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ARTICLE · 13 JUNE 2018

Turkish REITs: Key Points To Consider Before An Initial Public Offering

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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A REIT must conduct its activities in suitable business premises with the necessary equipment.

TurkeyCorporate/Commercial Law
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Damla Doğancalı
Damla Doğancalı
Selen Ermanlı Sakar
Selen Ermanlı Sakar
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This article aims to provide insight into various key points to consider before launching an initial public offering ("IPO") for real estate investment trusts ("REIT") in Turkey.

1. Procurement of Necessary Business Premises, Equipment and Employees

A REIT must conduct its activities in suitable business premises with the necessary equipment. However, the Communiqué on Real Estate Investment Trusts (Communiqué No. III-48.1, dated May 28, 2013) does not provide in detail requirements as to the features of such "suitable business premises" and the content of the "necessary equipment" requirement. A REIT should also employ qualified employees who are suitable for its activities together with "specialized employees" (ihtisas personeli) who should be qualified to carry out the duties specified in the applicable capital markets legislation and should possess certain licenses in the capital markets field.

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