CHAPTER 1 / Overview
2 | Financial Report l 2023 1.Quarter | AKFEN REIT |
01 | 02 | 03 |
Akfen REIT | Financial | ||||
Overview | 4 | Portfolio | 15 | Development | 41 |
Overview of Akfen REIT | 5 | Portfolio Table | 16 | Summary Financial | |
Vision / Mission | 6 | Novotel and Ibis H.Istanbul | 17 | Information | 42 |
Strategy | 7 | Ibis H. Istanbul Esenyurt | 18 | Investment Properties | 43 |
Milestones | 8 | Novotel Istanbul Bosphorus | 19 | Portfolio Table | 43 |
Developments in 2023 1.Q. | 10 | Ibis Hotel Tuzla | 20 | Rental Incomes | 44 |
Developments after the 1st | Ibis Hotel Bursa | 21 | Total Financial Debt | 45 | |
Quarter of 2023 | 10 | Ibis Hotel Alsancak | 22 | Related Party Balances | 45 |
Organizational Structure | 11 | Ibis Hotel Eskisehir | 23 | Affiliate Acquisition | 46 |
Shareholding Structure | 12 | Ibis Hotel Ankara Airport | 24 | Kira Gideri | 46 |
Subsidiaries/Affiliates | 13 | Ibis Hotel Adana | 25 | Operational and | |
Operational Map | 14 | Novotel Trabzon | 26 | Financial Performance | 47 |
Novotel and Ibis Hotel Gaziantep 27 | Accor Hotels | ||||
Operational Data | 48 | ||||
Novotel and Ibis Hotel Kayseri | 28 | ||||
Share Performance | 49 | ||||
Merit Park Hotel Kyrenia | 29 | ||||
Portfolio Limitations | 50 | ||||
Ibis Hotel Moscow | 30 | ||||
Ibis Hotel Kaliningrad | 31 | ||||
Ibis Hotel Yaroslavl | 32 | ||||
Ibis Hotel Samara | 33 | ||||
Samara Office | 34 | ||||
Bodrum Loft | 35 | ||||
Isparta Student Dormitory | 36 | ||||
Kütahya Student Dormitory | 37 | ||||
Söğütlüçeşme Project | 38 | ||||
Yalıkavak Project | 39 | ||||
Kıyıkışlacık Project | 40 |
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0 | |||
CHAPTER 1 / Overview | |||
1 | OVERVIEW | ||
Overview of Akfen REIT | |||
Vision / Mission | |||
Strategy | |||
Milestones | |||
Developments in 1st Quarter of 2023 | |||
Developments after the 1st | |||
Quarter of 2023 | |||
Organizational Structure | |||
Shareholding Structure | |||
Subsidiaries/Affiliates | |||
Operational Map | |||
4 | 2Financial Report l 023 1.Quarter | AKFEN REIT |
CHAPTER 1 / Overview
Overview of Akfen REIT
AKFEN REIT'S
INVESTMENT
PROPERTY PORTFOLIO VALUE IS 10.5 BILLION TL AS OF THE END OF THE 1ST QUARTER OF 2023
With the "Contemporary City Hotels" project that it pioneered in the sector, Akfen REIT has reached a portfolio of 21 hotels, 1 holiday village, 2 student housing and 1 office building in 14 years since 2007. Thus, Akfen REIT has become one of the main hotel investors in Turkey, primarily with its Accor expertise. The company, which started its operations in 1997 as Aksel Tourism Investments and Operations Inc. was transformed into a real estate investment trust in 2006.
Akfen REIT, which went public on 11 May 2011, continues to be traded on Borsa Istanbul Inc. (BIST) with the share code "AKFGY". The actual circulation rate by the end of 2022 is 44.55%. As of the end of the 1st quarter of 2023, the closing price of Akfen REIT shares was 3.49 TL (Closing market value: 4.53 billion TL/USD 234 million). Akfen REIT is currently traded on Stars Market, entered the BIST100 in 2022 and started to be among the 1st group companies of the CMB in 2023.
From Hotel Investments to a Diverse Portfolio
Akfen REIT has developed Novotel and Ibis Hotel branded hotel projects in Turkey and Russia, and has long-term leased 19 hotels, 15 in Turkey and 4 in Russia, to Accor Group, one of the world's largest hotel operators. Akfen REIT's portfolio also includes Merit Park Hotel in the Turkish Republic of Northern Cyprus (TRNC) and Bodrum Loft, a 5-star holiday village in Bodrum. As of 31.03.2023, the total number of rooms in 21 hotels owned by Akfen REIT is 3720.
Apart from its hotel portfolio Akfen REIT has an office building in Russia, two dormitory complex investments in Turkey consisting of 13 blocks, and three ongoing projects: commercial in İstanbul Söğütlüçeşme, villa in Bodrum Yalıkavak and touristic in Milas Kıyıkışlacık. Akfen REIT's total real estate portfolio value reached approximately 600 million Euros as of the end of the first quarter of 2023.
Strategic Partnerships and Long Term Leases
Akfen REIT, which became a strategic partner in 2005 with Accor, one of the world's leading hotel chains, obtains regular and predictable rental income through long-term rental agreements for the 19 hotels it owns in Turkey and Russia.
There is a minimum guarantee requirement for Akfen REIT's rental income in the agreements made with Accor regarding Akfen REIT's hotels. Rental income is determined as the higher of a certain ratio of turnover or adjusted gross profit of the hotel. This sharing, on the one hand, guarantees a minimum income and on the other hand, it has the potential to share the income increase that will be provided by the performance of the hotels. Akfen REIT's 5-star hotel in TRNC is operated by Merit Kıbrıs Tourism Ltd, a subsidiary of Net Holding Inc; Bodrum Loft holiday village is operated by Akfen Turizm; and dormitory complexes are operated by the General Directorate of Credits and Dormitories ("KYK").
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Akfen Gayrimenkul Yatirim Ortakligi AS published this content on 27 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2023 11:06:08 UTC.