Turkish real estate investment trust Iş GYO has announced the sale of two high-profile properties from its investment portfolio: the land plot housing the Marmara Park Shopping Center and the Maslak office building. The decision was approved during a Board of Directors meeting held on September 16, 2024, with the trust transferring negotiation authority to its General Directorate.
Both assets are located on adjacent plots in the Sarıyer district of Istanbul, a strategic area known for its commercial and business significance. Negotiations with potential buyers are already underway.
The Marmara Park Shopping Center, which opened in 2012, spans a gross leasable area of 62,343 square meters. As of June 28, 2024, its market value was estimated at 2.3 billion Turkish Lira (TL). The Maslak office building, located directly across from Istanbul Technical University’s Maslak campus, sits on a 4,469 square meter plot. While no official valuation was disclosed for the office property, its location positions it as a valuable asset in Istanbul’s commercial real estate market.
This move aligns with a growing trend among developers in Turkey, who are increasingly focusing on mixed-use developments that combine residential, retail, and office components. Istanbul continues to serve as a major hub for such investment opportunities, bolstered by its economic and strategic importance.
A notable example of this trend is the recently announced International Finance Center (IFC) project in Ankara, which mirrors the integrated development model by blending commercial, office, and residential functions into one large-scale complex.