History

Doğuş REIT launched operations on July 25, 1997, under the title of Osmanlı REIT, and held its IPO on March 25, 1998, as the third real estate investment trust to be traded on the Borsa Istanbul (“BIST”).

By the end of 2001, two Doğuş Group companies, Osmanlı Bank and Garanti Bank merged. With this transaction, 51 percent of the Osmanlı REIT shares were transferred to Garanti Bank and the company became a subsidiary of Garanti Bank under the title Garanti REIT.

Garanti REIT laid the foundations of its first residential project, Evidea, in November 2004. Developed on 34,000 square meters of land, the Evidea Project featured a total construction area of 101,000 square meters, including a residential area of 73,000 square meters and social facilities of 24,500 square meters. All residential units in the Evidea Project were delivered to their owners by the end of 2007 thanks to the combined experience of Garanti REIT and Yapı Kredi Koray in real estate development and financing.

All residential units in the Evidea Project were delivered to their owners by the end of 2007 thanks to the combined experience of Garanti REIT and Yapı Kredi Koray in real estate development and financing.

In June 2005, Garanti REIT kicked off the construction of the Doğuş Center Maslak project in Maslak, Istanbul. Doğuş Center Maslak was inaugurated on November 9, 2006, with a total construction area of 63,202 square meters, including 47,398 square meters of leasable area.

After Garanti Bank sold its shares in the Garanti REIT to General Electric (GE) Capital Corporation and Doğuş Group, the company’s shareholder structure was revised as follows on December 1, 2006: 25.5 percent Doğuş Group, 25.5 percent GE, and 49 percent public shares, and its title was changed to Doğuş-GE REIT on the same date.

In January 2011, General Electric (GE) Capital Corporation sold all of its shares in Doğuş-GE REIT to Doğuş Group and the company’s shareholder structure was revised as follows: 51 percent Doğuş Group and 49 percent public shares. On the same day, the company’s title was changed to and registered as Doğuş REIT.

On December 26, 2013, the Gebze Center Shopping Mall was added to the real estate investment portfolio of Doğuş REIT through a partial division transaction. Doğuş Gayrimenkul Yatırım ve İşletme A.Ş. invested $180 million to construct the Gebze Center Shopping Mall. The construction started in August 2008 and was completed on September 3, 2010. The Mall incorporates 59,054 square meters of leasable area and around 130 stores.

After the Gebze Center Shopping Mall was added to Doğuş REIT’s real estate investment portfolio, a mixed-use living center concept was developed to expand the mall and construct additional buildings and a hotel. The expansion work began when the construction permit was obtained on February 20, 2015. The project involved a construction area of 47,045 square meters covering a 158-room hotel, commercial units, and automotive showroom/service shop.

Our company’s Corporate Governance Compliance Rating score for the period June 28, 2016 to June 28, 2017 was set at 8.92 points. This score was 11.36 percent higher than the previous one. As a result, Doğuş REIT was awarded the first prize at the 10th International Corporate Governance Summit organized by the Corporate Governance Association of Turkey on January 19, 2017, for scoring the highest annual growth rate in its BIST Corporate Governance Index.

Next in line, Doğuş Center Etiler was added to the real estate investment portfolio of Doğuş REIT through a partial division transaction on September 6, 2016. The total area of Doğuş Center Etiler is 36,440.80 square meters consisting of 45 individual units. The rentable space of the center is 9,827 square meters. Doğuş Center Etiler is a particularly significant business center in the area as it offers excellent amenities with its offices and social facilities.

The investment in the Gebze Center Hotel and Additional Buildings Project was launched in 2015 and completed in 2017. The hotel was inaugurated with the “Hyatt House Gebze” brand. The rental transactions were completed for the automotive showroom/service shop and the additional mall units.

For the period May 31, 2017 to May 31, 2018, Doğuş REIT was once again the best performer in achieving the highest annual growth rate in its Corporate Governance Compliance Rating score. Hence, the company was awarded once again the first prize at the 11th International Corporate Governance Summit organized by the Corporate Governance Association of Turkey on January 17, 2018. Doğuş REIT was the only company to receive this award in Turkey for two years in a row and the awards were presented to Doğuş REIT General Manager Çağan Erkan.

As an industry leader, we at Doğuş REIT take great pride in having such an honor for two years in a row as we fully comply with and adopt in all activities the Corporate Governance Principles of our parent company Doğuş Group.

In June 2018, the divestiture of Antalya 2000 Plaza was completed, and the asset was removed from our real estate investment portfolio.

In December 2018, we acquired two assets; 1) the D-Ofis Maslak office building in Maslak, one of the most important business and commercial centers in Istanbul; and 2) the Sports Center which is comprised of the independent units 16 and 17 located in the Doğuş Center Etiler complex, an asset already included in our customer portfolio. D-Ofis Maslak is a premium office building with 40,438 square meters of usable space, located in a highly prestigious area teeming with offices, shopping malls, and luxurious housing/residential units in particular. Covering 6,745 square meters of leasable space, the Sports Center within the Doğuş Center Etiler complex is operated by D-Gym, one of the most prestigious sports centers in Istanbul.

As of the end of 2021, the value of Doğuş REIT’s real estate investment portfolio, which consisted of Doğuş Center Maslak, D-Ofis Maslak, Doğuş Center Etiler Office Building and Sports Center, Gebze Center Shopping Mall, Hotel (Hyatt House Gebze), and Automotive Showroom/Service Shop (Doğuş Oto Gebze), reached 2.37 billion Turkish lira.