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TORUNLAR REIC

Torunlar REIC, was founded by the Torunlar Group, who have been operating in the construction area of the Turkish property sector since 1977, in order to extend their operations within the property sector to retail, and residence, office and hotel development projects.

The name of Toray İnşaat, which was transformed into a real estate investment company, was changed as Torunlar REIC in January 2008.

Torunlar REIC became a shareholder in Yeni Gimat, who had become the owner of Ankamall and the Crowne Plaza Hotel in Ankara in 1997. In 1999, Zafer Plaza in Bursa opened its doors. Ankamall was opened in 1999 as the largest shopping centre in terms of Gross Leasable Area (GLA). Following that, Antalya Deepo Outlet Center was developed and opened in 2004. And in 2005, the company acquired 44.6% of the shares of Netsel Marina in Marmaris.

The property portfolio was extended to cover residential complexes with the development of the Korupark project, and the two residential projects which were completed in 2008 in Bursa.

In time the company started concentrating on projects in Istanbul. In the first quarter of 2008 they began the preliminary sales of the residential units at NishIstanbul, the combined use development project comprised of a total of 70.129 m2 Net Saleable Area (NSA) and 10.937 m2 GLA, consisting of residential units, retail sales units and office areas.

Torium Istanbul, a combined use shopping centre in the district of Esenyurt in Istanbul, comprised of a total of 95.280 m2 GLA and 5.300 m2 NSA, was opened in October 2010.

Further, the Mall of Istanbul project, which is to be completed in the first half of 2014, as planned in 2007, comprised o a total of 86.000 m2 NSA and 187.500 m2 GLA has also been developed.