Koray Group

What Koray Group does

Koray Group is a privately held Turkish conglomerate founded in 1956 by H. Ayduk Koray and headquartered in Istanbul's Levent financial district. The group operates across four business divisions: (1) Koray Construction — general contracting for business centers, malls, public buildings, housing, hotels, educational facilities, industrial plants, and renovation, with specialized expertise in exposed concrete facades developed since the 1970s; (2) Koray GYO — a BIST-listed real estate investment partnership developing residential and mixed-use projects including İstanbul İstanbul, Upland, Liberte, Kasaba, and Ankara Çankaya; (3) Koray Energy / Hun Yenilenebilir Enerji / Sunsis — renewable energy production and operations & maintenance covering solar (66.62 MWp), hydroelectric (25.3 MW), and biomass (10.5 MW) assets, plus O&M services across 159 MW and 551,404 panels in 13 cities; and (4) Koray Invest — a 2025-established venture capital partnership with 1.5 billion TRY registered capital targeting startups in production, renewable energy, technology, and tourism.

The group serves enterprise and government clients including major Turkish banks (İşbank, Akbank, Yapı Kredi, Garanti), Sabancı University, and Turkish government ministries, with international project delivery in Saudi Arabia, Russia, Azerbaijan, and Jordan. Revenue mechanics mix project-based construction contracts (one-time), real estate development sales (one-time), recurring electricity generation and O&M contracts (subscription), and transaction-based venture capital investing. Two subsidiaries (Koray GYO since 1998, Hun Energy since 2022) are separately listed on Borsa İstanbul, providing public capital access while the parent remains private under Chairman Orhun Kartal. The group reports 300+ completed projects, 500+ business partners, and operations across 5+ countries, with a recent announced target of 500 MW solar plus 500 MW battery storage in Europe by 2030.

Name

Koray Group

Legal name

Koray Gayrimenkul ve Yatırım Anonim Şirketi

Website

https://koray.com

Company type

Private

Founded year

1956

Operating status

Operating

Headcount range

101–250 employees

Short description

Koray Group is a privately held Turkish conglomerate founded in 1956, operating general contracting, BIST-listed real estate development (Koray GYO), renewable energy production (Hun Energy, Koray Energy), and venture capital — serving enterprise and government clients in Turkey, Saudi Arabia, Russia, Azerbaijan, and Jordan.

Ownership category

akta.pro rank

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Contracting: General contracting services for industrial facilities, office buildings, shopping centers, hotels, and residential projects. Revenue generated through project-based construction contracts.
2. Real Estate Development: Development and sale of residential and commercial properties through Koray GYO (Real Estate Investment Partnership). Projects include Upland, Liberte, and İstanbul İstanbul.
3. Renewable Energy Production: Electricity generation through solar (66.62 MWp GES), hydro (73 MW HES), and biomass (10.5 MW) facilities. Revenue from energy trading and sales.
4. Operations and Maintenance: O&M services for solar power plants through Sunsis subsidiary, managing 551,404 panels, 45 central inverters, and 2,913 string inverters.
5. Venture Capital Investment: Koray Venture Capital Investment Partnership invests in startup companies seeking sustainable growth and high profitability across production, renewable energy, technology, and tourism sectors.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Koray Group is a diversified Turkish holding company that develops construction, real estate, and renewable energy projects. It operates through four divisions: general contracting (construction of business centers, malls, hotels, public buildings, housing, and industrial facilities), real estate development (residential and commercial projects under the Koray GYO brand), renewable energy production (solar, hydro, and biomass power plants, plus O&M services via Sunsis), and venture capital investment (Koray Invest, established 2025). The group has completed 300+ projects across 5+ countries since 1956.

Product overview

Koray Group is a diversified Turkish holding company operating across four primary business divisions: (1) Koray Construction — general contracting for buildings, infrastructure, hotels, malls, and industrial facilities across Turkey and internationally; (2) Koray GYO — a BIST-listed real estate investment partnership developing residential projects under branded names including İstanbul İstanbul, Liberte, Upland, Kasaba, and Ankara Çankaya; (3) Koray Energy — international renewable energy operations including solar, wind, and battery storage, managed through Koray Energy (international), Hun Energy (BIST-listed subsidiary with solar, hydro, and biomass assets), and Sunsis (O&M services for solar plants); and (4) Koray Venture Capital Investment Partnership — a 2025-established VC fund investing across production, energy, technology, and tourism. The group operates across more than 5 countries with 70+ years of experience and 300+ completed projects.

Differentiator

Problem solved

Functional benefit

Brands

• Koray GYO: Real estate investment partnership operating on Borsa İstanbul (BIST), developing residential and commercial projects including Upland, Liberte, and İstanbul İstanbul.
• Koray Energy
• Hun Energy
• Sunsis
• Koray Invest (Koray Girişim)

Products and services

• Koray Construction (General Contracting) General contracting services for landmark and institutional buildings including business centers, malls, public/government buildings, housing units, hotels, educational facilities, and industrial facilities, with specialization in exposed concrete construction and LEED/BREEAM certified delivery. Clients include banks, government ministries, universities, and hotel groups.
• Koray GYO (Real Estate Development) Development and sale of residential and mixed-use properties in prime Turkish locations (primarily Istanbul and Ankara), marketed under dedicated sub-brand names. Koray GYO is a Borsa Istanbul-listed real estate investment partnership.
• Koray Upland (Residential Project) Active residential project in Göktürk, Istanbul, developed and sold by Koray GYO.
• Koray Liberte (Residential Project) Active residential project in Göktürk, Istanbul, developed and sold by Koray GYO.
• İstanbul İstanbul (Flagship Residential Project) Flagship residential project developed by Koray GYO in Göktürk, Istanbul, with active sales; awarded MIPIM 1st Prize in 1999 and 2002.
• Koray Energy (International Renewable Energy) International renewable energy division of Koray Group managing solar, wind, and battery storage projects; pursuing European expansion targeting 500 MW solar and 500 MW battery storage by 2030 with focus on Greece, Italy, Romania, and the Balkans, and considering IPO on a European exchange.
• Hun Energy (Hun Yenilenebilir Enerji) BIST-listed renewable energy company specializing in electricity generation from solar, hydroelectric, and biomass sources in Turkey. Holds 66.6 MWp solar, 10.5 MW biomass, and 25.3 MW hydroelectric capacity, and sells electricity to power markets.
• Sunsis (Solar Plant O&M Services) Operations and maintenance services for solar power plants in Turkey and abroad; manages 551,404 panels, 45 central inverters, and 2,913 string inverters across 13 cities, 27 sites, and 159 MW capacity.
• Koray Venture Capital Investment Partnership Venture capital investment fund targeting high-growth startups in production, renewable energy, technology, and tourism sectors, providing capital, strategic guidance, and access to Koray's corporate network.

Quantifiable outcome

• First solar power plant in Turkey commissioned in 2014
• +1 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Yapı ve Kredi BankasıcoreStrategic or Co-development Partner · 1 May 2021Yapı ve Kredi Bankası previously co-owned Koray GYO as a joint venture partner since December 1996. In May 2021, the bank's shares were purchased by Koray Gayrimenkul ve Yatırım A.Ş., making Koray GYO fully part of the Koray Group.

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Kolin İnşaat: Major Turkish construction company with infrastructure, transportation, and energy projects. Directly comparable for general contracting and EPC capabilities in the Turkish market.
• Ant Yapı: Turkish construction company delivering residential, commercial, and industrial projects domestically and internationally. Direct peer for Koray's general contracting business with similar customer profile.
• Akfen Holding: Turkish holding with infrastructure construction, renewable energy, and real estate development. Directly comparable in scale and Turkish market positioning to Koray's business mix.
• Rönesans Holding: Turkish conglomerate operating across construction contracting, real estate development, and energy (including renewable energy via Rönesans Enerji). Closest direct comparable to Koray Group's diversified construction-real estate-energy structure.
• Çalık Holding: Turkish conglomerate with construction, energy, textiles, finance, and mining. Comparable to Koray's diversified holding structure with energy production and international project execution.
• Limak Holding: Turkish diversified group with construction, energy (Limak Energy including hydropower and renewables), tourism, and food operations. Mirrors Koray's conglomerate footprint with similar international presence.
• ENKA İnşaat: One of Turkey's largest listed construction companies with global EPC, energy (power plants), and real estate operations. Direct comparison for Koray's construction arm and listed energy subsidiary.

Broad incumbents

• Sanko Holding: Diversified Turkish conglomerate with construction, textiles, energy, and packaging operations. Comparable conglomerate structure with significant construction activity.
• Doğuş Group: Major Turkish conglomerate spanning construction, real estate, automotive, media, tourism, and food. Broader portfolio than Koray but overlapping construction and real estate operations.
• Sabancı Holding: One of Turkey's largest conglomerates with significantly broader portfolio across banking, industrials, and retail. Compares as an incumbent that has engaged Koray as a contractor (Sabancı University, Sabancı Center projects).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@koraygroup
• Xx.com/koraygroup
• LinkedInlinkedin.com/company/koray

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries6 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 Koray Group