Torunlar REIC (GYO) is giving a start to a new real estate project, together with Sur Yapı and Hayat Kimya, in Bayraklı, Izmir.
Construction work in the project, which will include a hotel, shopping center and luxury residences, is planned to begin at the end of the year. The target for the completion of the project, positioned on the seafront and has an investment value of 350 million liras, is 2019.
Torunlar REIC is aiming for 2.1 billion liras of investment
Torunlar REIC, which currently owns 400 thousand square meters of rentable areas, is expected to increase this figure to 500 thousand square meters next year. The rental income targeted from this portfolio, covering offices and shopping centers, is 400 million liras in 2016.
Torunlar REIC has energy, food, real estate and shopping center management companies, and a turnover of 4.5 billion in total, while its portfolio value has reached 8.7 billion liras. The company, which is aiming to invest 2.1 billion liras by the end of 2018, has obtained a housing permit for Torunlar Center and is continuing its construction work at 5th Levent.