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Nurol Real Estate Investment Trust is a publicly held company established in September 1997. The initial capital structure was composed of 10 million TL of registered capital with 1 million TL as paid-in-capital. In December of 1999, the company made a crucial decision to go public after increasing its paid-in-capital to 5 million TL. An initial public offering was launched for 49% of its existing stock portfolio at a fixed price of 2,5 TL. In May 2000, the company became hardpressed to increase its registered as well as paid-in-capital to maintain a solid financial structure both for the public and the investors. As a result, registered capital was increased to 40 million TL, and paid-in-capital to 10 million TL. Funding for raising capital was provided in full by internal sources. By the end of 2010, Nurol Real Estate Investment Trust’s total assets reached 63 million TL and net profit reached 4,4 million TL.
Nurol Real Estate Investment Trust is part of a Group which itself is one of the leading construction companies in Turkey makes it highly competitive and gives it an upper hand in the real estate investment market. Having several income and investment properties including luxury housing units, shopping malls, and office buildings in its portfolio places Nurol REIT at the forefront of the real estate business.
Nurol Real Estate Investment Trust’s ever expanding and well-diversified portfolio consists of the following income-producing real estate properties: Nurol Residence-a luxury residential building in Ankara, Nurol Plaza – an office building in Maslak, Istanbul which is a financial and business center and home to leading Turkish as well as foreign companies, Oasis Shopping Mall, Cultural and Entertainment Center - located in Bodrum.
Marketing efforts are still underway for Nurol Residence and as a result of the campaign, occupancy rates at these properties reached 83%. In the perspective of past experiences, Nurol Real Estate Investment Trust remains ambitious for 2011 and is implementing its new Project located in Çağlayan district, Istanbul. As of the Project details, Nurol Real Estate Investment Trust and Nurol Construction and Trading INC. Joint Venture Group offered the highest bid, 111,8 million Turkish Liras on January 20th, 2011 at the auction organized by “The Housing Development Administration of Turkey – TOKİ” for the sale of Yıldız Technical University’s land. According to the zoning plan, the total construction area will be 50,000.- square meters and the 33,000.- square meters area will be saleable and/or leasable.
Located in the heart of the city center within the junction of main highways, the Project will be a multi – purpose development including offices & residences.
Nurol Real Estate Investment Trust aims to be positioned among Turkey’s leading companies in the real estate industry by transcending a long standing specialisation in land development, project design, marketing & sales into the future with its resourceful and experienced workforce..
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