Rönesans Gayrimenkul Yatırım, Türkiye’s largest commercial real estate investor, increased its operational profit by 20% in the first half of the year to reach EUR 89 million.
Tenant turnover growth above inflation in 2025
Yağmur Yaşar, General Manager of Rönesans Gayrimenkul Yatırım, stated that the company continues to maintain its market leadership as Türkiye’s largest commercial real estate investment group. Highlighting the steady improvement in operational efficiency thanks to a dynamic management approach, Yaşar said: “As of 30 June 2025, we have reached 56.5 million visitors and an occupancy rate of 99.2%. This is the highest occupancy rate in our history. Our total number of visitors over the last 12 months was 113 million. Despite seasonal challenges and a volatile economic climate, we expect total visitor numbers in 2025 to match those of previous years.”Yaşar noted that tenants’ turnover in the first half of 2025 increased by an average of 39%, compared to a CPI growth of 38% in the same period, while the average turnover growth rate announced by the Council of Shopping Centers Türkiye (AYD) for the sector was 29%. He added: “In the first half of 2025, a total of 67 stores belonging to globally recognised brands, including Calvin Klein, Les Benjamins, Lacoste and MAC One, opened in our shopping centres, covering a total of 14,391 square metres. As of June 2025, the vast majority of the offices in our portfolio have also reached full occupancy.”
Revitalised Maltepe Park continues to grow
Speaking about Maltepe Park in Rönesans Gayrimenkul’s portfolio, Yaşar emphasised that the property has undergone a major enhancement programme to increase revenues: “Within this scope, we have signed agreements with new tenants to improve tenant mix. Large units previously occupied by certain tenants have been reduced in size to make room for higher-revenue tenants, which also contributes to increased basket size. New restaurants, cafés and sports facilities have been opened in the former open-air car park area. This area has been transformed into a vibrant social and cultural hub, seamlessly integrating residential, office and shopping centre spaces. In the first half of 2025, Maltepe Park recorded significant growth in both leasable area and total turnover. Sixteen new stores were opened, with 4,246 square metres of space leased in total.”
Profitable growth shaping future projects
Yaşar highlighted that the company’s achievements to date, supported by profitable growth and strong financing, are also guiding Rönesans Gayrimenkul Yatırım’s future projects: “Construction continues on our Maltepe Park expansion project in İstanbul, located on the same plot as Maltepe Park Shopping Centre and Offices, and comprising two residential blocks, two office blocks and 15 retail units. On the residential side, progress stands at 49%. We plan to start residential sales in September. In addition, we are planning to develop a shopping centre project in Antalya’s Konyaaltı district, which, in the medium term, will become the third Hilltown in our portfolio. With this project, Antalya will be the eighth province where Rönesans Gayrimenkul operates. We foresee an investment of around USD 150 million for this development. We also plan to develop a residential or office project on our 23,000-square-metre plot in Ümraniye. As Rönesans Gayrimenkul Yatırım, we will continue our sustainable growth through both organic means and strategic acquisitions.”
Rönesans Gayrimenkul Yatırım’s portfolio includes the Optimum, Hilltown and Piazza-branded shopping centres in İstanbul, Ankara, İzmir, Adana, Kahramanmaraş, Şanlıurfa and Samsun, as well as the Maltepe Park and Kozzy Shopping Centres. The portfolio also comprises RönesansBiz Küçükyalı, Hilltown Office, Piazza Office and Maltepe Park Office.