2024
-The authorized capital was increased to 3.9 billion TL with a 200% cash increase by exercising all preemptive rights.
-The registered capital ceiling was raised to 50 billion TL for the 2024-2028 period.
-Net debt was reduced by transferring the shares of KKTC Merit Park Hotel, owned by the affiliated company Akfen GT, for 73 million USD + variable consideration in cash.
-The registered capital ceiling was raised to TL 50 billion for the 2024-2028 period.
-The Long-Term National Credit Rating was upgraded from AA- (Stable) to AA (Stable) (“Very High Credit Quality”).
-The 53 million Euro loan used from CEB N.V. for Akfen Karaköy was refinanced with Vakıfbank with an 84-month maturity and improved terms.
-The land-qualified immovable property located in Muğla, Bodrum Eskiçeşme, was purchased through a tender for 9,000,000 TL.
-An indirect stake was acquired in EO AT Fountains LLC in Florida, USA, for approximately USD 4.7 million.
-31.32% of the shares of Akfen Int. Holding B.V. (unit price: TL 2.00) were sold to Akfen Holding A.Ş.
-All Akfen Karaköy shares were sold to Akfen Güney İşletme A.Ş. (a 100% subsidiary) based on the unit price in the independent valuation report.
-The planned 830 million TL fund for the Shipyard Hotel Project was transferred to the Yalıkavak Villa and Tuzla 2nd Hotel Projects due to increased costs.
-The lease commencement date for the Terminal Kadıköy is April 1, 2025; 50% of the first year’s rent is due on October 1, 2025, and the remaining balance is due on April 1, 2026.
2023
-Akfen GT acquired 85.16% of the third-party shares of Akfen Karaköy (totaling 7.25%). The remaining 14.84% (totaling 1.27%) was acquired by Akfen Holding for USD 1.5 million. The ownership ratio of the REIT became 98.73%.
-The agreement regarding the transfer of Merit Park Hotel & Casino in the TRNC was signed with Merit Kıbrıs Turizm Ltd Şti. (Buyer) on 13.04.2023.
-The Long-Term National Institutional Credit Rating was upgraded from A- (High) to AA- (Very High), while the Short-Term Rating was upgraded from J2 (BBB) to J1+ (AA).
-Share buybacks commenced on April 23, 2023, to protect the interests of shareholders. The program duration is 1 year, the maximum fund is 200 million TL, and the maximum number of shares is 65 million (5% of the capital).
-A factory building with a closed area of 16,119 m² on a 7,027 m² plot in Arnavutköy was purchased for 3.1 million euros with a right of first refusal, despite having a market value of 13.5 million euros.
-The 30,000,000 shares repurchased (2.31% of the capital) were sold at an average price of 5.2534 TL on August 8, 2023, leaving no repurchased shares in the company.
-Akfen GT was split into a hotel only. Akfen Karaköy shares (78.83%) were transferred to Akfen Güney, while the Russian affiliates were transferred to Akfen Kuzey.
-The “AKFGY” stock began trading on the BIST Sustainability Index for the fourth quarter of 2023 (October 1, 2023-December 31, 2023).
-The application to increase the issued capital from 1.3 billion TL to 3.9 billion TL (a 200% increase with 2.6 billion TL in cash) within the registered capital ceiling of 6.5 billion TL was approved by the CMB on December 7, 2023.
2022
-On January 27, 2022, the registered capital ceiling was increased from 1 billion TL to 6.5 billion TL.
-Accor, the operator of four hotels in Russia, has suspended its new growth and hotel opening operations in Russia. Current hotel operations continue.
-The long-term national institutional credit rating from JCR Eurasia was upgraded from BBB (good credit quality) to A- (high credit quality).
-An early payment of EUR 3.1 million was made in addition to the current credit repayment plan, thanks to the cash surplus generated by increased revenues.
-Interim real estate valuation studies were conducted for the June 30, 2022 financial reports due to the increase in exchange rates and the lifting of pandemic restrictions.
-Akfen REIT (stock code AKFGY) began trading on the BIST 100 index as of July 1.
-On September 14, 2022, a 22,197 m² plot of land in Yalıkavak, Bodrum, Muğla, was purchased for TL 365 million, and a construction contract was signed.
-Akfen REIT terminated its share buyback program with the approval of the extraordinary general assembly. (September 29, 2022)
-A total of 259,980,000 TL nominal value shares (20% of the Company’s capital) belonging to Akfen Holding and Akfen International Holding were sold at a price of 3.70 TL per 1 TL nominal value share. (November 11, 2022)
-Akfen REIT acquired the entire Gökliman Yatırım Company, owner of an 83,625 m² plot of land, from Akfen GPYŞ for 477 million TL, representing a 40% discount. (December 29, 2022)
– The value of the real estate in the company’s portfolio increased by 38% in Euro terms compared to the previous year, reaching 590.2 million Euro as of December 31, 2022. (End of 2021: 428.5 million Euro)
2021
– 238 million TL convertible bonds were converted into shares and redeemed.
– With 450 million TL allocated capital increase, 3 new assets (Isparta Student Dormitory, Kütahya Student Dormitory, Bodrum Loft) worth 62.5 million EUR were purchased for 53 million EUR.
– Rental agreements of 19 hotels were revised with Accor, resulting in an increase in rents of approximately 15%.
– Financial debt of 177.7 million EUR was refinanced with a term of 10 years.
– After the 3rd capital increase of 55 million EUR, the financial debt was reduced to 132 million EUR.
– BBB rating received from JCR.
– 51% participation in Fıratcan İnşaat, owner of the Söğütlüçeşme Project, at a cost of EUR 6.2 million.
2020
– Within the scope of coronavirus measures, 13 of our hotels stopped their activities for an average of 4 months. 3 of our hotels have been allocated to healthcare professionals for 2 months.
– A protocol was signed for the restructuring of the existing bank debt of 177.7M Euros from Credit Europe and Fibabanka with a 10-year maturity.
2019
– Bulvar Loft Project was sold wholesale and 380 million TRY revenue was obtained from the project.
-With the buyback of 2.015.384 units of shares, the total repurchased shares reached 6.233.384 units, and its ratio to capital reached 3.39%.
2018
– Shares Convertible Bonds issued for the first time by a public company in Turkey, took place in the history of our company by 17 January 2018 170.000.000. –TRY nominal value of.
– 1000 A group and 1000 D group privileged shares of Akfen Holding were transferred to Hamdi Akın.
2017
– The 200-room Ibis Otel Tuzla became operational.
– The Land (area: 36.947 m²) Sales Counterpart Revenue Sharingn project (Bulvar Loft); with 822 houses and 7000 m² commercial area locatted in Ankara, Gölbaşı, Kızılcaşar; is transferred on 10 November 2017 to ordinary partnership which established on 9 Kasım 2017 and by Akfen Consturction (Akfen İnşaat A.Ş.) and Akfen REIT (Akfen REIT 99% – Akfen Construction 1%).
– Between 19.09.2016 – 23.05.2017, 2.29% of the capital was repurchased as 4.218.000 units.
2016
– The 200-room Novotel Istanbul Bosphorus Karakoy became operational.
2015
– The 317 room Ibis Hotel Moscow became operational.
– Financing of 220 million EUR with a 10-year term was obtained from Credit Europe and Fibabanka to refinance existing investments in Turkey, Cyprus, and Russia and to finance our last 5 hotels.
2014
– The 147-room Ibis Hotel Ankara Airport became operational.
2013
– 156-room Ibis Hotel Esenyurt/ İstanbul became operational.
– 140-room Ibis Hotel Alsancak/İzmir became operational.
– 167-room Ibis Hotel Kaliningrad became operational.
2012
– 204-room Ibis Hotel Samara started operations.
– 165-room Ibis Hotel Adana started operations.
– Akfen REIT’s subsidiary Akfen Real Estate Trading and Construction signed a 20-year lease contract with Voyager Cyprus Limited Company for the lease of a 5-star hotel in Kyrenia, TRNC along with the casino and all the outbuildings.
2011
– The Company’s paid in capital increased from TL 138 million to TL 184 million through an initial public offering in May 2011.
– The Company increased its share in its joint investments in Russia from 50% to 95%
– 177-room Ibis Hotel Yaroslavl started operations.
2010
– 92-room Novotel Gaziantep and 177-room Ibis Hotel Gaziantep started operations.
– 96-room Novotel Kayseri and a 160-room Ibis Hotel Kayseri started operations.
– 200-room Ibis Hotel Bursa started operations.
– The Company’s paid-in capital was increased to TL 138 million from TL 72 million.
– Akfen Holding acquired the 32,46 percent share owned by Goldman Sachs.
2008
– 200 room Novotel Trabzon started operations.
2007
– 208-room Novotel İstanbul and 228-room Ibis Hotel İstanbul in Zeytinburnu started operations.
– 108-room Ibis Hotel Eskisehir started operations.
– 286-room Merit Park Hotel Kyrenia in TRNC started operations.
– Goldman Sachs became a partner of Akfen REIT by acquiring minority shares.
2006
– Following CMB approval, Aksel Tourism Investment and Operations was transformed into Akfen REIT.
2005
– Akfen Holding and Accor S.A. signed a memorandum of understanding.
