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Borsa İstanbul’s Bell rang for Albaraka Portfolio’s Real Estate Certificate Investment Funds

30 November 2017 - 10:24

Batışehir, One Tower and Dükkân Real Estate Investment Funds, founded by Albaraka Portföy Yönetimi (Albaraka Portfolio Management) started to be traded on the Offerings Market for Qualified Investors with the ticker codes “ALBTS”, “ALONE” and “ALDUK” following an opening-bell ceremony held at Borsa İstanbul on Wednesday, November 29, 2017.

Borsa İstanbul Chairman and Türkiye Wealth Fund Acting Chairman Himmet Karadağ, Albaraka Türk Katılım Bankası CEO Melikşah Utku, Albaraka Türk Katılım Bankası Board member Osman Akyüz, Albaraka Portföy Yönetimi CEO Muhammed Emin Özer, Albaraka Türk Katılım Bankası Head of Inspection Board Mustafa Büyükabacı rang the bell together at the ceremony.

In his speech, Borsa İstanbul Chairman and Türkiye Wealth Fund Acting Chairman Himmet Karadağ pointed out that Albaraka transfers its long term experience in Islamic finance to Borsa through a very important and new product, while setting a very precious model for other portfolio management companies. Himmet Karadağ went on to say, “Albaraka’s new real estate investment funds listed today are very important for the real estate sector, which has a significant role in the Turkish economy, and for the sustainable financing of the economy. Furthermore, these funds are so unique that they deserve an award in innovation. For these steps taken towards making real estate official and for introducing real estate to the capital markets, I would like to thank Albaraka. I do hope that these products will prove beneficial for the capital markets, participation banking and for Borsa İstanbul”.  

Albaraka Türk CEO Melikşah Utku said that they hope to contribute to liquidity through the public offering of Albaraka Portföy Real Estate Investment Funds. Melikşah Utku said, “Investors will have access to Albaraka Portföy Yönetimi’s real estate investment funds, namely, Batışehir, One Tower and Dükkan’s participation certificates through Borsa İstanbul and monitor the prices online. The size of these three projects is TL 1.1 billion. Currently, we are the largest real estate portfolio manager of Turkey. Through this initiative, real estate investment funds are listed for the first time. I should also note that, with the exception of Exchange Traded Funds, these are the first investment funds to be traded on the exchange. Therefore, we believe that we are opening a door today. We hope to use this mechanism for venture capital funds as well”.

THE FIRST REAL ESTATE INVESTMENT FUNDS TRADED ON THE EXCHANGE

Albaraka Portföy Yönetimi CEO Muhammed Emin Özer said, “This is the first time that a real estate investment fund is traded on the exchange and these are interest-free funds founded by Albaraka in line with the participation banking principles. Turkey’s largest real estate investment funds of a size of TL 1 billion 180 million are starting to be traded on Borsa İstanbul today. Offerings Market for Qualified Investors starts to trade today for the first time with Albaraka’s Real Estate Investment Funds. One of the funds to start trading today is Batışehir Real Estate Investment Fund with 295 thousand shares and a portfolio size of 320 million. It includes 379 independent, mostly residential units, and it was founded for a term of 10 years. Batışehir, which is a project of Emlak Konut – Ege Yapı, is an internationally awarded brand project. The other investment fund is Onetower Real Estate Investment Fund. It has 395 thousand shares and its portfolio size is TL 413 million.  It is a prestigious project located in Çankaya Oran, Ankara, founded for a term of seven years. This project, too, is completed.  Our last project is Dükkân Real Estate Investment Fund, with 390 thousand shares and a portfolio size of TL 402 million. It predominantly includes commercial real estates, namely, İstwest in Basın Ekspress road, Istanbul, Mai Residence in Kartal, and Metropol in Ataşehir, a project of Emlak Konut. With this Real Estate Investment Fund, we hope to attract investments to the sector through the stock exchange and increase portfolio diversity.”