Sustainability is one of the key principles that TSKB REIT takes into consideration in real estate investments. This requires to apply a long term view and to maintain close relations with the sector, both of which are the elements of the institutional expertise inherited from the Company’s shareholders.
A typical Tproject development process for a potential investment begins with a highest-and-best-use study and continues with concept development, feasibility analysis, project design and project management. Some parts of this process is carried out in-house by the project development and project management units, however, for a major part of the development process (in the fields of market research, marketing, technical consultancy and architecture) the Company prefers to work with specialists in a project basis.
The Portfolio
The present real estate portfolio of the Company is composed of office buildings with approximately 20.000 m2, a shopping center project under construction and a piece of land with a city hotel project on it.
Office Buildings
There are currently three office buildings (Fındıklı office buildings and Tahir Han) in the portfolio that are currently producing rental income.
The TThe Thetwo office buildings in Fındıklı, which were added to portfolio in 2007, are rented to TSKB and some affiliated companies. Fındıklı Buildings, with approximately 17.000 m2 of covered area, comprise an important portion of the portfolio with respect to their value and their central and prestigious location.
The third building, Tahir Han, with 3.200 m2 covered area in Karaköy was added to the portfolio in 2006. The building is in a central location and preserves the potential ofalternative project development opportunities in the future.
Pendik Pendorya Shopping Center Project
Pendorya AVM project is a shopping center investment with a 30.000 m2 of GLA under construction in İstanbul Pendik, which is one of the districts on the Eastern Side of Istanbul with a rapid structural change from industry towards services. The land, which is 1 km to the coastline and 5 km to the Airport, is at the crossroads that connects two main highways to eachother. In the surrounding district, where the population growth and new housing rates are above averages, a number of office blocks, a marina, a convention center and various city hotels are currently under construction by various investors. The construction works are planned to be completed in the last quarter of 2009.
Land in Adana
TheThe land was added to portfolio in the year 2007, with the aim of developing a city hotel project. Adana, a city located in the southern coastal regions of Turkey, was well known with its agricultural economics in the past. Currently, the City is increasing its industrial business potential with oil refinery and pipeline investments and related industries to be introduced in the nearby Yumurtalık District. On the land, which is located along one of the main avenues of the city 3 km to the Airport, a city hotel with approximately 200 rooms is being planned to be constructed.
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