Home Recent News RE-PIE to Buy Four Turkmall Projects

RE-PIE to Buy Four Turkmall Projects

RE-PIE to Buy Four Turkmall Projects
Nova Property

RE-PIE, the first real estate portfolio management company of Turkey, is to purchase four projects belonging to Turkmall, the pioneering organization in the field of shopping center development and investment, by setting up a real estate investment fund. Haluk Sur, the Chairman of the Board of Directors of RE-PIE, said that as RE-PIE, they would be establishing an investment fund for each of the Uniq Istanbul, Novada Outlet Söke, Novada Outlet Akhisar and Novada Tokat shopping centers.

1 billion TL worth funds

Sur stated that they had made an application to the CMB for three of the four funds which will be comprised of the Turkmall projects, and that the total size of the four funds would be close to 1 billion TL (300 million Euros), and said, “Despite being at the first stage and the beginning of our fund presentation meetings, we are already faced with a demand of more than double the funds required for just Novada Outlet Söke. This is raising our hopes and expectations directed at the future of funds.”

re-pie turkmall agreement

Haluk Sur, who stated that real estate investment funds would play an important role in the registration of the real estate sector and the sector becoming more transparent, said that the funds would create the opportunity to invest in assets which would normally be out of reach. Sur stated that the funds would provide the opportunity to gain a new investor base, with their professional management and tax advantages, and said that they would be an appealing investment instrument for eligible investors due to their regular dividend payments, their long-term nature and the fact that they provide a higher return than investment funds.

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

On the other hand, Dr. Emre Çamlıbel, a Member of the Board of Directors of RE-PIE, said, “The Anatolia Strategic Land Fund, which is among those which have received an internal regulations approval from the CMB, will be investing in land – estates in the cities which are developing. The aim is to achieve a return of above 15 percent a year from the said fund. Our second fund, which has received internal regulations approval –  the Maslak 1453 Fund – is taking an interest in the units at the Maslak 1453 project, while our third fund is the Millenium Fund, which will be investing in combined properties.”

Çamlıbel, who stated that they were aiming to achieve a total value of 3 billion TL with the funds they are to establish in the next three years, said that that the investment funds were targeting a rental return of over 6 percent on a Euro basis, while they were expecting the value increase return to be around 9 percent, again on a Euro basis.

This site uses Akismet to reduce spam. Learn how your comment data is processed.