İş GYO General Manager Turgay Tanes stated that following the abandonment of the merger with TSKB REIT, the company’s portfolio diversification and increase in rental income is continuing; In this context, about 250 million pounds in Istanbul this year, plans to start the hotel said.
Having said that, with the investment of the hotel and the completion of the ongoing projects, Tanes expects that rental income, which is now close to 200 million liras, will rise to 300 million liras by 2020; Also said that they are working on two new housing projects with a turnover of approximately 400 million pounds in Altunizade and 650 million pounds in Tuzla.
İş REIT and TSKB REIT have decided to merge in November of last year in order to increase the existing rental income and to diversify the portfolio. However, the two companies announced that they were abandoning the merger in the statement they made last week.
Tanes said, “We will maintain our strategy to increase portfolio diversity and rental incomes as much as possible, not to merge, our primary goal is to raise the portfolio as much as possible in terms of rent income,” said Tanes in an interview with Reuters on İş REIT’s targets for the upcoming period. We are planning to invest in a city hotel in Kadıköy.It is going to be clear that the license will be clear but we are planning a big hotel over 250 rooms.It will be an investment of about 200-250 million pounds including the land cost.If we get a license this year, It may be better to do such investments in such a short period of time because it lasts for 2-3 years. “