Rönesans Gayrimenkul increased its operating profit (EBITDA) by 37% in euro terms in the first quarter of 2025, reaching €46.1 million
Türkiye’s largest shopping centre investor, Rönesans Gayrimenkul Yatırım, made a strong start to 2025, increasing its EBITDA by 13% above inflation in the first quarter to reach TRY 2.8 billion. With its robust shareholder structure, Rönesans Gayrimenkul Yatırım attracted 27.5 million visitors in the first three months of the year and maintained its record-high occupancy rate of 98.7%.A subsidiary of Rönesans Holding and the market leader in the commercial real estate investment sector with 16 assets and approximately 740,000 square metres of gross leasable area, Rönesans Gayrimenkul Yatırım has announced its financial results for Q1 2025. Yağmur Yaşar, CEO of Rönesans Gayrimenkul Yatırım, noted that following the positive momentum gained in 2024, the company carried its strong performance into 2025. As of 31 March, revenues increased by 13% year-on-year in real terms to reach TRY 2.8 billion. "In the same period, our EBITDA rose by 11%, surpassing inflation, reaching TRY 1.8 billion. Our net debt decreased by 5% compared to year-end 2024, falling to EUR 479 million. Accordingly, our Net Debt/EBITDA ratio improved from 2.9x at year-end 2024 to 2.7x as of 1st quarter end. This clearly demonstrates the strength of our financial structure relative to the industry. As of 31 March, our adjusted net asset value stood at TRY 115.6 billion, while our adjusted gross asset value reached TRY 135.8 billion," said Yaşar.
RGY Pulse | Q1 Edition (2025)
ENSURING SUSTAINABLE INCOME GROWTH
Highlighting that Rönesans Gayrimenkul Yatırım remains Türkiye's leading commercial real estate investment group, Yaşar continued: "Our dynamic management approach and experienced teams continuously improve operational efficiency. As a result, footfall is increasing, and we maintain our leading position in occupancy rates. Our lease agreements are indexed to inflation and linked to turnover growth, which ensures a sustainable income increase. We further support this real growth in revenues by continuously enhancing our tenant mix. We are also actively working on both organic expansion and strategic acquisitions with a focus on inorganic growth."
29 NEW STORES OPENED
Yağmur Yaşar noted that the shopping centres in Rönesans Gayrimenkul Yatırım's portfolio have reached the highest occupancy rate in company history at 98.7%, while the number of visitors in the first three months reached 27.5 million and 114 million annually. During this period, 29 new stores with a total area of 6,843 square metres were opened. "In the same period, our tenants achieved a 43% increase in sales. Considering CPI figures, we can say that tenant sales grew in real terms," he added.
AIMING TO FINISH 2025 WITH OUTSTANDING ACHIEVEMENTS
Emphasising that they will maintain their strong position in the sector both operationally and financially in 2025, Yağmur Yaşar stated that they aim to close the year with significant achievements, supported by strong cash generation, disciplined management, and a focus on sustainable growth. He also noted that construction progress on the Maltepe Park Residence project, which includes housing, offices, commercial areas and a shopping centre within the Rönesans Gayrimenkul Yatırım portfolio, had reached 19%, adding that the project would serve as a model in terms of sustainable urban development and integrated living solutions.
A RARE ENVIRONMENTAL ACCOMPLISHMENT
Yağmur Yaşar stressed that at Rönesans Gayrimenkul, developing environmentally friendly and energy-efficient projects is among their top priorities regarding sustainability. He announced a global first: all 15 assets in their portfolio, fully managed by Rönesans Gayrimenkul, have been awarded the BREEAM In-Use certificate at the 'Outstanding' level, the highest possible rating. Expressing pride in the fact that all 15 properties in Türkiye holding this 'Outstanding' certification belong to Rönesans Gayrimenkul Yatırım, he emphasised that they are the first and only company in the world to receive this certification at the 'Outstanding' level for 15 assets within a single portfolio. This certification, held by only 1% of buildings in this category globally, reflects a rare environmental achievement that underscores both the company's corporate responsibility and the high quality of its assets.Rönesans Gayrimenkul Yatırım's portfolio includes Optimum, Piazza, Hilltown, Kozzy, and Maltepe Park branded shopping centres across seven cities, as well as Hilltown Küçükyalı Office, MaltepePark Office, Maltepe Piazza Office, and RönesansBiz Küçükyalı Office.
Annex: Financial Tables
| Amounts in million TRY | FY 2023 | FY 2024 | 2025 Q1 |
| Adjusted Gross Asset Value (1,2) |
134.571 | 135.471 | 135.836 |
| Adjusted Net Debt (1,2) | 34.596 | 20.345 | 19.496 |
| Adjusted Net Asset Value (1,2,3) | 98.632 | 114.188 | 115.631 |
(1) Adjusted: This refers to the sum of the company’s consolidated financials and the financials of its equity-accounted investments (Esentepe Gayrimenkul, Feriköy Gayrimenkul, Kurtköy Gayrimenkul and Kandilli Gayrimenkul) based on the company’s ownership share.
(2) The reason financial data for the years 2021, 2022 and 2023 differ from the financials in the prospectus is that they have been updated using the March-25 CPI index.
(3) The Adjusted EPRA NAV is calculated using the standard method established by the European Republic Real Estate Association (EPRA) and represents the net asset value excluding certain items not expected to occur under the real estate investment business model, according to EPRA standards.
| Amounts in billion TRY | FY-2023 | FY-2024 | 2025 Q1 |
| Adjusted Revenue (1,2) |
2,4 | 2,5 | 2,8 |
| Adjusted EBITDA (1,2) | 1,5 | 1,6 | 1,8 |
(1) Adjusted: This refers to the sum of the company’s consolidated financials and the financials of its equity-accounted investments (Esentepe Gayrimenkul, Feriköy Gayrimenkul, Kurtköy Gayrimenkul and Kandilli Gayrimenkul) based on the company’s ownership share.
(2) The reason financial data for the years 2021, 2022 and 2023 differ from the financials in the prospectus is that they have been updated using the March-25 CPI index.
