Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY)

Akfen Gayrimenkul Yatirim Ortakligi A.S. (“the Company” or “Akfen GYO”) was restructured as a real estate investment trust by transforming Aksel Turizm Yatirimlari ve Isletmecilik AS (“Aksel”). Aksel was originally established on June 25, 1997 for the purpose of undertaking investments in domestic tourism sector under the partnership of Hamdi Akin and Yüksel Insaat A.S. Subsequently, Akfen Holding AS, (“Akfen Holding”) purchased shares of Yüksel Insaat A.S. in 2006 and the Company became a subsidiary of Akfen Holding. The restructuring was completed subsequent to the Board of Directors resolution dated April 25, 2006 and Capital Markets Board of Turkey’s (“CMB”) approval numbered 31/894 and dated July 14, 2006 with the result of the Company’s conversion to “Real Estate Investment Trust” registered on August 25, 2006. The change of title and activities was published on Official Trade Gazette on August 31, 2006. On August 6, 2018, 1000 A group and 1000 D group privileged shares of Akfen GYO belonging to Akfen Holding were transferred to Hamdi Akin, who is the indirect final owner of the management control of these shares. The Company’s main operations and activities are investing in real estates, real estate projects and other capital markets instruments, as described on CMB Communiqué Series: III No: 48.1, Clause 5, 23 and 25 regulating Real Estate Investment Trusts. The Company has signed a framework agreement with ACCOR S.A., one of the world's leading hotel chains, in 2005 to develop hotel projects in Turkey under the Novotel and Ibis Hotel brands. The Company is mainly developing hotels with Ibis Hotel and Novotel trademarks and leasing the hotels to Tamaris Turizm A.S. which is a 100% owned subsidiary of ACCOR S.A. operating in Turkey. The Company was enlisted on Istanbul Stock Exchange (ISE) on May 11, 2011.