2011 Expected to Be A Growth Year in Turkish Property Sector

Turkey’s Torunlar Real Estate Investment Trust, or REIT, raised its sales 93 percent in 2010, making a total profit of 214 million Turkish Liras, according to its chairman.

The company was the second biggest REIT trading on the Istanbul Stock Exchange, or ISE, in terms of assets size and market value, Chairman Aziz Torun said at a Thursday press conference called to reveal the company’s 2010 performance.

The company started trading on the bourse’s top Index 100 on April 1 and ranked 49th on Thursday.

“We have added the 345 million liras from the initial public offering [IPO] to our company resources to be used in further investments,” Torun said.

He also said the 11.7 ratio of the company’s assets ratio to debts proves the strong financial structure of the company.

Commenting on the short term projects of Torunlar, he said, “2011 is going to be a growth year for Torunlar REIT.”

Shopping mall projects, which are one of the company’s strong points, constitute 76.3 percent of the firm’s total portfolio, Torun said.
April 7, 2011
SOURCE:  Hürriyet Daily News