Istanbul — Torunlar Real Estate Investment Trust (Torunlar GYO), one of Turkey’s largest shopping mall investors, has expanded its portfolio with the acquisition of Forum Mersin and Forum Kayseri shopping malls for approximately €350 million (around TRY 18 billion). The purchase was completed with a cash payment, the company said.
With more than 40 years of experience in the construction and real estate sector and publicly listed since 2010, Torunlar GYO now owns eight shopping malls. The company’s total portfolio value stands at TRY 146.5 billion.
Acquisition from Union Investment
The malls were acquired from Union Investment, the real estate investment arm of Germany-based DZ Bank Group, headquartered in Frankfurt.
As part of the transaction, Torunlar GYO agreed to purchase 100% of the shares of Forum Mersin Gayrimenkul Yatırım A.Ş. for €219.02 million. In a separate deal, the company also acquired 100% of Forum Kayseri Gayrimenkul Yatırım A.Ş. for €130.43 million, again from Union Investment Real Estate GmbH.
Cash Payment, Positive Impact on Profitability
Torunlar GYO stated that the share prices were determined through negotiations and emphasized that the acquisitions are expected to have a positive impact on sales and profitability. The company confirmed that the full consideration was paid in cash.
Forum Mersin: Opened in 2007
Forum Mersin Shopping Mall began operations in October 2007. It offers 71,500 square meters of leasable area and hosts 203 stores, featuring national and international brands. The mall also includes a nine-screen cinema, restaurants, cafés, entertainment areas, and a bowling alley.
Forum Mersin has received several international awards, including being ranked among Europe’s top three shopping centers at the 2008 MAPIC EG Retail Awards, named Europe’s Best Shopping Center in the large mall category by ICSC in 2009, and receiving an Honor Award in ICSC’s 2010 Best of the Best category.
Forum Kayseri: Opened in 2011
Forum Kayseri Shopping Mall opened in December 2011. The complex has a total construction area of 153,000 square meters and 67,000 square meters of leasable space. It includes 31 cafés, restaurants, and food chains, nine cinema screens, a bowling alley, and children’s play areas.
The acquisitions mark another significant step in Torunlar GYO’s strategy to strengthen and expand its shopping mall network across Turkey.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök