Continuing to enrich its portfolio with investments in various sectors of real estate and consistently achieving record increases in rental income, Akfen Real Estate Investment Trust (Akfen REIT) sees these efforts positively reflect on its total portfolio value.

With properties in Turkey, the Turkish Republic of Northern Cyprus (TRNC), and Russia, including 20 hotels, 1 holiday village, 2 student dormitory complexes, and 1 office building, and the recent addition of investment-stage lands in Istanbul Söğütlüçeşme, Bodrum Yalıkavak, and Kıyıkışlacık to its portfolio, Akfen REIT’s total portfolio value has risen to 600 million Euros.

Having successfully navigated a restructuring period since 2021, resulting in increased revenues each term, Akfen REIT continues to see positive outcomes from its new project developments and land acquisitions reflected in its portfolio asset values.

In addition to generating rental income from its portfolio of 20 hotels, 1 holiday village, 2 student dormitory complexes, and 1 office building in Turkey, the TRNC, and Russia, the inclusion of investment-stage lands in Istanbul Söğütlüçeşme, Bodrum Yalıkavak, and Kıyıkışlacık has elevated Akfen REIT’s total portfolio value from 435 million Euros at the end of last year to 600 million Euros.

Akfen REIT is expected to announce a new record in rental income from its completed projects in 2022 by mid-January.

DIVERSIFYING ITS PORTFOLIO WITH NEW LAND ACQUISITIONS

Meanwhile, Akfen REIT continues to diversify its portfolio across different sectors of real estate.

In Bodrum Yalıkavak, Akfen REIT plans to develop a villa project on a 22,000 square meter plot for which all permits have been obtained, creating additional revenue from the sale of these villas.

In the final days of 2022, Akfen REIT announced the acquisition of 100% shares of Gökliman Investment Construction Tourism and Geothermal Trade Inc. at a 40% discount for 25.5 million dollars. The company aims to develop a project on a total of 84,000 square meters of land owned by Gökliman in the Kıyıkışlacık area of Milas, Muğla, to generate additional revenue.