Şeker Tower Transformation Project

In order to make the most efficient use of 45 independent units located between the 9th and 23rd floors out of 75 independent units in the form of offices in "Şeker Kule" located in Istanbul Province, Kağıthane District, Merkez Neighbourhood, 8836 block no., parcel no. 4, the demand for luxury housing in the region where Şeker Tower is located has increased, while the supply of qualified housing has decreased, and in order to meet the demand in the residential area, Şeker Kule floors have been converted into housing/residential units, taking into account the opportunities provided by the "Regulation on Amendments to the Zoning Regulation in Planned Areas" published in the official gazette no. 12. 08.2023/32277, In the board of directors meeting dated 20.09.2023, it was decided to convert the Şeker Tower floors into housing/residence.

It was determined that it was the most appropriate method to carry out the transformation process on the basis of the revenue sharing model and an agreement was signed with Barış İnşaat İzolasyon Sanayi ve Ticaret Anonim Şirketi on 21.09.2023 in the form of 67% Şeker REIT share and 33% Contractor share among the bids submitted within this framework.

Currently, project design and licence procedures for the transformation work are ongoing. Following the approval of the licence, the transformation work will start. The transformation process is planned to be completed between 12 months - 18 months depending on the licence date.