TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş.

What TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş. does

TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş. is a private joint stock company founded in 2012 that operates a public-private partnership model for the heritage restoration and urban renewal of İzmir's 252-hectare Kemeraltı and Surroundings Urban Renewal Area — a legally designated zone under Law No. 5366 containing over 2,000 registered monumental and civil structures. The company coordinates the full urban renewal value chain including pre-feasibility, title deed arrangements, architectural project development (survey, restitution, restoration), approvals through the Cultural Heritage Preservation Regional Board, construction management, and operational reuse of restored assets. It is the sole entity authorized (under a May 2020 protocol with the Ministry of Culture and Tourism) to prepare the Site Management Plan and UNESCO World Heritage Nomination File for the Historical Port City of İzmir, which was added to the UNESCO Tentative List in April 2020 with the nomination file completed in December 2022.

The company's core technology is domain-specialized urban renewal methodology rather than software: it combines architectural project development, integrated UNESCO Site Management Planning, and stakeholder coordination across 180+ institutional shareholders. It operates through three subsidiaries — ORKEM (100% owned, the execution and service arm), YUROKEM (51% ORKEM / 49% property heirs, offices-parking-restaurant-museum at Yusuf Rıza), and ALKEM (99% ORKEM / 1% property heirs, youth-focused F&B and accommodation at Ali Galip Old Chocolate Factory). A January 2023 partnership with Re-Pie Portföy created the İzmir Historical Kemeraltı Real Estate Investment Fund (GYF) — Turkey's first impact investment real estate fund — which scales qualified-investor capital for restoration.

The business model combines project-based professional services (restoration project development, cultural heritage content development including the €5M EU Horizon 'Eyes Hearts Hands Urban Revolution' project, the Sanat Zanaat Atlası, and the IMECE Craft Hub), managed services (the GYF), and direct operational revenue from restored assets via subsidiaries (office, parking, restaurant, hotel, hostel, and museum functions). Customers are segmented across public institutions (municipalities, ministries, regional heritage board), qualified domestic and international investors, local property owners partnering via rental/purchase/joint-company structures, artisans and tradespeople, and the tourist and youth segments. Pricing is negotiated on a project basis and not publicly disclosed; no revenue figures are published.

Name

TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş.

Legal name

TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş.

Website

https://tarkem.com.tr

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Public-private partnership founded in 2012 that restores and operates heritage buildings in İzmir's 252-hectare Kemeraltı Urban Renewal Area, managing 20 restoration projects and a UNESCO World Heritage nomination for public institutions, qualified investors, and cultural heritage stakeholders.

Ownership category

akta.pro rank

Product category

Heritage Restoration and Urban Renewal Services

NAICS

Land Subdivision (2372)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540)

akta.pro industry

PRIMARYBPAJAHAM

Association Maintenance, Vendor & Capital Project Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/HOA/Condominium Association Management

Keywords

• Heritage restoration services
• Urban renewal projects
• Cultural heritage management
• Historic real estate development
• UNESCO site nomination

Headquarters

HQ city

İzmir

HQ country

Türkiye

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Real Estate Restoration and Rental: TARKEM develops restoration projects for historical properties under various contractual arrangements (rental, purchase, joint company). Restored properties are put into operation and generate rental or operational income. Completed buildings include Mavi Kortejo, Tarihi İstiklal Okulu, Arap Fırını Sokağı Atölyeleri 3, Vakıflar Konağı 1 and 2, Basmahan, and Tarihi Akın Pasajı.
2. Real Estate Investment Fund Management: TARKEM leads the Izmir Tarihi Kemeraltı Gayrimenkul Yatırım Fonu (Real Estate Investment Fund) in partnership with Re-Pie Portföy Yönetim Şirketi, accepting qualified investors and raising capital for urban renewal projects. This is the first impact investment in Turkey's real estate investment fund ecosystem.
3. Cultural Heritage Project Development: TARKEM carries out content development activities and UNESCO Site Management functions for the Historical City Center, often in collaboration with national and international institutions, potentially receiving project-based funding or support.
4. Subsidiary Company Operations (ORKEM, YUROKEM, ALKEM): TARKEM's wholly-owned subsidiary ORKEM (and joint ventures YUROKEM and ALKEM with property owners) manage specific restoration projects and operations including office, parking, restaurant, hotel, and museum functions.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

TARKEM is a public-private partnership that restores and adaptively reuses historical buildings within the 252-hectare Kemeraltı and Surroundings Urban Renewal Area in İzmir, Turkey. It currently manages 20 real estate restoration projects, including completed buildings (Mavi Kortejo, Tarihi İstiklal Okulu, Vakıflar Konağı 1 & 2, Basmahan, Tarihi Akın Pasajı) and ongoing/planned restorations, while also managing the UNESCO World Heritage nomination process for the Historical Port City of İzmir and operating Turkey's first impact-focused real estate investment fund.

Product overview

TARKEM operates as a comprehensive urban renewal and cultural heritage organization managing a portfolio of real estate restoration projects and content development initiatives. The core offering consists of real estate and cultural heritage restoration activities (Gayrimenkul ve Kültürel Miras Çalışmaları) encompassing 19-20 projects across Basmane, Kestelli, and Havralar regions in the historic Kemeraltı district. The project portfolio includes completed buildings (Blue Kortejo, Tarihi İstiklal Okulu, Vakıflar Konağı 1&2, Basmahan, Tarihi Akın Pasajı), ongoing restorations (Tevfik Paşa Konağı, Albayrak Pasajı, Ay Yıldızlı Konak), and 7 projects planned for 2025 completion (Yusuf Rıza Ofisleri, ALGA, Vakıflar Oteli, Ahmet Nazım Peştamalcı Çarşısı, Rahmi Bey Konağı, Kestelli Konağı, Mesrure Hanım Konağı). Supporting services include Real Estate Content Development with EU-funded projects (Eyes Hearts Hands Urban Revolution), research initiatives (Sanat Zanaat Atlası), and social innovation programs (IMECE Craft Hub). The organization also manages the UNESCO Izmir Historical Port City World Heritage nomination process and operates the Izmir Historic Kemeraltı Real Estate Investment Fund through subsidiary companies ORKEM, YUROKEM, and ALKEM.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate and Cultural Heritage Activities (Gayrimenkul ve Kültürel Miras Çalışmaları) Core offering comprising 20 real estate restoration projects focused on preserving urban values in the Kemeraltı Urban Renewal Area, with work concentrated in Basmane, Kestelli, and Havralar regions for institutional and public clients.
• Real Estate Content Development Activities (Gayrimenkul İçerik Geliştirme Çalışmaları) Content development services for real estate projects including EU-funded projects, art and craft initiatives, and social innovation programs for the Kemeraltı area, serving institutional and community stakeholders.
• UNESCO İzmir Historical Port City Nomination Services Comprehensive UNESCO World Heritage nomination services for the Historical Port City of İzmir, including Site Management Plan preparation, stakeholder coordination, and nomination dossier management for public sector partners.
• İzmir Historical Kemeraltı Real Estate Investment Fund (GYF) Impact-focused real estate investment fund accepting qualified domestic and international institutional and individual investors to finance heritage restoration and urban renewal in the Kemeraltı area, with a target of attracting $1 billion in investment to İzmir's historical district.
• Eyes Hearts Hands Urban Revolution (EU Horizon Project) EU-funded sustainable design and urban innovation project with 27 partners across 7 countries, focused on developing solutions for historical properties in Kemeraltı including social innovation, energy efficiency, and anti-discrimination outcomes.
• Atlas of Art and Craft (Sanat Zanaat Atlası) Documentation and digital archive project covering nearly 2,500 years of arts and crafts heritage in Kemeraltı, including artist/craftsman interviews, short films, documentaries, and a digital archive, serving cultural and educational stakeholders.
• IMECE Craft Hub Art and craft social innovation and entrepreneurship acceleration program, backed by the Turkish Ministry of Culture and Tourism, pairing young creatives with traditional artisans through mentorship and business development activities.

Quantifiable outcome

• 8 completed heritage buildings restored and put into operation
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• İzmir Metropolitan MunicipalitycoreStrategic or Co-development Partnerİzmir Metropolitan Municipality is a founding shareholder and key public partner in TARKEM, providing institutional support and alignment for urban renewal initiatives in the Kemeraltı and Surroundings Urban Renewal Area.
• Ministry of Culture and TourismcoreStrategic or Co-development PartnerThe Ministry of Culture and Tourism signed a protocol with TARKEM on May 5, 2020, authorizing TARKEM to prepare the Site Management Plan and UNESCO World Heritage Nomination File for the Historical Port City of Izmir. It is a founding shareholder.
• Governorship of İzmir (İzmir Valiliği)coreStrategic or Co-development PartnerThe Governor of İzmir actively supports TARKEM's work, visited the TARKEM office, and promotes Kemeraltı as a tourism destination. The Governorship is a founding shareholder.
• Konak MunicipalitycoreStrategic or Co-development PartnerKonak Municipality is a founding shareholder and key local government partner, providing administrative support and approvals for restoration projects within its jurisdiction.
• Eczacıbaşı (Eczacıbaşı Group)minorStrategic or Co-development PartnerEczacıbaşı Group, whose founder first opened a store in the Kemeraltı area (Tilkilik), is a founding shareholder. Chairman Bülent Eczacıbaşı visited TARKEM's office and expressed support for the area's revitalization efforts.
• İzmir University of Economics Creative Economy Research & Application CenterminorStrategic or Co-development PartnerPartnered with TARKEM on the Art and Craft Atlas project and the IMECE Craft Hub project to document and revitalize traditional crafts in Kemeraltı.
• Aegean Young Business Association (EGİAD)minorStrategic or Co-development PartnerEGİAD, an Aegean young business association, is a founding shareholder and has restored the Portuguese Synagogue in Kemeraltı, contributing to heritage preservation efforts.
• Eyes Hearts Hands Urban Revolution (EU Horizon Project)coreStrategic or Co-development PartnerTARKEM participates in this 36-month EU Horizon project (€5 million budget) with 27 partners across 7 countries, focused on sustainable design for historical properties in Kemeraltı and addressing social discrimination, energy insufficiency, and population decline in historic city centers.
• IMECE Craft HubminorStrategic or Co-development PartnerIMECE is an Art and Craft Social Innovation and Entrepreneurship Project backed by the Turkish Ministry of Culture and Tourism's 'The Future is the Youth' Culture Industries Support program. Partners include Izmir Bilimpark Inc., Izmir University of Economics, Izmir Historical Kemeraltı Tradesmen Association, and TARKEM.
• Spectacled TalesminorStrategic or Co-development PartnerPartner in the Art and Craft Atlas project along with Izmir University of Economics, Izmir Historical Kemeraltı Tradesmen Association, and TARKEM.
• Izmir Historical Kemeraltı Tradesmen AssociationminorStrategic or Co-development PartnerPartner in the Art and Craft Atlas and IMECE Craft Hub projects, representing local tradespeople in Kemeraltı.
• VisitIzmirminorGTM or Marketing PartnerVisitIzmir is a platform developed under coordination of İzmir Vakfı with partnership of İzmir Büyükşehir Belediyesi, İzmir Kalkınma Ajansı, and Sun Express. TARKEM promotes VisitIzmir on its website to showcase İzmir's attractions.
• Turkish Quality Association - Izmir Branch (KalDer)minorStrategic or Co-development PartnerKalDer Izmir Branch's Board of Directors visited TARKEM's office to receive information about TARKEM's activities in the Historical City Center and discussed potential collaborations for the field.

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Urban Splash: Manchester-based developer known for heritage-led urban regeneration through partnerships with housing associations and local authorities. Directly comparable to TARKEM in coordinating adaptive reuse of historic buildings with multi-stakeholder PPP structures, though operating in UK cities rather than İzmir.
• Fondation du patrimoine: France's heritage-focused foundation that mobilizes public, private, and corporate funding for restoring historic buildings in coordination with municipalities. Closely comparable to TARKEM's PPP-plus-fund model for urban heritage renewal, including a regulated financial vehicle for heritage investment.
• Realdania: Danish philanthropic association that invests in the built environment through a foundation-led, mission-driven model — funding urban renewal, heritage preservation, and quality-of-life projects. Directly comparable to TARKEM's PPP-and-fund approach to historic urban areas, though at larger national scale.

Others

• INTBAU: International network for traditional building, architecture, and urbanism, promoting craft-based and contextual design. Conceptually adjacent to TARKEM's artisan-revival and craft-preservation programs (IMECE Craft Hub, Sanat Zanaat Atlası) — the talent network that underpins TARKEM's restoration pipeline.
• Europa Nostra: Pan-European heritage federation recognized by the European Commission and UNESCO, representing heritage NGOs and running the European Heritage Awards. An ecosystem peer to TARKEM — providing policy advocacy, recognition, and standards that underpin its UNESCO and PPP work in İzmir.
• Urbact: EU-funded network helping European cities develop integrated urban regeneration strategies through peer learning. Adjacent peer to TARKEM in heritage-led urban renewal methodology, with shared audience in EU municipal stakeholders and similar focus on multi-stakeholder coordination.

Broad incumbents

• Aga Khan Trust for Culture: Global heritage organization operating multi-decade urban regeneration programs (e.g., Cairo's al-Azhar Park, Delhi's Humayun's Tomb). Comparable to TARKEM in integrating conservation, urban renewal, and UNESCO-grade heritage management, but at much larger multinational scale.
• World Monuments Fund: US-based international heritage preservation NGO that partners with local entities on endangered-sites conservation and post-disaster recovery. Comparable to TARKEM as a coordinator of multi-stakeholder heritage projects, but primarily grant-funded rather than operating its own restoration real estate pipeline.
• Compagnia di San Paolo: One of Europe's oldest charitable foundations, with major programs supporting cultural heritage, urban regeneration, and impact investing in Italy. Comparable to TARKEM's mission of heritage-driven urban renewal and impact-investment-fund approach, though at significantly larger scale and national scope.

Emerging players

• Stiftung trias: German foundation that takes land off the speculative market to enable affordable, community-oriented use — including heritage and cultural projects. Conceptually aligned with TARKEM's mission of de-commoditizing historic real estate for community benefit, though primarily a land-holding vehicle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/tarihikemeralti
• YouTubeyoutube.com/channel/UCB2mtGBDJ37unS8lNXc2uZQ
• Facebookfacebook.com/TARKEM
• LinkedInlinkedin.com/company/tarkem-tarihi-kemeralt-a-
• Instagraminstagram.com/tarihikemeralti

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 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 TARKEM Tarihi Kemeraltı İnşaat Yatırım Ticaret A.Ş.