In a market shaped by macroeconomic volatility, regulatory shifts, and evolving consumer expectations, adaptability has become more than a strategic advantage, it is the cornerstone of long-term success.
Built for Uncertainty
Over the past decade, Türkiye’s shopping mall sector has faced a near-perfect storm of challenges: sharp currency depreciation, inflationary pressures, regulatory interventions such as the 2018 mandate to convert all leases into Turkish lira, pandemic-driven lockdowns, and the 2023 Southern Türkiye earthquake. Globally, inflation and geopolitical tensions added further volatility, while e-commerce continued to redefine retail models.Navigating such complexity requires more than reactive management. It demands a foundation of discipline, foresight, and flexibility. Founded in the early 2000s, RGY was designed with exactly that in mind. What began as a strategic growth platform within Rönesans Holding has since become Türkiye’s largest commercial real estate platform, built on strong governance, high-quality assets, and a long-term mindset.
Growth Through Collaboration
RGY’s growth was guided by a deliberate approach. After completing its first shopping centre in 2003, the company quickly recognised that Türkiye’s retail landscape was evolving, from traditional bazaars to international-style destinations. Rönesans responded by developing a robust internal structure and forming strategic partnerships, most notably with GIC, Singapore’s sovereign wealth fund. This collaboration brought together global best practices and local market insight, resulting in high-performing, future-ready assets.With Rönesans’ expertise in construction and design, and GIC’s strength in asset management and governance, the partnership has delivered enduring value since 2012. The dual-shareholder structure also ensured consistent financial discipline, providing stability across economic cycles and the agility to evolve in a shifting environment.
Sustainability as a Standard
Today, resilience also means responding to stakeholder demand for sustainability. For RGY, sustainability is not a side initiative, it is embedded in operations. The company has committed to sourcing 100% of its retail energy needs from renewables by 2029. In a global first, RGY received “Outstanding” BREEAM Official In-Use certifications for all of its assets,12 shopping centres and 3 office buildings. “Outstanding” is the highest rating within the BREEAM framework, awarded to less than 1% of assets worldwide.This recognition is not just symbolic. Environmentally certified buildings lower tenant operating costs, reduce emissions, and help future-proof portfolios in a rapidly changing regulatory environment. For RGY, it is also a reflection of its broader philosophy: sustainability is not an add-on,it is at the heart of its operations.
