Korfez Gayrimenkul Yatrim Ortakligi

What Korfez Gayrimenkul Yatrim Ortakligi does

Körfez Gayrimenkul Yatırım Ortaklığı A.Ş. (Körfez GYO) is a publicly listed Turkish Real Estate Investment Trust (GYO) regulated by the Capital Markets Board of Turkey (SPK), originally founded in 1996 and converted to GYO structure in 2011. The company is a wholly-owned subsidiary of Kuveyt Türk Katılım Bankası A.Ş., a Kuwaiti-Turkish participation (Islamic finance) bank, and operates as the bank's dedicated real estate investment vehicle. Körfez GYO manages a diversified six-asset portfolio concentrated exclusively in Istanbul across four verticals: thermal tourism (Körfez Termal timeshare resort in Pendik), commercial offices (units in Istanbul Financial Center and Torun Center in Şişli), residential/mixed-use (Kartal Horizon), and undeveloped land bank (Tuzla İçmeler and Kilyos, both zoned TİCTK-2 for Commerce+Tourism+Residential development).

The company generates revenue through three streams: one-time property sales (commercial units, devremülk/timeshare units, land parcels), recurring rental income from commercial office holdings, and long-term capital appreciation through asset acquisition and development. Pricing is determined by independent valuation reports (e.g., Reel Gayrimenkul Değerleme A.Ş.) rather than published rates. The go-to-market is enterprise sales: direct negotiations with corporate buyers and related parties (Körfez Tatil Beldesi Turistik Tesisler A.Ş., KT Sağlam Gayrimenkul A.Ş.), supplemented by Borsa Istanbul public share trading for retail/individual investor exposure to halal-compliant real estate. Recent strategic activity includes a 200% capital increase (330M TL to 990M TL) approved in December 2024, a 215M TL Istanbul Financial Center office acquisition (May 2026), and ongoing inventory monetization through related-party devremülk and commercial unit sales. Customer segments serve individual investors via GYO shares, corporate tenants via commercial leasing, and tourism operators via devremülk units.

Name

Korfez Gayrimenkul Yatrim Ortakligi

Legal name

Körfez Gayrimenkul Yatırım Ortaklığı A.Ş.

Website

https://korfezgyo.com.tr

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Körfez GYO is a publicly listed Turkish Real Estate Investment Trust (GYO) and wholly-owned subsidiary of Kuveyt Türk Katılım Bankası, managing a diversified portfolio of thermal tourism, commercial office, residential, and land assets across Istanbul under SPK regulation.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Sustainable Real Assets (Green Real Estate, Land, Forestry) Funds (FSANAJAD)

Keywords

• Real estate investment trust
• Commercial office leasing
• Timeshare resort property
• Mixed-use real estate development
• Land bank investments

Headquarters

HQ city

Istanbul

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Property Sales: Revenue generated from selling commercial units, office spaces, residential units, time-share properties (devremülk), and land parcels. Recent transactions include sale of Körfez Termal commercial units for 71 million TL + VAT and devremülk units to related parties.
2. Property Rental: Rental income from commercial and office properties in portfolio, including Torun Center offices and Istanbul Financial Center offices.
3. Real Estate Investment: Long-term value creation through acquisition and development of commercial, residential, and tourism real estate assets in compliance with SPK GYO regulations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Körfez GYO is a publicly listed Real Estate Investment Trust (GYO) on Borsa Istanbul that invests in and manages a diversified portfolio of commercial office spaces, thermal tourism and timeshare (devremülk) resort properties, mixed-use residential developments, and land bank assets in strategic Istanbul locations. The company generates revenue through property sales, rental income from commercial offices in prime locations such as Torun Center and Istanbul Financial Center, and long-term capital appreciation, operating under the regulatory framework of the Capital Markets Board of Turkey (SPK).

Product overview

Körfez GYO operates as a real estate investment trust (GYO) managing a diversified portfolio of commercial, residential, tourism, and land development properties in Turkey. The company's core business involves investing in real estate, real estate projects, real estate-based rights, and capital market instruments under Capital Markets Board regulations. The portfolio consists of six main properties: Körfez Termal (timeshare resort), İstanbul Finans Merkezi Ofisleri (commercial offices), Torun Center Ofisleri (commercial offices), Kartal Horizon Projesi (mixed-use residential/commercial), Tuzla İçmeler Arsası (land), and Kilyos Arsası (land). The company focuses on long-term value creation through sustainable real estate investments, with approximately 30 years of industry experience.

Differentiator

Problem solved

Functional benefit

Products and services

• Körfez Termal Timeshare (devremülk) resort property located in Pendik, Istanbul, offering vacation property usage rights, thermal spa and wellness facilities, and devremülk investment opportunities sold primarily to related party Körfez Tatil Beldesi Turistik Tesisler ve Devremülk İşletmeciliği A.Ş.
• İstanbul Finans Merkezi Ofisleri Commercial office spaces within the Istanbul Financial Center complex, offering retail and office units for lease or sale to corporate tenants. Körfez GYO acquired two office units from related party KT Sağlam Gayrimenkul A.Ş. for 215 million TL plus VAT, with title deed transfer completed on 14.05.2026.
• Torun Center Ofisleri Commercial office spaces located within the Torun Center complex in Şişli, Istanbul, generating rental income for Körfez GYO. The Torun Center also serves as the company's headquarters (Fulya Mahallesi, Büyükdere Caddesi, Torun Center, D Blok, No: 74, Kat:13, D-54, Şişli).
• Kartal Horizon Projesi Mixed residential and commercial development project in the Kartal district of Istanbul, combining housing units with retail and commercial spaces for long-term value creation in Körfez GYO's portfolio.
• Tuzla İçmeler Arsası Land plot of 10,587 m² in the Tuzla İçmeler area of Istanbul, acquired from Emlak Konut GYO A.Ş. through a Real Estate Sale Promise Agreement signed on 27.10.2020 and supplemented by a 1,159.92 m² parcel acquired from Gesa Gemi ve Makina San. Tic. A.Ş. on 22.06.2026 to consolidate full ownership. Designated for TİCTK-2 (Commerce+Tourism+Housing) mixed-use development.
• Kilyos Arsası Land plot in the Kilyos area of Istanbul, designated for TİCTK-2 (Commerce+Tourism+Housing) mixed-use development, held as a long-term land bank asset in Körfez GYO's portfolio for future appreciation.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Körfez Tatil Beldesi Turistik Tesisler ve Devremülk İşletmeciliği A.Ş.coreStrategic or Co-development Partner · 22 May 2026Related party and primary buyer of Körfez Termal devremülk (time-share) units. Multiple bulk sales of devremülk units conducted to this entity, including 48 units in August 2024 (55 million TL), 32 units (74.5 million TL), and commercial units in May 2026 (71 million TL).
• KT Sağlam Gayrimenkul A.Ş.minorStrategic or Co-development Partner · 14 May 2026Related party from which Körfez GYO purchased 2 office units at Istanbul Financial Center for 215 million TL + VAT. The transaction was between affiliated companies.
• Emlak Konut GYO A.Ş.minorStrategic or Co-development PartnerPartner in Tuzla land acquisition through a Gayrimenkul Satış Vaadi Sözleşmesi (Real Estate Sale Promise Agreement) signed on 27.10.2020. Emlak Konut GYO retained mortgage rights on the property until full payment.
• Gesa Gemi ve Makina San. Tic. A.Ş.minorOthersOwner of 1,159.92 m2 portion of Tuzla land (parcel 265, block 1) which was purchased by Körfez GYO to consolidate full ownership of the 10,587 m2 plot.
• Reel Gayrimenkul Değerleme A.Ş.minorImplementation/ SI/ Consulting PartnerIndependent property valuation firm providing expert valuation reports for real estate transactions, including May 2026 valuation of Körfez Termal commercial units at 70,300,720 TL + VAT.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Halk GYO: Public REIT affiliated with Halkbank, operating a diversified portfolio of commercial and residential assets in Turkey. Comparable as a bank-subsidiary GYO operating under SPK framework.
• İş GYO: SPK-regulated Turkish REIT backed by İş Bankası, focused on commercial office, residential, and mixed-use properties in Istanbul. Comparable as a bank-affiliated, publicly listed GYO with prime Istanbul real estate.
• Kiler GYO: Smaller Turkish REIT operating mixed-use residential and commercial properties. Comparable as a publicly listed GYO competing for similar Istanbul real estate opportunities.
• Vakıf GYO: Public REIT linked to VakıfBank with a portfolio of commercial, residential, and mixed-use real estate across Turkey. Comparable as a bank-affiliated GYO with similar Istanbul-focused strategy.
• Emlak Konut GYO A.Ş. Turkey's largest publicly listed REIT (GYO), operating under SPK with a diversified portfolio of residential, commercial, and land assets. Directly comparable as Körfez GYO is a known co-counterparty in Tuzla land acquisition, and both operate as tax-advantaged publicly traded real estate investment companies.
• Doğuş GYO: Public REIT associated with the Doğuş Group, operating commercial and mixed-use properties in Istanbul. Comparable as a SPK-regulated GYO with similar institutional backing structure.
• Sinpaş GYO: Turkish REIT focused on residential, commercial, and mixed-use developments primarily in Istanbul. Comparable as a publicly listed GYO with overlapping Istanbul real estate focus.
• Akfen GYO: Turkish REIT with a portfolio of commercial and student housing real estate. Comparable as a SPK-regulated GYO operating in the same regulatory and currency environment.
• Torunlar GYO: Turkish REIT with a portfolio anchored in Istanbul commercial and mixed-use developments, including the Torun Center where Körfez GYO also owns offices. Directly comparable as a GYO with overlapping Istanbul office exposure and SPK-regulated structure.
• Yapı Kredi Koray GYO: Turkish REIT associated with Yapı Kredi and Koray, focused on residential and commercial real estate development. Comparable as a publicly listed GYO under SPK supervision.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/korfezgyo
• LinkedInlinkedin.com/company/korfez-gyo
• Instagraminstagram.com/korfezgyo
• Facebookfacebook.com/korfezgyo

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Korfez Gayrimenkul Yatrim Ortakligi