Rönesans Gayrimenkul Yatırım (RGY), the commercial real estate development and investment arm of Rönesans Holding, continues to be Türkiye’s largest commercial real estate investment group, with 12 shopping centres and 4 office buildings located in İstanbul, Ankara, İzmir, Adana, Şanlıurfa, Samsun, and Kahramanmaraş.
RGY continues to create long-term stakeholder value, supported by high occupancy, a strong tenant mix, an inflation-protected income structure, low leverage, and a sustainable growth strategy. Supported by a high-quality portfolio, operational discipline and financial strength, the company continues to lead Türkiye’s retail real estate sector.
Free Cash Flow Generation Capacity Exceeds EUR 150 Million
İpek Ilıcak Kayaalp, Chair of the Board of RGY, stated that the company’s strong cash generation capacity forms the backbone of its long-term strategy: “Our annual free cash flow of over EUR 150 million demonstrates the strength of our portfolio and our sustainable income generation capacity. This enables us to finance our growth, provide regular dividends to our shareholders, and maintain a strong balance sheet.”Ilıcak Kayaalp emphasised that, despite the pandemic, significant regulatory changes, earthquakes, and volatile economic conditions in recent years, RGY has preserved its operational strength and financial resilience. She noted that this durability is the result of prudent management, a high-quality asset portfolio, and a disciplined risk approach. Ilıcak Kayaalp noted that the company’s shopping centres support an employment ecosystem of more than 28,000 people and welcome millions of visitors each year. She added that the company aims to use renewable electricity across its entire portfolio by 2030 and has declared 2026 as the “Year of Water” to accelerate its water efficiency initiatives.
Dynamic rent structure indexed to tenant turnover supports real income growth
Yağmur Yaşar, General Manager of Rönesans Gayrimenkul Yatırım, stated that their long-term stakeholder value creation strategy is built on real earnings growth, consistent and increasing cash flow, and operational excellence: “Our dynamic rent structure, indexed to the consumer price index and tenant turnover, supports real income growth. Strong tenant relationships and high occupancy levels form the foundation of our stable and predictable cash flow. The limited supply of new large-scale shopping centres in Türkiye enhances the value of existing assets while also strengthening their performance. This is reflected positively in our financial results, tenant portfolio, and visitor numbers.”Yağmur Yaşar noted that the company began distributing dividends as of 2025 and stated that, in line with its sustainable cash generation, it aims to gradually increase dividend payments in the coming periods. He added that Rönesans Gayrimenkul Yatırım’s gross asset value reached EUR 3.6 billion in 2025, while its net asset value stood at EUR 3.1 billion. “In 2025, our net debt to EBITDA ratio declined to 2.5x, while our interest coverage ratio was 6.4x. These figures clearly demonstrate a sustainable improvement in our credit profile,” he said.
The quality of our portfolio continues to improve
Yağmur Yaşar emphasised that the company’s growth strategy is based on selective, disciplined, and value-accretive investments: “We continue to enhance the quality of our portfolio through high-quality acquisitions and development projects. The full acquisition of İzmir Optimum and Ankara Optimum Outlet shopping centres in 2025 further strengthened our income base. These assets made an immediate contribution to our portfolio, supported by strong footfall, high occupancy rates, and a stable tenant structure. Meanwhile, 18% of the residential units in Maltepe Park currently under construction have been sold. The project will also include 32,000 square metres of A+ leasable office space. Our land plots in Antalya Konyaaltı, and İstanbul Ümraniye are ready for development under favourable market conditions.”We welcomed 114 million visitors
Yağmur Yaşar stated that Rönesans Gayrimenkul Yatırım hosted 114 million visitors in 2025, with an occupancy rate of 99.2%, and added: “We benefit from strong and resilient footfall. As a result, we outperformed the market average in the 2024-2025 period and exceeded the market by approximately 4% in visitor growth. Our strong, balanced tenant structure supported sustainable turnover growth above inflation, with average tenant turnover increasing by 38.2% in 2025. This was above the consumer price index of around 35% and the sector average of approximately 30%.”Yağmur Yaşar underlined that operational performance is expected to remain stable in 2026, with sustainable growth continuing, and stated: “Thanks to our inflation-indexed rent structure and turnover-based rent model, we anticipate continued revenue growth. Supported by our strong balance sheet and disciplined financial approach, our company aims to remain resilient against economic volatility while also capturing emerging opportunities.”