More qualifies houses, more productive offices, more colourful shopping malls
Turkey is worth them. For 50 years we live with our business and bring shopping malls, houses and offices all around Turkey, all of which embellishes our lives.
billion TL
total portfolio
value
.000 m²
Shopping Mall
gross rentable area
billion TL
net asset
value
The Torunlar Group has been active in the construction sector of the Turkish real estate market since 1977 and founded our predecessor company, Toray Construction, in 1996 in order to expand its real estate business into retail, residential, office and hotel development. Toray Construction converted into a REIC and was renamed Torunlar REIC in January 2008. Our purpose as a REIC is to invest in retail, residential, leisure and office property developments.

We commenced development of our first shopping mall, Zafer Plaza in Bursa, in 1996 and opened it in 1999. Since that time, we have developed and invested in several other commercial and residential projects in various parts of Turkey. In 1997, the Torun family acquired an interest in Yeni Gimat, which owns Ankamall and the Crowne Plaza in Ankara. Our shareholding in Yeni Gimat amounts to 14.83% as of the date hereof. Ankamall opened as the largest mall in Turkey in 1999, by GLA. In 2004 we developed and opened Deepo Outlet Center in Antalya and in 2005 we acquired a 44.6% shareholding in the Netsel Marina in Marmaris. We expanded our Property Portfolio to include residential complexes with the development of Korupark in Bursa, which currently consists of Korupark Shopping Mall, which opened in 2007, and two adjacent residential complexes which were completed in 2008.

We have increasingly focused on our projects in Istanbul. In the first quarter of 2008, we began pre-sales of residential units in Nishistanbul, a mixed-use development that includes residential, retail and office space. We completed construction of three out of the four blocks in September 2010 and the fourth block is expected to be completed by the end of October 2010. In October 2010, we anticipate opening Torium Istanbul, a mixed-use project with 95,300 sqm of GLA and 5,318 sqm of GSA (based on our economic ownership) in the Esenyurt district of Istanbul.

In 2007, we also began developing the Mall of Istanbul, which, upon anticipated completion in the second half of 2013, is expected to have GSA of 111,000 sqm and GLA of 139,500 sqm, which will make it one of the largest malls in Turkey by GLA. The Mall of Istanbul is in the schematic design phase and construction is anticipated to commence in the fourth quarter of 2010. We have several other ongoing projects in progress in various stages of development.