IS GYO

What IS GYO does

İŞ GYO (İş Gayrimenkul Yatırım Ortaklığı A.Ş.) is a publicly listed Turkish Real Estate Investment Trust (REIT) headquartered in Levent, Istanbul, founded in 1999 and trading on Borsa İstanbul under the ticker ISGYO. The company is 52.5% owned by T. İş Bankası A.Ş. — Turkey's largest private bank — and operates a diversified property portfolio spanning offices (62.8% of portfolio value), shopping centers (16.3%), ongoing development projects (14%), inventory (4.4%), and land (2.5%). Its 25-year triple-net lease of the 184,653 m² TUTOM technology and operations center to its parent bank is the single largest cash flow anchor, complemented by landmark assets such as İş Kuleleri Kompleksi, Kanyon (a 50/50 JV with Eczacıbaşı Group, BREEAM Outstanding certified), Ege Perla in İzmir, Manzara Adalar, Mallmarine in Marmaris, Ofis Maslak, and Ofis Lamartine.

The trust develops, owns, and manages primarily commercial and mixed-use real estate using traditional property development and investment methodologies, with LEED-certified (Gold and Platinum) and BREEAM-certified sustainable building practices and İTÜ-verified earthquake-resistant construction as its quality differentiators. It generates revenue through two principal streams: recurring rental income from offices and shopping centers (1,767 million TL in 2025, 57% of revenue and up 21% YoY) and one-time property sales from residential developments such as Litus İstanbul, Manzara Adalar, and Kasaba Modern (41% of revenue), supplemented by revenue-sharing joint developments with partners including Artaş İnşaat, Yapıtaş/Misek İnşaat, and TECİM. Its go-to-market combines direct property sales through project marketing offices and dedicated websites with public-equity distribution to investors via the Borsa İstanbul listing and active investor relations through KAP public disclosures.

İŞ GYO serves three overlapping customer segments: corporate tenants seeking prime office and retail space (anchored by İş Bankası's TUTOM tenancy), individual buyers of residential units in mixed-use developments, and institutional investors accessing Turkish real estate exposure through the publicly traded ISGYO shares. The trust is operated by a 10-person Board (including 4 independent directors) and an executive team led by CEO Ömer Barlas Ülkü and four Deputy CEOs covering finance, business development/CFO, valuation/strategy, and project implementation. As of year-end 2025 the trust reported total revenue of 3,127 million TL, gross profit of 1,637 million TL, operating profit of 1,221 million TL, total assets of 58.2 billion TL, and a market capitalization of 20.1 billion TL, with financial debt reduced to 1,012 million TL.

Name

IS GYO

Legal name

İş Gayrimenkul Yatırım Ortaklığı A.Ş.

Website

https://isgyo.com.tr

Company type

Public

Founded year

1999

Operating status

Operating

Short description

İŞ GYO is a Borsa İstanbul-listed Turkish REIT (ticker ISGYO), 52.5% owned by T. İş Bankası, that develops and manages a diversified portfolio of LEED-certified offices, shopping centers, and mixed-use residential projects across Turkey, anchored by a 25-year lease from its parent bank.

Ownership category

akta.pro rank

Headquarters

HQ city

Istanbul

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Infrastructure

Revenue model

1. Rental Income: İş GYO generates recurring rental income from commercial properties including offices (Kanyon, İş Kuleleri, Ofis Maslak, Ofis Lamartine, İçerenköy Ofis Binaları), shopping centers (Ege Perla, Mallmarine), and specialized facilities (Tuzla Technology and Operation Center). Rental income reached approximately 1,767 million TL in 2025, representing 57% of total revenue.
2. Property Sales: Revenue from residential project sales including Litus İstanbul and Manzara Adalar projects, representing 41% of total revenue (approximately 1,283 million TL in 2025). Properties sold include İstanbul Financial Center office building (5.6 billion TL) and Ankara İş Tower (1.215 billion TL).
3. Revenue Sharing Projects: Joint development projects with partners where İş GYO receives a percentage of sales revenue. Avrupa Residence Şişli-2 project with Artas İnşaat (40% revenue share) and Tuzla Housing project with Yapıtaş/Misek İnşaat (35% revenue share) are key examples.
4. Land Sales: Sale of land assets such as the Balmumcu plot (1,355 m²) sold for 24.24 million USD in November 2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

İş GYO is a Turkish Real Estate Investment Trust (GYO) that develops, owns, leases, and sells a diversified portfolio of commercial and residential real estate assets across Turkey. The portfolio includes office towers, shopping centers, mixed-use developments, and residential projects, generating revenue through rental income from commercial tenants, residential unit sales, and revenue-sharing joint development projects.

Product overview

İş GYO (İş Gayrimenkul Yatırım Ortaklığı A.Ş.) is a Turkish Real Estate Investment Trust (GYO) that operates as a diversified property portfolio management company rather than a technology product company. The company offers a portfolio of commercial and residential real estate assets organized into five main categories: office properties (approximately 62.8% of portfolio value), shopping malls (approximately 16.3%), ongoing development projects (approximately 14%), inventory properties for sale (approximately 4.4%), and undeveloped land (approximately 2.5%). Office properties include İş Kuleleri Kompleksi, Ofis Maslak, Ofis Lamartine, and İçerenköy Ofis Binaları. Retail properties include Kanyon Alışveriş Merkezi, Ege Perla Alışveriş Merkezi, Mallmarine Alışveriş Merkezi, and Tuzla Meydan Çarşı. The company develops mixed-use projects such as Manzara Adalar (residential/office with 975 units) and Litus İstanbul (115 units). Residential projects under development include Kasaba Modern (165 villas, delivery June 2026) and Avrupa Residence – Şişli 2. Special-purpose properties include Tuzla Teknoloji ve Operasyon Merkezi (technology center for İş Bankası) and İstanbul Finans Merkezi. The company also holds undeveloped land assets for future development.

Differentiator

Problem solved

Functional benefit

Products and services

• Kasaba Modern A residential villa project in Ömerli, Çekmeköy district of Istanbul with 165 villa/residential units on approximately 138,000 m² of land.
• Litus İstanbul A mixed-use residential/commercial project in Altunizade, Istanbul consisting of 7 blocks with 115 independent sections (4 shops, 13 offices, 98 apartments). Delivered with immediate occupancy advantage.
• Manzara Adalar A mixed-use project in Kartal, Istanbul featuring five blocks (three residential, two office) with 975 units plus commercial spaces. Designed by Perkins Eastman with LEED certifications (Gold for residential, Platinum for office). Located 1.5 km from sea with island views.
• Ege Perla Alışveriş Merkezi A mixed-use shopping center, office, and residential complex in Konak, Izmir. Opened in 2017 with 23,096 m² leasable area. The first mixed-use project in the region combining traditional Izmir lifestyle with modern architecture. Designed by Emre Arolat Architecture.
• İş Kuleleri Kompleksi An office complex in Mecidiyeköy-Maslak corridor of Istanbul comprising two office towers (34 floors each, 27 leasable) and Kule Çarşı Shopping Center. Completed in 2000.
• Kanyon Alışveriş Merkezi A mixed-use complex in Levent, Beşiktaş, Istanbul combining shopping mall, office, and residential spaces. Developed jointly with Eczacıbaşı Group. Opened in 2006 with 42,210 m². İş GYO holds 50% ownership. Certified with BREEAM Outstanding and ISO 14001.
• Tuzla Teknoloji ve Operasyon Merkezi (TUTOM) A technology and operations center in Tuzla, Istanbul for Türkiye İş Bankası A.Ş. featuring 184,653 m² of office, IT/data center, training facilities, and accommodation. LEED Gold certified. Leased to İş Bankası for 25 years from 2016.
• Mallmarine Alışveriş Merkezi A shopping center in Marmaris, Muğla. Opened in 2001 with 3,463 m². Turkey's first contemporary shopping center in the tourism-important district of Marmaris.
• İçerenköy Ofis Binaları Office buildings in İçerenköy, Istanbul. Added to portfolio in 2025 with valuation of 420,300,000 TL + VAT. Total area of 6,133 m².
• İzmir Konak Ticari Bina Commercial building in Konak, Izmir with 9,567 m² area. Valuation of 1,196,830,000 TL + VAT.
• Ofis Maslak Office building in Maslak Plaza area of Sarıyer, Istanbul. 12 floors with 10,987 m². Located in the important finance and trade corridor between Levent and Maslak.
• Ofis Lamartine Office building at Taksim in Beyoğlu, Istanbul. Completed in 2013 with 3,949 m². Located at the intersection of Cumhuriyet Avenue and Lamartine Street.
• Kuledibi Binası Commercial building in Beyoğlu, Istanbul's historic Büyük Parmakkapı Street. 947 m². Expected delivery 2026. Valuation of 509,850,000 TL + VAT.
• Parmakkapı Binası Historic commercial building on Büyük Parmakkapı Street in Beyoğlu, Istanbul. 1,988 m². Valuation of 675,075,000 TL + VAT. Purchased from İş Bankası in 2025.
• Tuzla Meydan Çarşı Mixed-use project with office and commercial areas in Tuzla, Istanbul. Completed in 2015 with 3,595 m². LEED Gold certified. Designed by SOM (Skidmore Owings Merrill LLP) and Design Grup. Adjacent to Tuzla Technology and Operations Center.
• Avrupa Residence – Şişli 2 Ongoing residential project at former Profilo AVM site in Şişli, Istanbul. Revenue sharing model with Artaş İnşaat. İş GYO revenue share: 40% with minimum guaranteed $65 million USD. Sales launched December 2025.
• Kasaba Evleri Completed residential project in Istanbul.
• İnistanbul Completed residential project in Topkapı, Fatih, Istanbul.
• Çınarlı Bahçe Konutları Completed residential project in Tuzla, Istanbul.
• Tuzla Konut Projesi Planned residential project in Tuzla, Istanbul. Partnership with Yapıtaş Gayrimenkul (Akgün Grubu) and Misek İnşaat. Revenue sharing: İş GYO 35%, contractor 65%. Minimum revenue share approximately $94 million USD. Sales planned for 2026.
• Ömerli Arsaları Land plots in Ömerli, Istanbul for future development.
• Levent Arsası Land plot in Levent, Istanbul for future development.
• İzmir Şehitler Arsaları Land plots in Izmir Şehitler area for future development.

Quantifiable outcome

• Rental income increased 21% YoY to 1,767 million TL in 2025
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Yapıtaş Gayrimenkul (Akgün Grubu) and Misek İnşaatcoreStrategic or Co-development Partner · 1 July 2025Joint development partners for Tuzla Konut project. Revenue sharing model with İş GYO receiving 35% of sales revenue (minimum expected 94 million USD). Site preparation underway with sales planned for 2026.
• Eczacıbaşı TopluluğucoreStrategic or Co-development PartnerJoint development partner with İş GYO for Kanyon Alışveriş Merkezi project. Kanyon was developed together by İş GYO and Eczacıbaşı Group as a mixed-use complex combining residential, retail, and office spaces.
• Tepe Emlak YatırımminorOthersProperty management company responsible for the management of Ege Perla Alışveriş Merkezi shopping center in Izmir.
• Artaş İnşaatcoreStrategic or Co-development PartnerJoint development partner for Avrupa Residence Şişli-2 project on former Profilo AVM site. Revenue sharing model with İş GYO receiving 40% of sales revenue (minimum 65 million USD). Project launched December 2025.
• Tecim Yapı Elemanları İnşaat Servis ve Yönetim Hizmetleri San. ve Tic. Ltd. Şti. (TECİM)coreStrategic or Co-development PartnerJoint development partner for Kasaba Modern project in Ömerli, Çekmeköy. İş GYO holds approximately 44% land share, TECİM holds approximately 56%. Project consists of 165 villas on 138,000 m² land with construction started in 2024.
• Türkiye Şişe ve Cam Fabrikaları A.Ş.minorOthersPurchased offices and commercial areas in Tuzla Meydan Çarşı project. The project also included sales to Türkiye Şişe ve Cam Fabrikaları A.Ş. for office and commercial units.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Emlak Konut GYO: The largest Turkish REIT (GYO), listed as EKGYO, operating a diversified portfolio of residential, commercial, and land assets developed through revenue-share partnerships. Directly comparable to IS GYO in business model, regulatory framework (SPK-supervised REIT), and exposure to the Turkish real-estate cycle.
• Torunlar GYO: Turkish REIT (TRGYO) anchored by Mall of Istanbul and a portfolio of mixed-use and retail properties. Comparable to IS GYO as a SPK-supervised GYO operating prime Istanbul retail/office assets with a mix of rental income and asset rotation.
• Halk GYO: Bank-owned (Halkbank) Turkish REIT (HLGYO) with a diversified office, retail, and residential portfolio. Closely comparable to IS GYO in ownership structure (bank-controlled), SPK regulatory regime, and reliance on related-party tenant/transactions.
• Vakıf GYO: Bank-affiliated Turkish REIT (VKGYO) holding office, retail, and residential assets in Istanbul and other major cities. Comparable to IS GYO in being a bank-influenced GYO with diversified Turkish real-estate exposure under the same SPK REIT framework.
• Sinpaş GYO: Turkish REIT (SNGYO) with a residential-led portfolio of branded housing projects across Turkey. Comparable to IS GYO via joint-venture/revenue-share development model and exposure to Turkish residential real-estate cycles, though with greater residential concentration.
• Akfen GYO: Turkish REIT (AKFGY) within the Akfen Holding group, historically focused on budget hotel and commercial assets. Comparable to IS GYO as a SPK-regulated GYO operating diversified Turkish real estate with rental-income emphasis.
• Özak GYO: Turkish REIT (OZKGY) with a mixed office, retail, and residential portfolio across Istanbul and other major Turkish cities. Comparable to IS GYO as a smaller, diversified SPK-regulated GYO competing in the same Istanbul prime submarkets.
• Avrasya GYO: Turkish REIT (AVGYO) operating a diversified Turkish real-estate portfolio. Comparable to IS GYO as a SPK-regulated GYO with similar revenue mix of rental income and property sales.

Emerging players

• Kalyon GYO: Emerging Turkish REIT within the Kalyon Group, focused on commercial and residential development. Comparable to IS GYO as a newer SPK-regulated GYO expanding into Istanbul mixed-use projects, though at a smaller, earlier stage.

Regional players

• Agaoglu: Privately-held Turkish real-estate developer (not a public GYO) with a large residential and mixed-use portfolio across Istanbul. Comparable to IS GYO's project-development activities and Turkish residential market dynamics, but structurally a private developer rather than a public REIT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/is_gyo
• YouTubeyoutube.com/@IS_GYO
• Facebookfacebook.com/ISGYO
• LinkedInlinkedin.com/company/is-real-estate-investment-trust-company
• Instagraminstagram.com/isgyo

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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

Frequently asked questions about IS GYO