Real Estate in Turkey

Yeşil İnşaat, a Turkish construction company, fully merged with Y&Y Real Estate Investment Trust, or REIT, Friday, following the Capital Markets Board giving the merger the green light. Known for the massive Istanbul construction project of 14,000 residences named “Innovia,” Yeşil İnşaat announced the completion of the merger process with Y&Y REIT in statement sent by e-mail Friday. With the merger, Yeşil İnşaat’s “Innovia,” construction of which initially began in the Istanbul district of Beylikdüzü, was added to the portfolio of Y&Y REIT.

 “With this decision, I strongly believe that new opportunities are ahead of us,” said Engin Yeşil, chairman of the board at Yeşil İnşaat. According to terms of the Capital Markets Board approval, the merger ratio will be 10.27 percent and the combined company will raise capital to the tune of 211 million Turkish Liras. Y&Y REIT will provide 84.4 shares for each Yeşil İnşaat share. Y&Y REIT’s portfolio includes numerous kinds of real estate properties and real estate investment projects, including villas, apartments, time-share properties, land, business centers, shopping centers and a number of other assorted projects.

 The company’s “Güzelşehir” project sports 800 luxury villas and a shopping center in Istanbul. This project alone accounts for nearly 55 percent of Y&Y’s portfolio. Y&Y REIT has a free float rate of 68.86 percent, while 7.06 percent of it already belongs to Yeşil İnşaat. Around 7.23 percent is owned by Engin Yeşil, while Rudolph Younes has a share of 16.86 percent, according to the company.

Turkey Daily News