Akfen Real Estate Portfolio Management Inc. with a 40% discount for 477 million TL.

- On 31 December 2022, After the valuation of the real estates in the portfolio of the Company and its subsidiaries, the value of the real estates in the portfolio increased by 38% on a Euro basis compared to the previous year and reached 590.2 million Euros (31.12.2021 428.5 million Euros).

- 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.

- 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.

- 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%.

- 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.

- 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.

- The 200-room Novotel Istanbul Bosphorus Karakoy became operational. 

- 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.

- The 147-room Ibis Hotel Ankara Airport became operational.

- 156-room Ibis Hotel Esenyurt/ İstanbul became operational.
- 140-room Ibis Hotel Alsancak/İzmir became operational.
- 167-room Ibis Hotel Kaliningrad became operational.

- 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.

- 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.

- 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.

- 200 room Novotel Trabzon started operations.
 

- 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.

- Following CMB approval, Aksel Tourism Investment and Operations was transformed into Akfen REIT.

- Akfen Holding and Accor S.A. signed a memorandum of understanding.