“An office building at high standards in the financial center of Istanbul…”

Situated on the European side of Istanbul, in the Sarıyer district, Maslak area, on Büyükdere Avenue, D-Ofis Maslak is located in the bustling business section of the city where crowded high-rise office buildings are located.

D-Ofis Maslak is a premium office building, located in a highly prestigious area teeming with offices, shopping malls, and luxurious housing/residential units in particular.

Completed in 2018, the D-Office Maslak building was built on a 4,725 square meters of land with a total usable area of 40,437 square meters. It is an office building that consists of eight basement floors + a ground floor + a mezzanine floor + 20 regular floors + a roof and heliport.

Valued at 721,390,000 Turkish lira according to the appraisal report of December 28, 2021, prepared by TSKB Gayrimenkul Değerleme A.Ş., the building accounts for 30.43 percent of the company’s investment property portfolio.

D-Ofis Maslak real estate was sold to Kuveyt Türk Katılım Bankası A.Ş. for €40,000,000 on January 22, 2020, through a Sell and Leaseback agreement partially offsetting the company’s outstanding debts and thus reducing financial expenses. The property will be repurchased at the end of the lease term. Accordingly, a Financial Leasing Agreement was signed between the Company and Kuveyt Türk Katılım Bankası A.Ş.

Since the real estate will be re-incorporated into the company’s portfolio within one to 10 years following completion of the sale transaction, this transaction should be considered as a financing transaction, not as a classical divestiture of a Tangible Fixed Asset.