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Completion Of Corporate Bond Issuance To Qualified Investors TRSISGYA2214 (15.11.2021)
Our company has completed the issuance of a bond with a nominal value of TL 78.650.000 a maturity of 389 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 bond is 15.11.2021 and the coupon interest rate is set at 18.6507%.
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Principal Payment of Corporate Bill TRFISGYK2118 (15.11.2021)
Principal payment of Corporate Bill TRFISGYK2118 has been made.
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Regarding Üsküdar-Altunizade Project (03.11.2021)
The constructor company for the project being developed on the land in Üsküdar, Istanbul with Tecim, has been chosen. The construction activity of the project will start within this year and the planned completion date of the project is 2022 year end. Expected total sales revenue from the project that stands out with its central location, is TL 1,6 billion.
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Regarding Board Committees (01.10.2021)
Within the scope of the Board Member change in our Company, in accordance with the Communiqué II-17.1 on Corporate Governance Principles, it was decided to elect Mr. Kubilay Aykol as the committee member of the “Corporate Governance Committee” and “Early Detection of Risk Committee”.
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Change in Board membership (01.10.2021)
At the meeting of Board of Directors that was held on October 1st, 2021, it was decided to elect Mr. Kubilay Aykol in place of Ms. Neşe Gülden Sözdinler who resigned from the membership of Board of Directors. Mr. Kubilay Aykol will be submitted to the approval of General Assembly and serve until the first general meeting of shareholders.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY12219 (17.09.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 75.000.000 and term of 119 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY92112 (17.09.2021)
Principal payment of Corporate Bill TRFISGY92112 has been made.
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Credit Rating Periodic Revision (27.08.2021)
SAHA Rating, in its periodic review, has affirmed the investment grade credit ratings ‘(TR) AA’ on the Long Term National Scale and ‘(TR) A1+’ on the Short Term National Scale along with ‘Stable’ outlook for our Company.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGYA2110 (18.08.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 170.000.000 and term of 120 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY82113 (18.08.2021)
Principal payment of Corporate Bill TRFISGY82113 has been made.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGYK2118 (14.07.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 130.000.000 and term of 124 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY72114 (14.07.2021)
Principal payment of Corporate Bill TRFISGY72114 has been made.
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Regarding the project planned to be developed on Üsküdar land (15.06.2021)
It has been decided to sign a revenue sharing construction contract with TECİM regarding the project planned to be developed on the land in Üsküdar, Istanbul, 50% of which belongs to our Company and 50% to TECİM. The construction activity of the project, comprising 6 residential blocks, 1 office block and partial commercial area, is planned to start within this year.
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Renewal of Credit Rating Agreement (08.06.2021)
Our Company decided to renew the credit rating agreement with SAHA Rating. The agreement, comprising two year rating period, was signed on 08.06.2021 and it will be valid until 08.06.2023.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY92112 (20.05.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 73.500.000 and term of 120 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY52116 (20.05.2021)
Principal payment of Corporate Bill TRFISGY52116 has been made.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY82113 (20.04.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 274.000.000 and term of 120 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY42125 (20.04.2021)
Principal payment of Corporate Bill TRFISGY42125 has been made.
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Regarding the Retail Assets in the Portfolio (08.04.2021)
Within the scope of the Coronovirus epidemic; regarding the retail assets’ tenants in the Company portfolio, taking into account the current foot fall and turnover; It has been decided to authorize the General Directorate of the Company for rental support in varying forms and amounts for each tenant, provided that the tenants pay their past debts or make a payment plan for the period of April-June 2021.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY72114 (06.04.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 120.250.000 and term of 99 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY42117 (06.04.2021)
Principal payment of Corporate Bill TRFISGY42117 has been made.
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Regarding Registration of Ordinary General Assembly Results (05.04.2021)
The results of the Ordinary General Assembly meeting were registered on April 2, 2021.
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Choose of the Independent Audit Company (24.03.2021)
Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2021.
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Delegation of Authority in Board of Directors (24.03.2021)
At the meeting of Board of Directors’ dated 24.03.2021, Mr. Sezgin Yılmaz and Mr. Murat Karluk Çetinkaya were elected as the Chairman and the Vice Chairman, respectively.
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Result of Ordinary General Assembly Meeting of 2020 (24.03.2021)
Ordinary General Assembly Meeting was held on 24 March, 2021, at 10:00, in İş Sanat Kültür Merkezi İş Kuleleri Levent–Beşiktaş/İstanbul. In the general assembly meeting;
• The financial statements of the year 2020 were approved.
• The new appointments as Member of the Board of Directors were approved.
• The Board Members were discharged for their activities in 2020.
• Board of Directors' proposal concerning the distribution of 2020 operating profits were approved exactly as it was. The proposal suggests; not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations.
• Mr. Sezgin Yılmaz, Mr. Murat Karluk Çetinkaya, Ms. Aysel Tacer, Mr. Özcal Korkmaz, Ms. Neşe Gülden Sözdinler, Mr. Murat Doğan, Ms. Prof. Dr. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu were elected as board members for 1 year period.
• Beginning from 01.04.2021, monthly remuneration to be paid to the Board members was determined as gross TL 14,350.
• Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was approved by the General Assembly as independent auditor for the financial year of 2021.
• The Board Members were authorized for carrying out the transactions provided under the Articles 395 and 396 of the Turkish Commercial Code.
• It was decided not to recourse for the administrative fine paid by the Company against board members.
• The Company’s donation limit for 2021 was determined as TL 150,000.
Additionally; the shareholders were informed that, the Company made no donations in 2020, they’re also informed in accordance with the principles 1.3.6. and 4.4.7. of the Corporate Governance Principles and Article 37 of the Communiqué III-48.1.
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Principal and 12th Coupon Payment of Corporate Bond TRSISGY32111 (23.03.2021)
12th Coupon and Principal Payment of Corporate Bond TRSISGY32111 has been made.
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Regarding the Independent Board Member Nominess (18.03.2021)
At the meeting of Board of Directors which was held on March 18, 2021, it was decided to add Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu to independent board member nominees list. Company’s Corporate Governance Committee assessed that; Prof. Dr. Ms. Arzu Erdem, Mr. Haluk Büyükbaş and Mr. Nihat Uzunoğlu bear the independence criterias pursuant to Communiqué (II.17.1) on Corporate Governance.
For the list of Independent Board Member Nominees please click here.
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The Application to Capital Markets Board for Issue Debt Instruments (12.03.2021)
Our Company has applied to Capital Markets Board regarding the issuance of debt instruments worth up to TL 3 billion 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.
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Announcement Regarding The Issuance of Debt Instruments (10.03.2021)
It was unanimously decided to authorize the Head Office regarding the issuance of debt instruments worth up to TL 3 billion with a maturity up to 1.200 days. The issued instruments will be sold to qualified investors without being offered to the public.
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Call for Ordinary General Assembly Meeting & BoD’s Dividend Distribution Proposal (26.02.2021)
ISGYO’s Ordinary General Assembly Meeting for the accounting period 2020 will be held at the address of İş Sanat Kültür Merkezi İş Kuleleri Levent-Beşiktaş/Istanbul at 10:00 on Wednesday, 24 March 2021.
- The Board of Directors’ Dividend Distribution Proposal, prepared in accordance with the CMB Regulations, Company’s Profit Distribution Policy and Company’s Articles of Association, that suggests
- not distributing dividends in accordance with the current strategies of the Company due to the general economic conjuncture and Company’s financing policy, aiming to optimize the cash flows of the Company and
- transferring the remaining amounts from the profits prepared according to the Tax Procedure Law and the CMB regulations to extraordinary reserves and retained earnings respectively, after the allocation of the primary legal reserve pursuant to the regulation from the profits prepared according to the Tax Procedure Law and the CMB regulations will be submitted to the approval of the General Assembly.
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Choose of the Independent Audit Company (24.02.2021)
In line with the proposal of the Audit Committee and the decision of the Board of Directors dated 24.02.2021, Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (a member firm of Ernst&Young Global Limited), will be submitted to the approval of the General Assembly as the independent audit company for the accounting period 2021.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY52116 (18.02.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 55.000.000 and term of 91 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY22119 (18.02.2021)
Principal payment of Corporate Bill TRFISGY22119 has been made.
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Common and Continuous Transactions Report (18.02.2021)
The conclusion section of the “Common and Continuous Transactions Report for 2021” prepared according to Article 10 of the CMB’s Communique II-17.1 on Corporate Governance is published on Public Disclosure Platform.
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Public Disclosure in accordance with the Article 37 (37/2) of Communiqué On Principles Of Real Estate Investment Companies (29.01.2021)
It is a statement made in accordance with Article 37/2 of Communiqué On Principles Of Real Estate Investment Companies of the Capital Markets Board.
By the end of 2020, when we compare the annual appraisal rental income corresponding to the average occupancy on an annual basis, the rental income below the appraisal rental value has been obtained from Kanyon Shopping Center, Ege Perla Shopping Center, Kule Çarşı and Tuzla Meydan Çarşı in our portfolio.
With the measures taken by public authorities within the scope of the coronavirus epidemic, the decreasing number of visitors and decreasing business volume have been effective in obtaining rental income below the appraisal rental values in the said retail assets in our portfolio.
The total rental appraisal fee calculated on the basis of the average occupancy of two shopping centers and two markets for which rental income is obtained below the appraisal lease amount for 2020 is TL 42.8 million, excluding VAT and total rental income at the end of 2020 is TL 31.2 million, excluding VAT. In addition, a rental income below the appraisal rental value was obtained from the stores of our related party Paşabahçe Mağazaları A.Ş in Kanyon Shopping Mall and Ege Perla Shopping Mall and from the branch of our related party Türkiye İş Bankası A.Ş in Kanyon Shopping Mall.
The relevant matter will be put on the agenda of the first general assembly meeting to be held, and shareholders will be informed.
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Constructor Company for Ömerli Villa Project (27.01.2021)
Ant Yapı Sanayi ve Ticaret A.Ş. has been chosen as the constructor company for “Ömerli Villa Project”.
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Principal and 8th Coupon Payment of Corporate Bond TRSISGY12113 (25.01.2021)
8th Coupon and Principal Payment of Corporate Bond TRSISGY12113 has been made.
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Completion Of Corporate Bill Issuance To Qualified Investors TRFISGY42125 (20.01.2021)
Our Company has completed the book building of the corporate bill with a nominal value of TRY 250.000.000 and term of 90 days to qualified investors.
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Principal Payment of Corporate Bill TRFISGY12110 (20.01.2021)
Principal payment of Corporate Bill TRFISGY12110 has been made.
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Regarding the Registry Transaction of The Çekmeköy-Ömerli Land (20.01.2021)
The land registry transaction regarding 32.8% share (owned by Bayek Tedavi Sağlık Hizmetleri ve İşletmeciliği A.Ş.) of 15.313,76 sqm land located in Çekmeköy, İstanbul has been completed and the ownership of the real estate passed to our Company.
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Selection of the Real Estate Appraisal Companies (18.01.2021)
At the meeting of Board of Directors dated 18 January 2021, it was decided that; according to “Communiqué on Principles Regarding Real Estate Investment Companies” about the “Selection of Real Estate Appraisal Company”;
“Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.”, “Reel Gayrimenkul Değerleme A.Ş.”, “Harmoni Gayrimenkul Değerleme ve Danışmanlık A.Ş.” and “Terra Gayrimenkul Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of each asset in our current portfolio,
“Reel Gayrimenkul Değerleme A.Ş.” or “Nova Taşınmaz Değerleme ve Danışmanlık A.Ş.” were selected to take service for the valuation of the assets which will be purchased and need appraisal during the year 2021.
All the appraisal companies are CMB authorized local companies. For detailed information about each property and the related appraisal company please click here.
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Public Disclosure in accordance with the Article 40 (40/3/ç) of Communiqué On Principles Of Real Estate Investment Companies (13.01.2021)
In accordance with the Article 40 (40/3/ç) of Communiqué On Principles Of Real Estate Investment Companies, within the scope of the collective notification of purchase, sale or leasing transactions not exceeding 2% of total assets in our latest financial statements; the value of the monthly rent regarding the rental agreements signed in 2020 is approximately TL 3.8 million + VAT. Amounting to approximately TL 14.8 million + VAT of land and amounting to approximately TL 7.8 million + VAT residential real estates was purchased .
Related to Manzara Adalar, Topkapı İnistanbul and Ege Perla projects in our company's portfolio, in 2020 total sales volume realized is approximately TL 178,4 million (excluding VAT) with 231 residential real estates. 67 residential units were sold below the appraisal value. The total sales value of the 67 residential units was approximately TL 42.5 million (excluding VAT), and the total appraisal value was approximately TL 44.5 million (excluding VAT).
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Purchase decision of the land in Istanbul (06.01.2021)
At the meeting of Board of Directors that was held on December 6th, 2021, it was decided to purchase the 32,8% share of 15.313,76 sqm land located in Çekmeköy, İstanbul owned by Bayek Tedavi Sağlık Hizmetleri ve İşletmeciliği A.Ş. for a value of TL 7,9 million + VAT. The value of the land will be paid in advance at the date of transferring the title deed.
