Yeşil GYO

What Yeşil GYO does

Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş. (Yeşil GYO, BIST: YGYO) is a publicly traded Turkish Real Estate Investment Trust (GYO) regulated by the Capital Markets Board of Turkey (SPK) and listed on Borsa İstanbul since December 1999. Founded in 1997 as İhlas GYO and later renamed through its 2010–2011 merger with Yeşil İnşaat, the company develops large-scale residential and mixed-use real estate projects primarily across Istanbul, with additional footprint in Sakarya and Kocaeli. Its portfolio is organized around the mass-market Innovia sub-brand (Innovia 1–4, Innovia Ispartakule, Innovia Arifiye, Innovia Terrace İzmit, Innovia Zekeriyaköy) and the premium Elexia sub-brand (Elexia Grand, Elexia Levent, Elexia Tuzla, Elexia Topkapı), together with standalone flagships including İstanbul Tower 205 (a 61-story, 228-meter SOM-designed mixed-use tower targeting LEED Gold) and the Güzelşehir townhouse community.

The company's construction is delivered through affiliate Yeşil Yapı, employing a tunnel-form construction system and deep-pile foundations (325–350 piles per block, ~35m depth) for seismic resilience. Yeşil GYO has historically delivered more than 20,000 residential and commercial units, with completed Innovia phases 1–3 (~9,000 units) showing ~97% occupancy. Active development centers on resolving the decade-delayed Innovia 4 (6,500 units, ~70% complete), the planned 14,000-unit Elexia Grand masterplan, and the İstanbul Tower 205 trophy asset.

Yeşil GYO generates revenue primarily through one-time residential and commercial unit sales across its branded projects, supplemented by recurring rental income from completed commercial/retail components (such as the Innovia Ispartakule courtyard) and returns from capital-market instruments permitted under GYO regulation. Sales are executed via a direct-to-consumer model using on-site sales offices at Topkapı, Tuzla, and Arifiye, a centralized 0850 333 9999 call center, and live video presentation consultations, with marketing anchored on the corporate website and investor-relations portal. The customer base is primarily individual real estate buyers purchasing for owner-occupancy or investment, with installment payment plans including 60-month zero-interest options. Per-unit pricing is not publicly disclosed.

Name

Yeşil GYO

Legal name

YEŞİL GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş.

Website

https://yesilgyo.com

Company type

Public

Founded year

1997

Operating status

Operating

Short description

Yeşil GYO (BIST: YGYO) is a publicly traded Turkish Real Estate Investment Trust that develops residential and mixed-use projects across Istanbul, Sakarya, and Kocaeli under the Innovia and Elexia sub-brands, selling directly to individual buyers through on-site offices and a centralized call center.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

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

SIC

General Bldg Contractors - Residential Bldgs (1520)

akta.pro industry

PRIMARYFSANAEAO

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE)

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

SECONDARYBPAJANAF

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Advisory & Consulting (Investment, Strategy)

Keywords

• Residential real estate development
• Real estate investment trust
• Mixed-use property development
• Commercial property leasing
• Urban housing projects

Headquarters

HQ city

Zeytinburnu

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Residential Property Sales: Yeşil GYO generates primary revenue from the sale of residential units (apartments and villas) across its Innovia and Elexia branded projects. Properties are sold to end-user buyers under installment plans (e.g., 60-month zero-interest options).
2. Commercial Property Sales: Sale of retail, office, and commercial units within mixed-use projects (e.g., Innovia Ispartakule with 135 commercial units, Innovia Arifiye with 58 commercial/office units).
3. Property Rental Income: Revenue from leasing completed commercial and retail spaces within project portfolios (e.g., Innovia Ispartakule commercial courtyard concept).
4. Capital Markets Instruments: Investments in securities and capital market instruments as permitted for GYO companies under SPK regulations, generating returns on portfolio management.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Yeşil GYO is a publicly-listed Turkish Real Estate Investment Trust that develops, markets, and sells residential apartments, villas, and mixed-use commercial properties under the Innovia, Elexia, and İstanbul Tower 205 brands across Istanbul and surrounding provinces. The company sells units directly to individual end-user buyers and investors through on-site sales offices, call center, and live video presentations, with installment payment plans including zero-interest 60-month options.

Product overview

Yeşil GYO (Yeşil Gayrimenkul Yatırım Ortaklığı A.Ş.) is a publicly-traded Turkish Real Estate Investment Trust (GYO) listed on Borsa İstanbul since 1999. The company develops residential and mixed-use real estate projects primarily in Istanbul and surrounding regions. Its portfolio consists of multiple branded residential project lines: the Elexia brand (Elexia Grand, Elexia Levent, Elexia Tuzla, Elexia Topkapı) representing premium A+ concept living spaces; the Innovia brand (Innovia 1, 2, 3, 4, Arifiye, Ispartakule, Terrace İzmit, Zekeriyaköy) representing large-scale integrated housing complexes with extensive social amenities; and standalone flagship projects including İstanbul Tower 205 (a 61-story mixed-use skyscraper designed by SOM) and Güzelşehir (town-house development). The company operates as a traditional real estate developer without technology products or software platforms.

Differentiator

Problem solved

Functional benefit

Brands

• Innovia: Residential housing project brand including Innovia 1, 2, 3 (completed), Innovia 4 (in progress), Innovia Ispartakule, Innovia Terrace İzmit, Innovia Arifiye, Innovia Zekeriyaköy
• Elexia
• İstanbul Tower 205

Products and services

• Elexia Grand A planned 14,000-unit residential project located in Esenyurt, Istanbul, positioned near E-5 and E-6 highways and within walking distance of the planned Esenyurt Metro station, approximately 20 km from Atatürk Airport and 22 km from the third airport.
• Elexia Levent An A+ concept residential project with approximately 15,000 m² of construction area featuring a mono-block design with parking solutions, located within walking distance of Levent Metro stations and major shopping centers.
• Elexia Tuzla A mixed-use project on 17,000 m² of land combining AVM, residential, office, hotel, and Thermal Spa facilities, located in Tuzla near metro (100m), high-speed train station (150m), and 8 km from Sabiha Gökçen Airport.
• Elexia Topkapı Residential project in Istanbul's historic Topkapı district offering views of the sea, historic peninsula, and city walls, located near Cevizlibağ tram and metrobus lines.
• İstanbul Tower 205 A 61-story, 228-meter high-rise mixed-use project with 224,000 m² construction area designed by SOM (Skidmore, Owings & Merrill), LEED Gold certified, featuring conference center, auditorium, sports center, cafes and restaurants.
• Innovia Arifiye A mixed-use project on 50,165 m² with a 2,184-person dormitory, 154 residential units, and 58 commercial/office units totaling approximately 59,190 m² construction area, located 1.5 km from D-100 highway in Sakarya.
• Innovia 3 Third phase of the Innovia project consisting of 10 blocks and 3,293 apartments, with 85% of the project area allocated to green/landscaped areas and social facilities. Completed in 2013.
• Innovia 2 Second phase with 19 blocks and 3,682 apartments on 93,000 m² of green/landscaped and common areas, featuring lakes, waterfalls, swimming pools, fitness, sauna, tennis, basketball, and volleyball courts. Completed in 2011.
• Innovia 1 First phase with 7 blocks and 1,073 apartments on 53,000 m² of green/landscaped areas, featuring nursery, shopping center, running and cycling paths, and high security. Completed in 2009.
• Innovia Ispartakule Project with 82,832 m² total construction area featuring 135 retail units and 2 residential blocks with 340 apartments totaling 29 floors each. Completed in 2014.
• Innovia Terrace İzmit Residential project offering terrace gardens with views, located in İzmit (Kocaeli).
• Güzelsehir Town-house project in Büyükçekmece district with 843 town-house units on 555,000 m² land approximately 500m from the sea, with panoramic sea views. Completed in 2005.
• Innovia 4 Final phase of the 15,000-unit Innovia project in Esenyurt, featuring 6,500 residential units with extensive landscape areas. Launched in 2011 and currently in kat irtifak (co-ownership) establishment phase as of 2022, with renewed building permits following prior zoning disputes.

Quantifiable outcome

• ~97% occupancy rate in completed Innovia phases 1-3 (approximately 9,000 delivered units)
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• ULI (Urban Land Institute)minorStrategic or Co-development Partner · 1 February 2000Yeşil GYO became a member of the Urban Land Institute in February 2000, gaining access to international urban development research, best practices, and networking with global real estate professionals. ULI is a non-profit education and research institute focused on responsible land use.

Scale indicators9 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• İş GYO: BIST-listed GYO backed by İş Bank, developing premium residential, office, and mixed-use projects in Istanbul and other Turkish cities. Comparable in REIT structure, mixed-use development model, and Istanbul exposure, though with a more institutional shareholder base.
• Vakıf GYO: BIST-listed Turkish GYO with a portfolio of residential, office, and commercial projects. Comparable in regulatory structure (SPK-regulated GYO), residential focus, and Istanbul-centric pipeline.
• Emlak Konut GYO: Turkey's largest publicly listed REIT (GYO), developing large-scale residential and mixed-use masterplans across Istanbul. Closest comparable to Yeşil GYO in structure (BIST-listed GYO), business model (mass residential + commercial), and product category (large masterplan projects with installment financing).
• Kalyon GYO: Smaller BIST-listed Turkish GYO developing residential and mixed-use projects in Ankara and Istanbul. Comparable as a GYO-structured residential developer, though smaller in scale than Yeşil GYO.
• Torunlar GYO: BIST-listed Turkish GYO developing residential, office, and mixed-use projects primarily in Istanbul. Comparable in REIT structure, geographic focus, and product mix (mid-to-upper residential + commercial components).
• Özderici GYO: BIST-listed Turkish GYO focused on residential and commercial real estate development, primarily in Istanbul. Comparable in GYO structure, residential mass-market focus, and Istanbul geographic exposure.
• Sinpaş GYO: BIST-listed Turkish GYO with a residential-heavy portfolio of large Istanbul masterplan projects (e.g., Sinpaş Aqua, Sinpaş Ege Boyu). Directly comparable to Yeşil GYO in target customer (installment-driven mass-market buyers), regulatory structure, and Istanbul-centric project pipeline.

Broad incumbents

• Ağaoğlu: Major private Turkish residential developer with large masterplan projects in Istanbul (e.g., Ağaoğlu My World, Ağaoğlu Maslak 42). Comparable product category (large-scale integrated housing) and target customer (installment buyers), though privately held and broader in geographic reach.
• Mesa Mesken: Long-established Turkish residential developer with mixed-use and masterplan projects in Istanbul and Ankara. Comparable in residential product category and seismic-engineering emphasis, though not a GYO-structured entity.

Emerging players

• DAP Yapı: Istanbul-based residential developer active in premium and large-volume segments. Comparable in Istanbul-centric residential development and installment-driven sales model, though privately held and smaller than Yeşil GYO's masterplan scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ye-il-gyo-a-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Yeşil GYO