At the meeting of our Board of Directors dated 27.11.2020 and numbered 2020/56; a loan amounting to TL 800,000,000 with a maturity of 5 years from T. İş Bankası A.Ş. and,

It has been decided to establish a third degree mortgage of TL 1.500.000.000 in favor of T. İş Bankası A.Ş. on the real estate named Mall of Istanbul Shopping Mall located on Block 858, Parcel 4 in the Ikitelli-2 locality, Başakşehir district, Istanbul province, which is owned by our Company, in order to constitute the collateral of the loan.

The said mortgage transaction was completed on 11.12.2020.
 

Hilton Mall of Istanbul located within Turkey’s biggest shopping mall and mixed-use project Mall of Istanbul, has begun to welcome its guests on 21.10.2020. There are 175 rooms, 14 of which are suites. There also are a convention center and a ballroom with 1,410 people capacity, and 13 meeting halls ranging in sizes from 45 m2 to 360 m2.

Hilton Mall of Istanbul has the privilege of being one of the 5-star hotels closest to the new Istanbul Airport which offers flights to 5 continents and more than 260 different destinations. In addition, the hotel has direct access to the Masko underground station on the Ataköy-Ikitelli metro line, which is expected to be operational next year.

Hilton Mall of Istanbul will be managed under the franchise-agreement model by TRN Hotel Management and Investment Inc., a wholly-owned subsidiary of Torunlar REIC. With the reduction of the impact of Covid-19 pandemic, the hotel is expected to generate a sales revenue of approximately TRY 60 million with 65% occupancy in 2021.
 

The Board of Directors decided in its meeting dated 08.06.2020 and no 2020/36 that by virtue of the Corporate Governance Principles of the Capital Markets Board of Turkey,

1. Mehmet Emre Çamlıbel, Habibe Didem Hömek and Pelin Örsel to be appointed to the Corporate Governance Committee until the first ordinary general assembly meeting, with the member, Mehmet Emre Çamlıbel to act as the Chairman of the Committee,

2. Mehmet Emre Çamlıbel, Ramadan Kumova and Ali Alp to be appointed to the Nomination Committee until the first ordinary general assembly meeting, with the member, Ramadan Kumova to act as the Chairman of the Committee,

3. Ramadan Kumova, Mehmet Emre Çamlıbel, Remzi Aydın, Chief Construction and Project Management Officer and İsmail Kazanç, Chief Financial Officer, to be appointed to the Early Risk Detection Committee until the first ordinary general assembly meeting, with the member, Ramadan Kumova to act as the Chairman of the Committee,

4. Ramadan Kumova, Ali Alp, Mehmet Emre Çamlıbel to be appointed to the Remuneration Committee until the first ordinary general assembly meeting, with the member, Ramadan Kumova to act as the Chairman of the Committee.

5. Kenan Yavuz, Ali Alp and Ramadan Kumova to be appointed to the Audit Committee until the first ordinary general meeting, with the member Kenan Yavuz to act as the Chairman of the Committee.

It was decided unanimously.
For the information of the public.

Due to the Coronavirus (Covid-19) epidemic, which started in Wuhan, China, threatening the whole world and our country and has been declared as a pandemic by the World Health Organization, the following matters have been discussed for the shopping centers in our portfolio:

As a result of the Circular dated 16.03.2020 and issued by the Turkish Republic Ministry of Internal Affairs to the 81 Governorhips, the workplaces operating in the sectors listed in the aforementioned Circular, have stopped their operations for a mandatory and temporary period as of 16.03.2020, 24:00. In addition to the closings of the listed workplaces, some stores have decided to shut down with their initiative and the number of visitors to the Malls decreased significantly.

Therefore, as of 21.03.2020, it has been decided to switch to a restricted working order, which will allow the daily operations of the supermarkets, pharmacies, food and beverage facilities, and other workplaces that wish to continue their activities in the shopping centers in our portfolio.

In accordance with the decision dated 23.03.2021 and no. 2021/07, the Board of Directors proposes to sign an independent external auditing agreement with PwC Independent Auditing and Certified Public Accounting Inc. for the fiscal year 01.01.2021 - 31.12.2021 on the basis of the recommendation of the Audit Committee and to get it approved in the upcoming General Meeting.

In its meeting dated 27 January 2020, the Board of Directors decided to appoint Invest 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 2020 according to Article 35 entitled “Selection of the Real Estate Appraisal Company” of the Communiqué Serial: III and No: 48-1 on the principles of the REICs.