Rönesans Gayrimenkul Yatırım

What Rönesans Gayrimenkul Yatırım does

Rönesans Gayrimenkul Yatırım Anonim Şirketi (RGY) is the commercial real estate development and investment arm of Rönesans Group, established in 2006 and headquartered in Ankara, Turkey. The company operates a portfolio of 12 shopping centers and 4 offices spanning approximately 740,000 m² of leasable area across 8 Turkish cities, with flagship brands including Hilltown, Piazza, and Optimum. RGY combines the parent group's 30+ years of construction experience with 22 years of real estate expertise, holding LEED Gold and BREEAM In-Use certifications on multiple properties and serving approximately 2,000 retail tenants and 114 million annual visitors at a 99.2% portfolio occupancy rate (as of 2025 year-end).

The underlying asset base is highly capital-intensive physical retail real estate, with technology positioned primarily around sustainability-certified design (LEED, BREEAM), mixed-use integration (retail combined with residential, office, and educational space at properties such as Maltepe Piazza and Küçükyalı), and Turkey's first pet-friendly shopping-center concept. The portfolio includes anchor tenants such as Zara, H&M, Boyner, MediaMarkt, Starbucks, Decathlon, CarrefourSA, Nike, and Samsung. The company also holds 2 land plots for future development, 1 ongoing residential project (Maltepe Park Residence), and 1 operational school (TED Rönesans Koleji).

RGY's revenue model is anchored in recurring rental income from shopping center and office leases, supplemented by real estate sales and income from financial assets. The company went public on Borsa Istanbul's star market on April 26, 2024 (ticker: RGY / ist:RGYAS), with ownership held by Rönesans Holding (68.12%), GIC (17.80%), and public float (10.08%). As of 2025 year-end, RGY reported €3.6 billion in adjusted gross asset value, €3.1 billion in adjusted EPRA net asset value, €212 million in adjusted NOI, and €513 million in adjusted net debt. A Fitch credit rating of BB- with stable outlook was affirmed in June 2026.

Name

Rönesans Gayrimenkul Yatırım

Legal name

Rönesans Gayrimenkul Yatırım Anonim Şirketi (Rönesans Gayrimenkul Yatırım A.Ş.)

Website

https://rgy.com.tr

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Rönesans Gayrimenkul Yatırım is Turkey's largest commercial real estate investment group, operating 12 shopping centers and 4 offices totaling 740,000 m² across 8 cities, serving approximately 2,000 retail tenants and 114 million annual visitors at 99.2% occupancy. The company is publicly listed on Borsa Istanbul since April 2024 as the real estate arm of Rönesans Holding.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development & Operations

NAICS

Nonresidential Property Managers (531312), Rental and Leasing Services (532), Real Estate Property Managers (53131)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Commercial real estate development
• Shopping center operations
• Retail property leasing
• Mixed-use real estate
• Commercial property investment

Headquarters

HQ city

Istanbul

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Rental Income: Primary revenue stream from leasing retail spaces in shopping centers and office buildings across Turkey. Portfolio includes 740,000 m² of leasable area with 99.2% occupancy rate.
2. Real Estate Sales: Income from sale of real estate assets within the portfolio
3. Financial Assets Income: Income generated from financial assets

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

Rönesans Gayrimenkul Yatırım (RGY) develops, owns, and operates a portfolio of commercial real estate assets in Turkey, anchored by 12 shopping centers and 4 office buildings totaling 740,000 m² of leasable area. The company leases retail and office space to approximately 2,000 tenants, achieves a 99.2% occupancy rate, and serves 114 million annual visitors. RGY also engages in mixed-use developments combining retail with residential and educational facilities.

Product overview

Rönesans Gayrimenkul Yatırım (RGY) operates as a commercial real estate investment and development platform managing a diversified portfolio of shopping centers, office spaces, and educational facilities across Turkey. The portfolio consists of 12 shopping centers (totaling approximately 740,000 m² of leasable area across 8 cities), 4 office complexes, 1 operational school, and ongoing residential projects. The shopping centers form the core of the portfolio, with flagship properties including Hilltown Karşıyaka and Hilltown Küçükyalı (both LEED Gold certified), İzmir Optimum (the largest in the Aegean Region), and Maltepe Piazza (mixed-use with metro connection). The company also develops future projects including Maltepe Park Residence and Antalya Beachtown. The platform generates rental income from approximately 2,000 tenants, achieving 99.2% occupancy rate and serving 114 million annual visitors. RGY is listed on Borsa Istanbul (April 2024 IPO) with a market capitalization reflecting its €3.6 billion adjusted gross asset value.

Differentiator

Problem solved

Functional benefit

Brands

• Hilltown: Shopping center brand operated by Rönesans Gayrimenkul Yatırım, including Hilltown Karşıyaka and Hilltown Küçükyalı locations.
• Piazza
• Optimum
• Kozzy

Products and services

• Hilltown Karşıyaka Shopping Center A next-generation sustainable shopping center in İzmir with 64,000 m² gross leasable area, 198 stores, 7 cinema halls including İzmir's first Starium salon, 43 cafes/restaurants, and 2,500 parking spaces; designed by T-Concept and LEED Gold certified.
• Hilltown Küçükyalı Shopping Center A town-themed neoclassical shopping center in Istanbul's Küçükyalı district with 61,500 m² gross leasable area, 201 stores, 12 cinema halls, 40 cafes/restaurants, pet-friendly concept, and 2,400 parking spaces.
• Maltepe Piazza Shopping Center A mixed-use shopping mall-residence-office project in Istanbul with 52,500 m² gross leasable area, located directly above metro station with 187 stores, 10 cinema halls, 37 cafes/restaurants, and 1,700 parking spaces.
• İzmir Optimum Shopping Center The largest shopping center in İzmir and the Aegean Region with 84,000 m² gross leasable area, 245 stores, 12 cinema halls, 53 cafes/restaurants, 5,200 m² entertainment area, and 3,000 parking spaces.
• Adana Optimum Shopping Center Adana's most popular shopping and entertainment center with 63,500 m² gross leasable area, 159 stores, 10 cinema halls, 25 cafes/restaurants, and 1,400 parking spaces with views of the Seyhan River.
• Samsun Piazza Shopping Center The largest shopping center in the Black Sea Region with 62,500 m² gross leasable area, 158 stores, 10 cinema halls, 24 cafes/restaurants, gym, and 1,200 parking spaces.
• Maltepe Park Shopping Center The first shopping mall in the Maltepe region of Istanbul with 77,000 m² gross leasable area, 164 stores including Turkey's largest Decathlon store, 16,000 m² CarrefourSA hypermarket, 22 cafes/restaurants, and 1,800 parking spaces.
• Kahramanmaraş Piazza Shopping Center The first and only shopping center in Kahramanmaraş with 49,000 m² gross leasable area, 141 stores, 24 cafes/restaurants, 2,100 m² entertainment area, and 1,100 parking spaces; also serves neighboring Gaziantep, Osmaniye, Adıyaman, and Malatya regions.
• Şanlıurfa Piazza Shopping Center The city's largest shopping center in Şanlıurfa with 42,000 m² gross leasable area, 127 stores, 8 cinema halls, 20 cafes/restaurants, 2,600 m² entertainment area, and open parking for 1,100 vehicles.
• Ankara Optimum Outlet Shopping Center Ankara's first outlet shopping center with 38,800 m² gross leasable area, 146 stores, 5 cinema halls, 27 cafes/restaurants, 3,700 m² entertainment area, and 1,700 parking spaces.
• Kozzy Shopping Center A neighborhood shopping center in Istanbul's Kozyatağı with 14,000 m² gross leasable area, 54 stores, theater halls, gym, 13 cafes/restaurants, and 200 parking spaces.
• İstanbul Optimum Premium Outlet An outlet shopping center in Istanbul's Anatolian side with 42,000 m² gross leasable area, located on the E5 Highway, featuring 138 stores, 19 cafes/restaurants, 700 m² entertainment area, and 1,200 parking spaces.
• RönesansBiz Küçükyalı Office and School Complex A mixed-use office and school complex in Istanbul's Küçükyalı district, home to TED Rönesans Koleji (TED Rönesans College), combining educational facilities with commercial office space.
• Maltepe Park Residence An ongoing residential development project in Maltepe, Istanbul; part of the mixed-use Maltepe Park complex combining shopping mall, residence, and office spaces.

Quantifiable outcome

• 99.2% occupancy rate across portfolio
• +2 more outcomes

Named customers22 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Rönesans HoldingcoreStrategic or Co-development PartnerParent company holding 68.12% stake. RGY combines Holding's 30+ years of construction experience with 22 years of real estate expertise. Rönesans operates globally in construction, real estate, health, energy, and petrochemistry sectors across Turkey, CIS countries, Netherlands, and beyond.
• PwC (PricewaterhouseCoopers)minorOthersIndependent audit firm: PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
• LEED/USGBCcoreStrategic or Co-development PartnerLEED (Leadership in Energy and Environmental Design) certification body providing sustainability certification for multiple portfolio properties including Hilltown Karşıyaka, Hilltown Küçükyalı, and Maltepe Piazza.
• BREEAMcoreStrategic or Co-development PartnerBuilding Research Establishment Environmental Assessment Method certification body providing sustainability assessments for portfolio properties including Izmir Optimum and Hilltown Küçükyalı.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Torunlar GYO: Turkish REIT operating a shopping center portfolio including Mall of Istanbul, Torium, and 5th Avenue. Closest direct comparable to RGY in Turkey by asset type (enclosed shopping malls) and customer base (international and domestic retail tenants).
• Multi Turkey (Multi Corporation): Dutch-owned operator running Forum Istanbul, Marmara Forum, and other major Turkish shopping centers. Directly competes with RGY in the Turkish mall operator landscape with a similar tenant mix and mid-to-large box format.
• Akfen GYO: Turkish REIT that historically focused on shopping center development through joint ventures (e.g., IKEA-Ankara, Acıbadem). Directly comparable to RGY as a Turkish REIT specializing in commercial real estate investment and leasing.
• İş GYO: Real estate investment trust affiliated with İş Bank that operates shopping centers and mixed-use projects (e.g., Kanyon in Istanbul). Comparable to RGY as a publicly traded Turkish REIT with shopping center exposure.

Broad incumbents

• Emlak Konut GYO: Turkey's largest REIT, primarily residential but with a growing commercial portfolio. Broader incumbent in Turkish real estate investment; relevant peer for capital structure and listed-REIT benchmarking, though less concentrated in shopping centers than RGY.
• Doğuş Group: Turkish conglomerate that develops and operates shopping centers (e.g., İstinye Park, Park Pendik) and has construction, real estate, and F&B businesses. Comparable to RGY through its conglomerate parent operating model and shopping mall assets.
• Klepierre: France-listed European leader in shopping center ownership and operation, with continental mall assets comparable to RGY's portfolio structure. Useful international benchmark for NOI yield, occupancy, and cap rate dynamics in prime retail real estate.
• Unibail-Rodamco-Westfield: Global flagship shopping center REIT and developer (Westfield brand). Comparable to RGY at the asset-class level — flagship urban and destination shopping centers — and as a benchmark for global best practice in mixed-use retail real estate.
• Simon Property Group: US-listed largest shopping center REIT with a global footprint including premium outlets. Comparable to RGY as a scale institutional operator of shopping malls and as a benchmark for tenant diversification and outlet-format economics.
• Sabancı Holding: Turkish conglomerate with significant retail and real estate exposure (Teknosa, Carrefoursa JV, AvivaSA, Çimsa). Broader incumbent with overlap in commercial real estate tenant relationships and capital access comparable to Rönesans Holding's positioning for RGY.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/ronesansgy
• YouTubeyoutube.com/@ronesansgayrimenkulyatrm3248
• Facebookfacebook.com/share/15pTDg9G9v
• LinkedInlinkedin.com/company/ronesansgy
• Instagraminstagram.com/ronesansgy

Compliance18 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rönesans Gayrimenkul Yatırım