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The 2nd coupon payment will be made on 12.12.2024 for the bill with a nominal value of TL 400,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY62511, which was sold on 12.06.2024. The interest rate for the 2nd coupon payment determined as 13.2871%.
At the Board of Directors' meeting dated 06.12.2024, it has been decided to appoint Mr. Burak Bakkaloğlu as Assistant General Manager of our Company in replace of Mr. Kaan Özsoy due to his retirement.
As stated in our material event disclosure dated 27.11.2024, the title deed transfer process regarding the acquisition of the independent section number 50 in the İş Kuleleri Complex has been completed today and the ownership of the real estate has been transferred to our Company.
At the Board of Directors' meeting held on 27/11/2024; a commercial real estate which belongs to Türkiye İş Bankası A.Ş. with independent unit numbered 50 (total rentable area of 5.954 sqm) has been decided to acquire for TL 900.000.000 (excluding VAT) in cash and of which 5.892 sqm of space within the independent unit where bank branch is located has also been decided to lease to T. İş Bankası A.Ş. for 1 year at a monthly rent of TL 4.124.400 + VAT.
The commercial real estate with independent unit numbered 50 (5.954 sqm in total) is located in İş Towers Complex and registered in Istanbul, Beşiktaş District, Rumelihisarı Neighborhood, 81 sheet, 1420 block, 1 plot.
The 1st coupon payment was made for the bill with a nominal value of TL 150,000,000, 364 days maturity, quarterly coupon payments and TRFISGY82519 ISIN code.
The 1st coupon payment will be made on 19.11.2024 for the bill with a nominal value of TL 150,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY82519, which was sold on 19.08.2024. The interest rate for the 1st coupon payment determined as 13.4416%.
The 2nd coupon payment was made for the bill with a nominal value of TL 200,000,000, 364 days maturity, quarterly coupon payments and TRFISGY52512 ISIN code.
4th Coupon Payment of Corporate Bond TRSISGY82512 has been made
The 2nd coupon payment will be made on 15.11.2024 for the bill with a nominal value of TL 200,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY52512, which was sold on 16.05.2024. The interest rate for the 2nd coupon payment determined as 13.5725%.
The sales of the first phase of Kasaba Modern Project which will consist of 61 villas have started on 11/11/2024. The Kasaba Modern Project will consist of a total of 165 villas on 138 thousand sqm of land once it is completed. The Project is being developed by a partnership of İŞ REIC and Tecim Yapı Elemanları İnşaat Servis ve Yönetim Hizmetleri San.ve Tic. Ltd. Şti (TECİM) and is located in Ömerli Neighbourhood, Çekmeköy District, Istanbul Province.
2nd Coupon Payment of Corporate Bond TRSISGYK2519 has been made.
The title deed transfer procedures regarding the sale of Block 21, Plot 110 (on which Marmarapark Shopping Center is located) together with plots 102 and 103 which was announced on 23.10.2024, have been concluded and the transaction of the total sales amount, including VAT, has been completed as of today.
Within the scope of Board of Directors' resolution dated on 23.10.2024, regarding the sale of Block 21, Plot 110 (on which Marmarapark Shopping Center is located) and adjacent plots 102 and 103 of which all belongs to our Company in Istanbul Province, Esenyurt District, a written notification has been made our Company by the pre-emption right holder that it will not exercise its pre-emption right regarding the plot no.110.
Following to such notification, it has been decided to sell all abovementioned Plots to Kuzey Marmara Perakende Gıda San. ve Tic. A.Ş. for a total price of 2.727.273.000 TL + VAT and be collected in cash (VAT Included Total Price 3.000.000.300 TL) in advance, on the date of title deed transfer.
The 1st coupon payment was made for the bill with a nominal value of TL 350,000,000, 269 days maturity, quarterly coupon payments and TRFISGY42513 ISIN code.
The 1st coupon payment was made for the bill with a nominal value of TL 500,000,000, 364 days maturity, quarterly coupon payments and TRFISGY72510 ISIN code.
The 1st coupon payment will be made on 11.10.2024 for the bill with a nominal value of TL 350,000,000, 269 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY42513, which was sold on 12.07.2024. The interest rate for the 1st coupon payment determined as 12.9197%.
The 1st coupon payment will be made on 10.10.2024 for the bill with a nominal value of TL 500,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY72510, which was sold on 11.07.2024. The interest rate for the 1st coupon payment determined as 13.5470%.
Coupon and redemption payments were made for the financing bill with a nominal value of 200,000,000 TL, a maturity of 179 days, coupon payment at the end of maturity, and ISIN code TRFISGYE2413.
Following to negotiations for the sale of the Block 21, plots numbered 110 (on which Marmarapark Shopping Center is located) and the adjacent plots numbered 102 and 103, of which all are owned by our Company, a purchase offer for all of the plots has been made. Prior the sale of the plots to the bidder under the said purchase offer the followings has been decided at the Board of Directos' meeting held on 23/09/2024;
To submit a proposal for the sale of the plot no. 110 to Istanbul 1 Gayrimenkul Yönetimi A.Ş. with a sales price of TL 2,711,908,000 + VAT within the framework of the pre-emption right held by Istanbul 1 Gayrimenkul Yönetimi A.Ş.
To submit a proposal for the sale of plots no. 102 and 103, which are adjacent to the relevant plot 110, to the said company for a total price of TL 15,365,000 + VAT within the scope of the sale proposal of the said plot no. 110
And to sell plot 110 together with plots 102 and 103 to Istanbul 1 Gayrimenkul Yönetim A.Ş.in case the offer is accepted.
At the meeting of the Board of Directors held on 16 September 2024, it has been decided to authorize the General Directorate of the Company to conduct negotiations regarding the purchase offers from potential buyers and to collect purchase offers within the scope of the sale of parcel 110 where Marmarapark Shopping Mall is located and adjacent parcels 102 and 103 and Maslak Office Building located in Sarıyer district, Istanbul.
In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.
The 1st coupon payment was made for the bill with a nominal value of TL 400,000,000, 364 days maturity, quarterly coupon payments and TRFISGY62511 ISIN code.
The 1st coupon payment was made for the bill with a nominal value of TL 400,000,000, 364 days maturity, quarterly coupon payments and TRFISGY62511 ISIN code.
The 1st coupon payment will be made on 12.09.2024 for the bill with a nominal value of TL 400,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY62511, which was sold on 13.06.2024. The interest rate for the 1st coupon payment determined as 13.6845%.
The 1st coupon payment will be made on 12.09.2024 for the bill with a nominal value of TL 400,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY62511, which was sold on 13.06.2024. The interest rate for the 1st coupon payment determined as 13.6845%.
Our company has completed the issuance of the corporate bill with a nominal value of 150,000,000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 20.08.2024 and maturity date 19 August 2025. The interest rate is set at TLREF + %1.
Our company has completed the issuance of the corporate bill with a nominal value of 150,000,000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 20.08.2024 and maturity date 19 August 2025. The interest rate is set at TLREF + %1.
The 1st coupon payment will be made today for the bill with a nominal value of TL 200,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY52512, which was sold on 16.05.2024. The interest rate for the 1st coupon payment determined as 13.7640%.
3rd Coupon Payment of Corporate Bond TRSISGY82512 has been made
The 1st coupon payment was made for the bill with a nominal value of TL 200,000,000, 364 days maturity, quarterly coupon payments and TRFISGY52512 ISIN code.
The 1st coupon payment will be made today for the bill with a nominal value of TL 200,000,000, 364 days maturity, 3-month coupon payments, floating interest, with ISIN code TRFISGY52512, which was sold on 16.05.2024. The interest rate for the 1st coupon payment determined as 13.7640%.
3rd Coupon Payment of Corporate Bond TRSISGY82512 has been made
The 1st coupon payment was made for the bill with a nominal value of TL 200,000,000, 364 days maturity, quarterly coupon payments and TRFISGY52512 ISIN code.
2nd coupon payment of Corporate Bond TRSISGY12519 has been made.
2nd coupon payment of Corporate Bond TRSISGY12519 has been made.
Our company has completed the issuance of the corporate bill with a nominal value of 350.000.000 TL a maturity of 269 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.07.2024 and the interest rate is set at TLREF + %1.
Our company has completed the issuance of the corporate bill with a nominal value of 350.000.000 TL a maturity of 269 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.07.2024 and the interest rate is set at TLREF + %1.
Our company has completed the issuance of the corporate bill with a nominal value of 500.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 11.07.2024 and the interest rate is set at TLREF + %1.
Coupon and redemption payments were made for the financing bill with a nominal value of 200,000,000 TL, a maturity of 119 days, coupon payment at the end of maturity, and ISIN code TRFISGY62412.
Our company has completed the issuance of the corporate bill with a nominal value of 200.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 17.05.2024 and the interest rate is set at TLREF + %1,5.
Our company has completed the issuance of the corporate bill with a nominal value of 400.000.000 TL a maturity of 364 days and a every 3 months payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 13.06.2024 and the interest rate is set at TLREF + %1.
2nd Coupon Payment of Corporate Bond TRSISGY82512 has been made.
1st Coupon Payment of Corporate Bond TRSISGYK2519 has been made.
Our company has completed the issuance of the corporate bill with a nominal value of 200,000,000 TL a maturity of 179 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 05.04.2024 and the coupon interest rate is set at %29,4247
In accordance with the Corporate Governance Communiqué of the Capital Markets Board No. II-17.1, in order to work within the framework of the working principles of the Company's Board of Directors Committees, it was decided;
Ordinary General Assembly Meeting regarding 2023,was held on 26 March, 2024, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;
At our Company's Ordinary General Assembly Meeting for the year 2023 held on 26.03.2024, it was decided to;
At the Ordinary General Assembly meeting held on March 26, 2024, it was resolved to appoint PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. as the independent audit institution for the fiscal year 2024.
The amendments to articles 3, 5, 6, 7, 9, 14 and 31 of the Company's Articles of Association were approved in the Ordinary General Assembly Meeting that was held on 26 March, 2024.
At the meeting of Board of Directors held on March 26, 2024; Mr. Can Yücel was elected as the Chairman of the Board of Directors and Mr. Murat Karluk Çetinkaya was elected as the Deputy Chairman of the Board of Directors.
At the meeting of Board of Directors which was held on March 25, 2024, it was decided to authorize Levent Varlık Kiralama Anonim Şirketi as "Issuer Asset Leasing Company" and İş Yatırım Menkul Değerler A.Ş. as intermediary and financial consultant in issuing transactions within the scope of issuing Sukuk based on management contract worth up to TL 5 billion tobe sold within 1 year from CMB approval of the issuance document and to authorize the General Directorate for the execution of the related transactions. The issued instruments will besold through private placement to qualified investors in domestic market without being offered to the public.
The amendment text prepared for the amendment of articles numbered 3, 5, 6, 7, 9, 14 and 31 of our Company's Articles of Association, was approved by the Ministry of Commerce letter dated 20.03.2024 and numbered E-50035491-431.02-00095132858. The amended articles of the Company's Articles of Association will be submitted to the approval of the shareholders at the Ordinary General Assembly meeting dated 26.03.2024.
It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 8,000,000,000 TL with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public. Within this resolution scope, necessary approval application has been made to the Capital Markets Board today.
The list of independent board of directors candidates to be submitted for approval at our company's Ordinary General Assembly meeting to be held on 26.03.2024 consists of Prof. Oğuz Cem Çelik, Mr. İlkay Arıkan and Mr. Mehmet Gökpınar. An application was made to the Capital Markets Board for independent Board Member candidates in accordance with principle number 4.3.7 of the Corporate Governance Communiqué, and the Board did not express a negative opinion about our independent board member candidates in its letter dated 12.03.2024 and numbered E-12233903-110.07.07-51043. The résumés and independence statements of the Independent Board Member candidates are included in the annex of our statement.
The attached amendment text prepared for the amendment of articles numbered 3, 5, 6, 7, 9, 14 and 31 of our Company's Articles of Association, was approved by the Capital Markets Board's letter dated 11.03.2024 and numbered E-12233903-340.17-51008. The amended articles of the Company's Articles of Association will be submitted to the approval of the shareholders at the Ordinary General Assembly meeting dated 26.03.2024, following the approval of the Ministry of Commerce.
It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 8,000,000,000 TL with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors or sold through private placement without being offered to the public.
ISGYO’s Ordinary General Assembly Meeting for the accounting period 2023 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 26 March 2024.
1st coupon payment of Corporate Bond TRSISGY82512 has been made.
Our company has completed the issuance of the corporate bill with a nominal value of 200,000,000 TL a maturity of 119 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 16.02.2024 and the coupon interest rate is set at 15,3233%.
“At İş REIC, we believe in the importance of women's place in economic life and we support women's empowerment. We aim to improve the participation of women in work life and additionally we provide women with equal access to senior management and participation in decision-making processes. By signing the Women’s Empowerment Principles, we demonstrate all our stakeholders that we are committed to pursue gender equality in all of our operations and contribute to increasing gender equality practices and awareness.”
Ömer Barlas Ülkü
Chief Executive Officer
This is the statement made in accordance with Article 37/2 of the Capital Markets Board's Communiqué on Principles Concerning Real Estate Investment Trusts.
By the end of 2023, comparing the annual appraisal rental income corresponding to the average occupancy on an annual basis, the rental income of Ege Perla Shopping Center in our portfolio, has been realized below the appraisal rent due to the failure to reach the predicted turnover levels. The rental appraisal fee of Ege Perla Shopping Center for 2023 is TL 22.3 million, excluding VAT and the rental income obtained from the asset for 2023 is TL 19.8 million, excluding VAT. In addition, the rental income of Paşabahçe store in Ege Perla Shopping Center, which was rented to a related party through a turnover based rental agreement, has been realized below the appraisal rental value.
The relevant issue will be included in the agenda of the first general assembly meeting and shareholders will be informed.
At the meeting of our Board of Directors held on January 31, 2024, in accordance with Article 35 titled Selection of the real estate appraisal company of the Capital Markets Board's Communiqué on the Principles of Real Estate Investment Trusts numbered (III–48.1) it was decided;
1st coupon payment of Corporate Bond TRSISGY12519 has been made.
Our company has completed the issuance of the corporate bill with a nominal value of 450.000.000 TL a maturity of 175 days and a single coupon payment at the end of maturity, which has been offered for sale to qualified investors. The maturity start date of the corporate bill is 24.01.2024 and the coupon interest rate is set at 21,5753%.
In accordance with the Article 40 (40/3/ç) of the Capital Markets Board's Communiqué on Principles of Real Estate Investment Companies, within the framework of the collective disclosure of purchases, sales or leasing transactions not exceeding 2% of the total assets contained in our last publicly disclosed financial statements; in 2023 our Company carried out sales transactions amounting to approximately TL 951.4 million + VAT from the units sales in our real estate projects. Also, regarding the real estate portfolio, the amount of rental transactions realized in 2023, including renewed contracts, is approximately TL 236.3 million + VAT.
REICs are subject to the “Principles Pertaining to Real Estate Investment Trusts” of the Capital Markets Board No.III-48.1
At least 25% of REICs must be publicly held.
REICs must invest at least 51% of their total asset value, in real estate, real estate backed rights, real estate projects and other assets specified in the related Communiqué.
REICs can invest in cash and capital market instruments. However, their total investment in cash and capital market instruments cannot exceed 49% of their total asset value.
REICs can invest in foreign capital instruments, real estate and companies established abroad, which exclusively operate in the field of real estate, at a maximum ratio of 49% of its assets.
The ratio of plots and land in the portfolios of REICs, which are not used in any way for development of any projects, despite the fact that it has been more than five years since they have been purchased, to the total assets of the REITs cannot exceed 20%.
REICs are not allowed to engage in construction work of real estate, or hire personnel or acquire equipment for this purpose. The staff employed for the control of the projects are excluded.Construction work of the projects are carried out by the subcontractors.
REICs may obtain loans up to five times their non-consolidated equity stated in their year-end financial statements.
There is no obligation to diversify their portfolios on sector, region and real estate basis.
Currently there is no such obligation in valid. According to Communiqué on Principles Regarding Real Estate Investment Companies, CMB may place an obligation for REICs regarding distribution of cash dividends.
Earnings acquired by REICs as a result of their activities are exempt from corporation tax and are subject to 0% income tax withholding. Within this scope, they do not pay corporation tax over their portfolio earnings.
Purchases to be included in the portfolio and sales and leasing transactions from the portfolio carried out by REICs are realized by taking into consideration the appraisal values determined by real estate appraisal companies.
Although in principle REICs should take into account the appraisal value of the expert when selling or leasing real estate, they may also transact over values that are lower than 95% of the appraisal value in sales and leasing transactions. However, if the sales or leasing transactions are carried out over values lower than 95% of appraised values, such transactions must be publicly announced as material event disclosures and included in the agenda of the first general assembly meeting to inform the shareholders.
İş REIC was established on 6 August 1999.
İş REIC’s initial public offering was held on 1-3 December 1999.
Shares of İş REIC are transacted in Borsa İstanbul A.Ş. BIST Star Market with “ISGYO” ISIN code, debt instruments of İş REIC are transacted in BIST Outright Purchases and Sales Market.
BIST 100 / BIST FINANCIALS / BIST ALL SHARES / BIST STARS / BIST 100-30 / BIST REAL EST. INV. TRUSTS / MSCI TURKEY
The portfolio of İş REIC comprises real estate investments, as well as investments in money and capital markets instruments. Real estate investments of İş REIC comprise real estate projects, lands and rent generating commercial assets such as office buildings andretail assets.
The majority shareholder of İş REIC is Türkiye İş Bankası A.Ş.
(The articles regarding majority shareholder have been removed from the new REIT Communique)
İş REIC has a capital size of TL 958.750.000
Company's issued capital consists of 958,750,000 shares with a par value of TL 1 per share, all of which are registered to name. TL 1,369,642.817 of the capital is comprised of Group A shares and remaining TL 957,380,357.183 is comprised of Group By shares. The Group A shareholders have the privilege to nominate candidates to become members of the Board of Directors. One of the Board of Directors members is elected among the nominees of Group B shareholders and the remaining members are elected from the nominees of Group A shareholders.
Our Company Articles of Association contains no privileges with regard to use of votes. .
The board of directors of İş REIC consists of 9 people, including 3 independent members
The core business of İş REIC is to invest in real estate, real asset backed rights and develop real estate projects to acquire real estate income or lease income.
The income resources of İş REIC are lease income from real estate portfolio, real estate sales and from financial assets.
The average term of lease contracts may vary depending on the term of lease or type of investment model. There are long-term lease contracts for real estates with turnkey and B.O.T. models.
The fiscal year of iş REIC is a 12-month calendar year. (January-December)
İş REIC discloses its financial results at quarterly intervals.
The General Assembly convenes within three months as of the end of the fiscal year, in compliance with the Company articles of association. Extraordinary general assembly meetings may be held whenever an event necessitating a general assembly meeting arises.
The dividend proposal of the Board of Directors is delibrated during the General Meeting of Shareholders in order to decide whether profits will be distributed, and if so, how and when this will be done. Company’s dividend policy is stated below.
Our articles of association states the principle of distributing primary dividend from distributable income at a rate and amount determined by the Capital Markets Board.
In profit distribution proposals presented to General Assembly, Board of Directors take into account:
• Maintaining the fine balance between the expectations of the shareholders and the Company's needs for growth,
• Profitability of the Company,
Accordingly, the Company has adopted a dividend policy to propose to the General Assembly that at least 30% of the distributable profit to be distributed as stock or cash.
There are no privileges concerning participation in the Company's profit, and dividend distribution is carried out within the legally-prescribed period of time.
In case, the Board of Directors proposes not to distribute profits, the reasons of the proposal and the information about how the undistributed profits will be allocated should be submitted to shareholders in the General Meeting of Shareholders, explained in the Annual Report and disclosed to the public.
The subject of advance dividend payment has been included in the Company’s Articles of Association, and advance dividend payment can be made to the shareholders within the framework of the capital market regulations on the subject.
The independent audit company of İş REIC is PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (A Member Firm of PricewaterhouseCoopers).
REICs must work with real estate appraisal companies authorized by CMB for assets that are already in the portfolio of the Company or may be included in the portfolio within the year, requiring appraisal. Within this scope, service for the valuation of each asset in ISREIC’s portfolio as of 31.01.2022 will be obtained from the CMB authorized appraisal companies named Reel Gayrimenkul Değerleme A.Ş., Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş., Net Kurumsal Gayrimenkul Değerleme ve Danışmanlık A.Ş., Vera Gayrimenkul Değerleme ve Danışmanlık A.Ş.. Service for the valuation of the assets that will be purchased and require valuation during the year 2023, will be obtained from the appraisal companies named Reel Gayrimenkul Değerleme A.Ş. or Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.
You may contact Investor Relations and Sustainability Department for further queries.
Telephone: +90 212 325 23 50
Fax :+90 212 325 23 80
E-mail: investorrelations@isgyo.com.tr