On the date of 21.10.2010, Torunlar REIC had announced that an Asset Swap Agreement was to be signed in witness of the notary with S.S. MASKO İstanbul Furniture and Wood Goods Producers Cooperative, which owned 122,071/240,000 shares of the land corresponding to a size of 9,261.58 m2 located at Block no: 858, Parcel no: 1. The aforementioned land is adjacent to the land on which, Mall of İstanbul project was to be built, located at Block no: 858, Parcel no: 2, İkitelli neighbourhood, Başakşehir District, İstanbul. The Asset Swap Agreement has been signed as of 14.12.2010.

A first-degree lien dated 26.01.2011 with registration number: 93, has been established on the land with Block no: 858, Parcel no: 1, where Mall of İstanbul Phase 2 project is to be built (234,194/240,000 shares), against TRY 12 million for the benefit of S.S. MASKO İstanbul Furniture and Wood Goods Producers Cooperative within the terms of the Asset Swap Agreement (delivery of 48 office units to MASKO by Torunlar REIC)

The construction works related to the Asset Swap Agreement, which was signed on 14.12.2010 have been completed recently. Hence, the aforementioned agreement is mutually terminated by both parties.

A first-degree lien whose details have been mentioned above, has been lifted after the delivery of 48 office units to S.S. MASKO İstanbul Furniture and Wood Goods Producers Cooperative on 08.10.2019.

For the information of the public.
 

In its meeting dated 22.05.2019 and no: 2019/30, the Board of Directors had decided that Torunlar REIC agreed with T. İş Bank A.Ş. to raise a loan of TRY 250 million with a term of 3 years. A first degree lien for 5806/240,000 shares and a second degree lien for 7753/8000 shares had been established on the property (Mall of İstanbul Phase 2) located in the city of İstanbul, Başakşehir borough, İkitelli-2 district, block no: 858, parcel no: 1, against TRY 375 million for the benefit of the creditor bank.

In its meeting dated 24.07.2019, the Board of Directors had decided that Torunlar REIC purchased the share of 401/60000 shares (121.70 m2) of the 18,208.90 m2 of surface area registered in İstanbul, Başakşehir province, İkitelli-2 neighbourhood, city block: 858, parcel no: 1.

In its meeting dated 02.09.2019 and no: 2019/45, the Board of Directors decided that a second degree lien for the share of 401/60000 shares (121.70 m2), which the Board of Directors had decided to purchase on its meeting dated 24.07.2019, to be established against TRY 375 million for the benefit of the creditor bank, T. İş Bank A.Ş. In conclusion, as of 05.09.2019, a first degree lien and a second degree lien for the whole block no: 858, parcel no: 1 have been established against TRY 375 million for the benefit of the creditor bank.

In its meeting dated 22.05.2019 and no: 2019/30, the Board of Directors decided that Torunlar REIC agrees with T. İş Bank A.S. to raise a loan of TRY 250 million for the purpose of refinancing the existing assets in its portfolio and the refinancing of the short-term loans of the ongoing projects. The loan will have a term of 3 years. A first degree lien for 5806/240,000 shares and a second degree lien for 7753/8000 shares are established on the property (Mall of Istanbul Phase 2) located in city of Istanbul, Başakşehir borough, Ikitelli-2 district, block no: 858, parcel no: 1, against TRY 375 million for the benefit of the creditor bank. The aforementioned transaction has been completed on 23.05.2019.

Torunlar REIC entered a franchise agreement with Hilton for the hotel under construction at Mall of İstanbul. Hilton Mall of İstanbul is set to welcome guests in the summer of 2020. Hilton Mall of İstanbul has a total of 180 rooms, with 19 suites and 161 standard rooms. The hotel complex comprises social facilities including a congress center, a restaurant, an executive lounge, a spa, a fitness center, and a swimming pool as well as shopping areas. The hotel will be managed by TRN Hotel Management and Investment Inc., a wholly-owned Torunlar REIC company, as part of a franchise agreement. The project is expected to have a CAPEX worth of USD 71 million without the land cost.

Torunlar REIC has purchased the plot with a size of 1,168.24 m2 in the ownership of Torun Mall Investment and Management Inc., that is part of a bigger land with a total size of 97,878.67 m2 for a value of TRY 2,004,657 on 27.03.2019. According to the appraisal report (2018/409) prepared for the Antalya land on 31.12.2018, the fair value per sqm is evaluated as TRY 2,504. The ownership of Torunlar REIC on 97,878.67 m2 land has increased to 100% after the purchase. Deepo Outlet and Mall of Antalya are located on the aforemetioned land.

In accordance with the decision dated 25.03.2018 and no. 2019/12, the Board of Directors proposes to sign an independent external auditing agreement with DRT Independent Auditing and Certified Public Accounting Inc. (Deloitte) for the fiscal year 01.01.2019 - 31.12.2019 on the basis of the recommendation of the Audit Committee and to get it approved in the upcoming General Meeting.

A valuation has been made for the 6th, 7th, 8th, 9th, 25th and 27th floors of the Office Block within the Mall Of Istanbul Project, consisting of a total of 48 independent units on parcel 858, block 4, located on Süleyman Demirel Boulevard, Ziya Gökalp Mahallesi, Başakşehir district, Istanbul province. The valuation report is attached for your information.

Torunlar REIC received the construction permit, by virtue of the Zoning Law, required to commence its construction activities on the hotel project with a total construction area of 6,850.56 m2 to be built in Istanbul, Beyoğlu District, Kemankeş Karamustafapaşa Neighbourhood, Tophane Iskele Street on February 27th, 2019 from the Istanbul Beyoğlu Municipality.

In its meeting dated 23 January 2019, the Board of Directors decided to appoint Lotus Property Valuation and Consulting JSC as the sole appraiser for each asset to be valued in our portfolio and for the assets to be purchased and to be valued in 2019 according to Art.35 entitled “Selection of the Real Estate Appraisal Company” of the Communiqué Serial: III and No: 48-1 on the principles of the REIC's.